2024 Consumer Survey: Competition, Credit Cards and Regulation

Americans are happy with their bank...

• 9 in 10 account holders are “very satisfied” or “satisfied” with their primary bank
• 96% rate their bank’s customer service as “excellent,” “very good” or “good”
• 8 in 10 are confident in their bank and that their money is safe
• 80% believe their bank is transparent about disclosing fees

...and competition in the marketplace.

• 83% say the financial services industry is highly competitive
• 8 in 10 agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards

Bank customers know they are protected

• 9 in 10 agree their bank takes proactive steps to protect them from fraud/scams
• 3 in 4 believe their bank does more than businesses in other industries to protect them from fraud/scams

Consumers value credit cards and their rewards

• 93% value the convenience of using their credit card(s)
• 80% have at least one credit card that offers rewards
• 88% value the rewards program from their credit card(s)
• 63% would be disappointed to lose the rewards program on their credit card(s) due to government regulatory changes
• Merchants and retailers get significant benefits from being able to accept credit cards for payment.
• 74% agree VS. 7% disagree

Americans say now is NOT the time for more regulatory requirements

• Given the economic challenges facing the country, including inflation and slowing growth, this is not the time to add additional regulatory requirements that will restrict bank lending.
• 68% agree VS. 17% disagree
• When federal banking agencies make multiple major regulatory changes at the same time, they should be required to assess the combined effects (aka cumulative impact) of those reforms on banks, consumers and the broader economy before the regulatory changes can take effect.
• 68% agree VS. 8% disagree

Source: Source: Morning Consult, on behalf of the American Bankers Association, conducted an online survey from March 8-10, 2024. The margin of error is plus or minus 2 percentage points, from a weighted sample of 4,423 adults.