Nine in 10 Americans with a bank account (89 percent) say they are “very satisfied” or “satisfied” with their primary bank, and 96 percent rate their bank’s customer service as “excellent,” “very good” or “good,” according to a new survey conducted by Morning Consult on behalf of the American Bankers Association.
The survey, unveiled today during ABA’s Unconventional Convention and conducted in early October, also gauged consumers’ awareness and perception of banks’ performance throughout the COVID-19 pandemic. It found that 3 in 4 U.S. adults approve of their bank’s response to COVID-19 – as well as the industry’s overall response to the pandemic, which has so far included unprecedented customer relief options for those directly affected, the timely and efficient processing of more than $270 billion in government Economic Impact Payments, and the delivery of more than $500 billion in SBA Paycheck Protection Program loans for struggling small businesses.
“Banks have worked day and night to help businesses and individual customers affected by this public health crisis, and this new survey shows that their efforts have not gone unnoticed,” said Rob Nichols, ABA president and CEO. “Whether it’s waiving fees, modifying loan terms, or burning the midnight oil to ensure that small businesses around the country got the loans they needed to retain their employees, banks have gone the extra mile to help their customers and communities weather this ongoing storm.”
More than one-third of U.S. adults (36%) were aware of their bank’s programs to assist customers experiencing financial hardship, and one-third of those individuals (34% – or 12% of all U.S. adults) have utilized at least one of those programs. A large majority of consumers (83%) who were aware of their bank’s assistance options during the pandemic now have a more favorable opinion of their bank, according to the survey.
ABA also released an accompanying infographic highlighting the survey results. The data released today are the first in a series of results gauging consumers’ preferences and opinions regarding banks and their services. ABA will release more results from the Morning Consult survey in the weeks ahead. The full results for today’s survey questions are as follows:
When asked “On a scale of 1-5, where 5 is very satisfied and 1 is very dissatisfied, how satisfied are you with your primary bank?” respondents who have a bank account provided the following responses:
- Very satisfied – 50%
- Satisfied – 39%
- Neither satisfied nor dissatisfied – 8%
- Dissatisfied – 1%
- Very dissatisfied – 1%
When asked “On a scale of 1-5, where 5 is excellent and 1 is poor, how would you rate your primary bank’s customer service?” those with a bank account provided the following responses:
- Excellent – 44%
- Very Good – 38%
- Good – 13%
- Fair – 3%
- Poor – 1%
When asked “On a scale of 1-5, where ’5’ is very satisfied and ’1’ is very dissatisfied, how satisfied have you been with your bank’s response to the COVID-19 pandemic?” consumers provided the following answers:
- Very satisfied – 40%
- Satisfied – 36%
- Neither satisfied nor dissatisfied – 22%
- Dissatisfied – 2%
- Very dissatisfied – 1%
When asked “How would you rate the job the banking industry has done responding to the COVID-19 pandemic?” consumers provided the following answers:
- Excellent – 27%
- Good – 44%
- Fair – 15%
- Poor – 3%
- Don’t know/no opinion – 11%
When asked “At any point throughout the COVID-19 pandemic, has your bank made you aware of programs to assist customers experiencing financial hardship (such as a fee waiver, forbearance, or loan modification)?” consumers provided the following responses:
- Yes – 36%
- No – 36%
- Don’t know/unsure – 28%
When asked “Did you utilize any of those bank assistance programs offered to you during the COVID-19 pandemic?” consumers who were aware of bank assistance programs provided the following responses:
- Yes – 34%
- No – 62%
- Don’t know/unsure – 4%
When asked “Did your bank offering these financial assistance options during the COVID-19 pandemic give you a more or less favorable opinion of your bank?” consumers who were aware of their bank’s assistance options during the pandemic provided the following answers:
- Much more favorable – 46%
- Somewhat more favorable – 37%
- No impact either way – 16%
- Somewhat less favorable – 0%
- Much less favorable – 1%
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 1-2, 2020, among a national sample of 2,200 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on age, race/ethnicity, gender, educational attainment, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points.