Are bank customers happy?

Introduction

We recently completed a major study on the future of community banking, soon to be shared at The Financial Brands Forum and later at BankSpaces. The study raised the flag on the level of customer satisfaction with financial institutions and the growing level of attrition. We wanted to delve deeper in the NPS scores across institutions to be better understand who is winning. For decades financial institutions have tracked customer satisfaction and loyalty as critical benchmarks in the competitive financial industry. Recent surveys and Net Promoter Score (NPS) data reveal striking differences across financial sectors and institutions. Traditional banking giants face both internal performance gaps and external challenges from fintech upstarts. Below we explore the latest statistics – from which financial sectors have the most loyal customers to which banks top (and bottom) the satisfaction rankings – and what factors like trust mean for the future of banking.

Net Promoter Scores: Investments Lead, Banking Lags

Net Promoter Score (NPS) measures how likely customers are to recommend a company’s services. Among financial sectors in North America, brokerage and investment firms boast the highest NPS. In 2023, the brokerage/investments sector led with an NPS of 49, outperforming other financial industries. By comparison, credit card providers scored around the high-30s, and retail banking had one of the lowest NPS averages – roughly in the mid-30s. In fact, industry analyses show the average NPS for banking hovering around 30, significantly below the broader financial services average of 44. This gap suggests that while customers are quite willing to recommend their investment brokers, they remain much less enthusiastic about their primary banks. The data underscores a loyalty challenge for traditional banking: banking customers are far less likely to be promoters, indicating room for improvement in customer experience and relationship-building. This is a significant issue in driving growth highlighted by our Future of Community Banking study. Financial institutions are not creating experiences customers want to share.

Capital One Tops Bank Customer Satisfaction

When it comes to outright customer satisfaction (as opposed to likelihood to recommend), Capital One leads the pack among major U.S. banks. According to a 2024 survey, Capital One earned a satisfaction score of 689 (on a 1,000-point scale) – the highest among the nation’s largest banks. This marks the fifth consecutive year Capital One has led in customer satisfaction. JPMorgan Chase followed close behind with 677, and TD Bank came in third at 668, both also above the industry’s average of 658 points. These scores reflect strong performance in areas like customer service, product offerings, and digital banking experiences. Capital One’s focus on user-friendly digital tools and attractive credit card rewards likely contributed to its top-tier satisfaction ranking.

On the other end of the spectrum, some big banks are struggling. Citigroup received the lowest customer satisfaction score among the large U.S. banks, with just 641 points out of 1,000 (well below the industry average). Right above Citi were Bank of America (646) and Wells Fargo (648), which also ranked among the lowest in customer satisfaction. In fact, Bank of America’s 646 was noted as “second to last” in the rankings– only Citigroup fared worse. These lower scores suggest that customers of certain banking behemoths are less happy with the service or value they’re receiving, dragging down these banks’ reputational goodwill. Our Future of Community Banking study noted Citi has an 82% attrition rate versus JP Morgan & Chae, BoA and Wells Fargo at the 60% mark.

Size Does Not Matter

It’s notable that size and financial might don’t always translate to happy customers. The three largest U.S. banks – JPMorgan Chase, Bank of America, and Wells Fargo – all command enormous resources and customer bases. JPMorgan Chase is the largest bank by assets (over $3.5 trillion as of late 2024) and posted record profits in 2023. Yet, even with a solid satisfaction score (677) that beat the industry average, Chase was still edged out by smaller rival Capital One in customer happiness. Meanwhile, Wells Fargo (with about $1.9 trillion in assets) and Bank of America (around $3.3 trillion) both scored below average in customer satisfaction (in the 646–648 range). This contrast highlights an important point: being a banking giant isn’t sufficient to delight customers. Legacy issues can tarnish customer sentiment – for instance, Wells Fargo has spent years trying to rebuild trust after past scandals, which likely contributes to its middling satisfaction scores. Even though these big banks are financially strong and still attract millions of customers, they face pressure to improve service quality, personalization, and digital offerings to keep pace with consumer expectations. In short, customer satisfaction is a different race than financial performance, and some smaller or more agile players are winning that race despite the big banks’ heft.

