2023 Consumer Satisfaction Survey

Americans are happy with their bank...

• 8 in 10 account holders are “very satisfied” or “satisfied” with their primary bank
• 94% rate their bank’s customer service as “excellent,” “very good” or “good”
• 79% said tech improvements by banks are making it easier to access financial services
• 8 in 10 agree they have multiple options when selecting products and services such as bank accounts, loans and credit cards
• 3 in 4 say they have a wide array of choices when deciding where to bank
• 3 in 4 say the financial services industry  is highly competitive
• 8 in 10 believe their bank is transparent about disclosing fees

...and 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.”
  • 61% agree vs 18% disagree
• "I am concerned that if regulations go beyond what is needed for safety and soundness, I may have a harder time obtaining a mortgage or other loan from my bank.”
  • 58% agree vs 20% disagree

Consumers value overdraft protection

• 88% find their bank’s overdraft protection valuable
• 3 in 4 were glad their bank covered their overdraft payment, rather than returning or declining payment
• 63% think it’s reasonable for banks to charge a fee for an overdraft 

Consumers support cannabis banking

• By more than 2 to 1, consumers support Congress passing legislation that allows cannabis businesses to access banking services

Source: Morning Consult, on behalf of American Bankers Association, conducted an online survey from Sept. 20-22, 2023. The margin of error is plus or minus 2 percentage points, from a weighted sample of 2,211 adults.