Nearly 9 in 10 Americans with a bank account (88 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 at ABA’s Annual Convention in Seattle, also found that U.S. adults trust banks more than any other entity – including healthcare providers, non-bank payment providers and the government – to keep their information secure and private.
An overwhelming majority of consumers (93 percent) rated their access to banking services as “excellent” or “good,” according to the survey. Consumers also identified the attribute they value most about their bank. The top five responses include little or no fees (24 percent), security of account and personal information (21 percent), location (14 percent), reputation/trust (12 percent), and customer service (9 percent).
“These survey results reaffirm that people across this country appreciate and value the service banks of all sizes provide the nation,” said Rob Nichols, ABA president and CEO. “From helping their customers buy a house or start a business to new technology tools to help them manage their money anywhere, America’s banks are meeting and exceeding customer expectations, and this survey demonstrates that.”
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 next week. 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 – 47 percent
- Satisfied – 41 percent
- Neither satisfied nor dissatisfied – 9 percent
- Dissatisfied – 2 percent
- Very dissatisfied – 1 percent
When asked “Of the following, who do you trust most to keep your personal information secure and private?” consumers provided the following answers:
- Banks – 39 percent
- Healthcare providers – 17 percent
- Non-bank payment providers (such as Apple Pay, Venmo, PayPal) – 5 percent
- The government – 5 percent
- Major retailers – 1 percent
- Telecom companies (such as Sprint, Verizon, AT&T) – 1 percent
- Don’t Know/No opinion – 32 percent
All age groups trust banks more than any other entity:
- 18-29 – 37 percent
- 30-44 – 37 percent
- 45-54 – 36 percent
- 55-64 – 44 percent
- 65+ – 41 percent
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 – 37 percent
- Very Good – 39 percent
- Good – 20 percent
- Fair – 3 percent
- Poor – 1 percent
When asked “How would you rate your overall access to banking services today?” consumers provided the following responses:
- Excellent – 49 percent
- Good – 44 percent
- Just Fair – 6 percent
- Poor – 1 percent
When asked to identify which attribute they value most about their bank, consumers selected the following attributes:
- Little or no fees – 24 percent
- Security of my account and personal information – 21 percent
- Location, such as access to branches – 14 percent
- Reputation/Trust – 12 percent
- Customer service – 9 percent
- Technological advancements, such as mobile and online account access or mobile check deposit – 8 percent
- Don’t Know/No Opinion – 5 percent
- Range of services offered – 4 percent
- Rewards and promotions – 2 percent
- Involvement/investment in my community – 1 percent
- Other – 1 percent
About the Survey
This poll was conducted by Morning Consult on behalf of the American Bankers Association from October 10-12, 2019, 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.