Traditional Banks vs. Digital Challengers

Another dynamic reshaping customer satisfaction is the rise of digital-only banks and fintech platforms. Traditional banks now compete with mobile-focused upstarts like Chime and Varo, which are attracting customers with high-yield savings accounts, low fees, and convenient apps. These fintech challengers have seen explosive growth – for example, Chime grew its user base by 53% in one year, reaching over 22 million customers by 2024. Such growth reflects consumers’ appetite for modern, user-friendly banking alternatives. Surveys show that online-only bank customers often report higher satisfaction than traditional bank customers, thanks to perks like round-the-clock accessibility and streamlined digital experiences.

However, the digital players are not without their own hurdles: recent studies (J.D. Power’s Direct Banking Satisfaction Study) found that while direct banks still outscore brick-and-mortar banks in overall satisfaction, their ratings dipped in 2024 due to customer service gaps – especially difficulties in timely problem resolution. Trust and customer service remain areas where incumbents often have an edge; indeed, some consumers report lower trust in newer neobanks like Chime or Varo. Even so, the competitive bar is rising. Traditional banks are being forced to innovate – improving their mobile apps, adding live chat support, cutting fees – to meet the high expectations set by digital-native rivals. The end result is a win for customers, who now have more choices and are prompting all providers to up their game.

Trust: The Most Important Factor for Customers

Amid all these metrics and rivalries, one theme stands out across the globe: trust is the cornerstone of customer satisfaction in banking. In Statista’s global bank customer survey, trust emerged as the number one factor influencing where people choose to bank, ranking first in importance in every country surveyed. This finding is striking – regardless of region, consumers prioritize a bank’s trustworthiness above all else, even more than factors like fees, rates, or convenience. It makes sense: banking deals with people’s money and financial security, so if a customer doesn’t trust an institution, no amount of flashy tech or promotions will fully win them over.

The emphasis on trust also helps explain why long-established banks still retain huge customer bases; years of brand presence and regulatory oversight can confer a baseline of credibility. However, trust can be easily lost – as some banks have learned through high-profile missteps – and newer fintech firms must work hard to earn it. The global data serves as a reminder that winning customer hearts in finance isn’t just about digital apps or high interest rates, but building confidence and reliability. Banks that succeed often combine modern conveniences with a reputation for stability and integrity. In today’s market, the institutions that manage to foster trust and deliver great service are the ones that see both high satisfaction scores and enthusiastic referrals.

Conclusion

The landscape of customer satisfaction in the U.S. financial industry is evolving. Brokerage and investment firms are enjoying strong loyalty (as reflected in high NPS), whereas traditional banking lags behind in customer recommendations. Within banking, certain players like Capital One and Chase demonstrate that it’s possible to delight customers, while others like Citibank, Wells Fargo, and BofA have clear areas for improvement. The rise of digital banking disruptors is intensifying competition, raising the bar on what counts as a good customer experience. Yet, amid digital transformation, the timeless element of trust remains paramount – it’s the foundation upon which customer relationships are built. Financial institutions that can blend trust, innovation, and superior service will not only score higher in satisfaction surveys but also secure long-term loyalty in an increasingly crowded marketplace. These key factor in driving growth can only be achieved by creating a customer branch experience that is worthy of mentions and a platform in building human connections.

Sources: The insights and statistics cited above are drawn from recent surveys and studies, including Statista’s 2023–2024 data on NPS and bank customer satisfaction in addition to:

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• bizjournals.com
• J.D. Power’s banking satisfaction research bizjournals.com
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• and a global consumer survey on banking preferences knowledgecreed.org

These data points collectively paint a picture of an industry where customer sentiment can vary widely – and where the voice of the customer is more critical than ever in shaping the future of financial services.