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Category: Banking|Financial ServicesUnited States

  • 2025 U.S. Small Business Banking Satisfaction Study

    Satisfaction with Small Business Banking Improves but Debt and Creditworthiness Concerns Loom, JD Power Finds

    2025-10-27

    jillian.breska

    TROY, Mich.: 28 Oct. 2025 — Small business owners are feeling positive about their businesses and the broader economy, and that goodwill is showing up in steadily improving satisfaction with their primary banks, according to the JD Power 2025 U.S. Small Business Banking Satisfaction Study, released today. However, despite reaching a three-year high in small business banking customer satisfaction, concerns about having a manageable amount of debt have started to emerge for some small business owners. The proportion of small business owners who pay all their bills on time is down 2 percentage points in this year’s study, and just 35% of small business owners have an excellent credit score, the lowest level in four years.

    “The good news is that 54% of small business owners are financially healthy,[1] and increasingly feel like their banks are helping them meet their business credit and borrowing needs and savings goals,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “However, with 50% of business owners still concerned about inflation, 37% anticipating a potentially significant effect from tariffs and 37% expressing uncertainty about interest rates and the cost of borrowing, some serious issues are still looming. Banks that anticipate these fears and communicate proactively with their small business customers by offering helpful advice and service are best positioned to build customer loyalty and protect these critical relationships.”

    Following are some key findings of the 2025 study:

    • Financial advice resonates with small business owners: Small business owners’ overall satisfaction with their primary banks increases 11 points (on a 1,000-point scale) this year, driven by a 17-point increase in financial health support and a 16-point improvement in communication scores. More than half (61%) of small businesses received financial advice from their banks this year and 94% of those recipients said the advice/guidance they received positively influenced their business’ financial habits.
    • Debt concerns mount: The proportion of business owners who say they have an excellent credit score declined to 35%, and 57% say they are able to pay all of their bills on time, down 2 percentage points from a year ago. External factors that business owners fear could have a major or severe influence on their business include inflation (50%); tariffs (37%); interest rates/cost of borrowing (37%); supply chain (33%); and retaining/hiring employees (27%).
    • Personal account relationships boost business account satisfaction: Overall, 84% of small business banking customers also have a personal account relationship with their bank. Satisfaction scores among those customers are 64 points higher than those who do not have a personal account relationship.
    • Problem resolution improves dramatically: Small business satisfaction with problem resolution improves 13 points in this year’s study, with nine out of 10 small businesses indicating that their most recent problem was resolved. Problem resolution has improved steadily in the four years since the study was redesigned, climbing 89 points since 2022.

    Study Ranking

    Capital One ranks highest in small business banking customer satisfaction for a third consecutive year, with a score of 737. Fifth Third Bank (729) ranks second and Chase (726) ranks third.

    The 2025 U.S. Small Business Banking Satisfaction Study measures satisfaction across seven factors (in order of importance): level of trust; people; allowing me to bank how and when I want; account offerings; helping me save time or money for my business; digital channels; and resolving problems or complaints. The study includes responses from 6,589 owners of—or financial decision-makers at—small businesses that use business banking services. The study was fielded from June through August 2025.

    For more information about the U.S. Small Business Banking Satisfaction Study, visit https://www.jdpower.com/business/small-business-banking-satisfaction-study.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected] 

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of a small business as a metric combining their cash flow, level of debt, creditworthiness, and safety net items like insurance coverage. Small businesses are placed on a continuum from healthy to vulnerable.

     

  • 2025 U.S. Direct Banking Satisfaction Study

    Direct Banks Continue to Satisfy Customers by Supporting Them in Challenging Economic Times, JD Power Finds

    2025-04-30

    jillian.breska

    TROY, Mich.: 1 May 2025 — Despite not having branches and interacting with customers primarily through digital channels, direct banks are outperforming traditional retail banks, along with making customers feel supported during challenging times. According to the JD Power 2025 U.S. Direct Banking Satisfaction Study,SM released today, overall customer satisfaction with direct bank checking accounts is 692 (on a 1,000-point scale), which is 24 points higher than the average regional bank and 35 points higher than national banks. Savings account satisfaction is even higher (705), which is 89 points higher than regional banks and 98 points higher than national banks.

    “Customers of online-only direct banks have higher levels of satisfaction because these banks make them feel supported during challenging times,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “Direct banks do this by enabling customers to grow their money, access credit when needed, improve their creditworthiness and by helping customers manage their spending or budget. Direct banks further improved customers’ feelings of being supported during challenging times by making it easy to access customer service; delivering great app and web experiences; and making sure customers fully understand products and services. Making customers feel supported during challenging times drives a huge bump in customer satisfaction, and the top-performing direct banks are delivering these experiences consistently.”

    Following are some key findings of the 2025 study:

    • Checking satisfaction increases while savings satisfaction declines: The overall customer satisfaction score for direct bank checking accounts is 692, up 4 points from 2024. Overall satisfaction for direct bank savings accounts is 705, down 5 points from 2024. Both scores are still far higher than the average overall satisfaction scores for midsize banks, regional banks, national banks and neobanks.
    • Support during challenging times drives satisfaction scores: The key performance indicator of “bank completely supports me during challenging times,” is responsible for a 73-point rise in checking account satisfaction and an 84-point rise in savings account satisfaction when banks hit the mark. When direct banks achieve these gains, customers reward the banks with higher utilization of direct deposit, higher investment account and credit card ownership, and a lower likelihood of moving deposits to another financial institution.
    • Bank support resonating with younger customers: Members of Gen Z1 and Gen Y have the highest year-over-year increase in perceived level of direct bank support. Boomers believe their overall level of direct bank support has declined year over year.

