U.S. consumers are happy with their current banks and have confidence in their ability to cater to the ever-changing financial landscape, according to new data conducted by Morning Consult on behalf of the American Bankers Association.
Roughly 84% of account holders polled said they’re “very satisfied” or “satisfied” with their current bank. What’s more, a majority (94%) of respondents regarded their bank’s customer service highly, classifying it as “excellent,” “very good,” and “good.”
Bank Innovations
The banking sector has evolved over the past few years, with banks working to meet consumers where they are—and this hasn’t gone unnoticed.
According to the study, 79% of respondents at least somewhat agree that innovation and technology improvements by banks are making it easier for account holders to have access to financial services.
Many respondents also feel that they have a variety of financial product options at their disposal, ranging from bank accounts to loans to credit cards. Indeed, 40% said they strongly agree, while just slightly fewer (39%) somewhat agreed.
Reasonable Expectations
For the most part, consumers believe that the financial services industry is highly competitive. And one of the reasons they’re satisfied with their primary bank is the fact that the institution is transparent about disclosing fees and letting consumers know why they’re being charged. Trust was high among those surveyed, with 43% of account holders saying they believe their bank is being “very transparent.” In fact, only 3% of respondents felt that wasn’t the case, saying their primary institution was “not at all transparent.”
When it came to their thoughts on being charged for fees such as overdrafts, many respondents felt that it was fair—with nearly two-thirds of account holders saying it was at least “somewhat reasonable.”
“This new survey shows that Americans remain happy with their bank and its ability to meet their evolving financial needs,” said Rob Nichols, ABA president and CEO in a prepared statement. “The results also speak to the highly competitive financial services marketplace, which ensures that consumers can pick and choose the banking products and services they want from a wide array of providers.”
