Washington, D.C. — The Bank Policy Institute today released results of a new Morning Consult survey that found voters believe large banks are safe, necessary to the American economy and are meeting the needs of their customers who have been challenged by the coronavirus pandemic. The poll, conducted between July 10-July 12, 2020 among a national sample of 1,992 registered voters, found:
- 4 in 5 respondents say large banks are necessary to the American economy (80%).
- 73% of respondents say national banks are safe and can protect customers’ money and investments.
- Only 24% of respondents had the same confidence in Fintech companies’ ability to protect customers’ money and investments.
- 75% of respondents that expressed an opinion say during the coronavirus pandemic banks have been helpful to the stability of the U.S. economy.
- 79% of respondents say their bank has met their banking needs during the coronavirus pandemic.
“This survey clearly demonstrates that Americans understand banks are resilient, supporting the economy and meeting their needs,” said Greg Baer, President and CEO of the Bank Policy Institute. “The recent health and economic crisis tested the banking system and they have met the challenge, serving as a source of strength and stability for the economy.”
Results from the full survey have a margin of error of plus or minus 2 percentage points.