Morning Consult Poll: Banks Get Top Approval Ratings from Consumers

Nine in 10 Americans with a bank account say they are satisfied or very satisfied with their primary bank, according to the results of a new Morning Consult survey released yesterday during the ABA Annual Convention.

Ninety-seven percent of consumers rated their bank’s customer service as good, very good or excellent, while 81% said innovation and technological improvements by banks are making it easier for all Americans to access financial services. Three in four adults are satisfied or very satisfied with their bank's response to COVID-19.

“Banks have worked hard to provide exceptional service and assistance to customers during the pandemic, and this survey shows that those efforts are appreciated,” said Rob Nichols. “It also demonstrates the trust consumers have in America’s banks to provide convenient and secure financial services. Thanks to our industry's commitment to innovation, customers know they can manage their money anytime from anywhere while having the peace of mind that their information is protected.”

Consumers also trusted banks significantly more than any other industry—including healthcare providers, nonbank payment providers and the government—to safeguard their personal data. Additionally, three-quarters of consumers said they prefer that the company that handles their finances is regulated like a bank, while only 11% said they don't care. A large majority of consumers, 67%, said that they prefer banks deliver their banking services in the future, as opposed to the federal government (7%) or a provider that is neither a bank nor the federal government (10%). Read more.