    Study Rankings

    Charles Schwab Bank ranks highest in overall satisfaction among checking providers with a score of 740, marking the seventh consecutive year of being top ranked in the study. American Express (711) ranks second and Ally (694) ranks third.

    Charles Schwab Bank ranks highest in overall satisfaction among savings providers with a score of 748. American Express (737) ranks second and Marcus by Goldman Sachs (735) ranks third.

    The U.S. Direct Banking Satisfaction Study, now in its ninth year, measures overall satisfaction with direct bank and neobank checking and/or savings/money market products based on six dimensions (in alphabetical order): customer service; ease of moving money; helps grow money; level of trust; managing account via mobile app and managing account via website. The study defines direct banks as online/branchless institutions with federal banking charters, with either the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) or the Federal Deposit Insurance Corporation (FDIC) as their primary regulator. It is based on responses from 9,391 direct bank customers and was fielded from December 2024 through March 2025.

    To learn more about the U.S. Direct Banking Satisfaction Study, visit https://www.jdpower.com/business/us-direct-banking-satisfaction-study.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected] 

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2006). Millennials (1982-1994) are a subset of Gen Y.

     

  • 2025 U.S. Credit Union Satisfaction Study

    Trust and Convenience Drive Satisfaction with Credit Unions but Overdraft Fees Present Risks, JD Power Finds

    2025-03-30

    jillian.breska

    TROY, Mich.: 1 April 2025 — Better interest rates and lower fees offered by credit unions have been a winning combination to earn consistently high satisfaction scores during periods of economic uncertainty. According to the JD Power 2025 U.S. Credit Union Satisfaction Study,SM released today, overall satisfaction among credit union members remains unchanged from 2024 at 729 (on a 1,000-point scale). However, satisfaction by age group has changed year over year. Among members under age 40 satisfaction has declined 4 points and is 16 points lower compared with those age 40 and older. For most credit unions, digital interactions and overdraft fees create some challenges, particularly for younger members and those with lower levels of financial health.1

    “Credit unions are doing a great job when it comes to their core focus on delivering competitive rates and driving very high levels of member satisfaction, loyalty and brand advocacy,” said Dann Allen, senior director of banking and payments intelligence at JD Power. “Top-ranked credit unions perform significantly better than banks in trust-related actions such as supporting members and providing convenience. While digital is a risk for the industry, the study shows that many credit unions are overcoming that challenge.”

    Following are some key findings of the 2025 study:

    • Credit unions outperform banks in overall satisfaction: This year, overall member satisfaction with U.S. credit unions (729) is 74 points higher than the average overall satisfaction score for U.S. retail banks. Credit unions outperform their retail bank counterparts across all dimensions measured in the study, including trust, people and problem resolution.
    • Fees a sore point, especially for younger members: While credit unions have a reputation for offering lower fees than retail banks, nearly one-third (31%) of members under age 40 say they “probably will” or “definitely will” leave their credit union in the next 12 months because of the fees they were charged. That number falls to 25% among members aged 40 and older.
    • Financial health affects satisfaction: More than two-thirds (69%) of credit union members are financially unhealthy, which negatively affects overall member satisfaction scores. The average overall satisfaction score among financially healthy credit union members is 788, while the average score among financially unhealthy members is 702.
    • Digital in the spotlight: The overall member satisfaction score for credit union digital channels is 715, which is 45 points higher than for retail bank digital channels. However, satisfaction with mobile apps has declined significantly among credit union members who cite lack of clarity of information, range of services and ease of navigation as some of the common problems with their credit union apps.

    Study Ranking

    SchoolsFirst Federal Credit Union ranks highest in credit union member satisfaction with a score of 783. Idaho Central Credit Union (754) ranks second and Navy Federal Credit Union (748) ranks third.

    The U.S. Credit Union Satisfaction Study, now in its second year but first year of being award eligible, measures member satisfaction with the 29 largest credit unions in the continental United States. It measures satisfaction across seven dimensions (in order of importance): trust; people; allowing members to bank how and when they want; account offerings; saving time and money; digital channels; and resolving problems or complaints.

    The 2025 study is based on responses from 9,989 credit union members. It was fielded from January 2024 through January 2025. The largest U.S. credit unions are defined as those with at least $7.5 billion in domestic deposits.

    For more information about the U.S. Credit Union Satisfaction Study, visit https://www.jdpower.com/business/us-credit-union-satisfaction-study. 

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected] 

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

     

  • 2025 U.S. Retail Banking Satisfaction Study

    Retail Bank Customer Satisfaction Surges as Banks Ramp Up Customer Support in Uncertain Economic Environment, JD Power Finds

    2025-03-27

    jillian.breska

    TROY, Mich.: 27 March 2025 — In an uncertain economic environment in which overall consumer financial health,1 total deposits, annual household income and total investments are declining, retail bank customer satisfaction is on the rise. According to the JD Power 2025 U.S. Retail Banking Satisfaction Study,SM released today, this counterintuitive improvement in bank customer satisfaction is the direct result of concerted bank efforts to build more personalized, engaged relationships that empower their customers to better manage their finances.

    “Retail banks have really upped their games when it comes to giving customers the resources they need to navigate a challenging economic environment,” said Jennifer White, senior director of banking and payments intelligence at JD Power. “Those efforts include not only delivering on the basics of transactional efficiency and customer engagement but also undertaking more meaningful efforts to empower customers to understand and avoid unnecessary fees, resolve problems quickly and utilize additional personal financial management tools and supportive services.”

    Following are some key findings of the 2025 study:

    • Retail bank customer satisfaction rises sharply: Overall customer satisfaction with primary retail banking partners is 655 (on a 1,000-point scale), which is 11 points higher than the 2024 study. In addition, year-over-year Net Promoter ScoresSM2 have increased 3 points (on a scale of -100 to 100); the likelihood of staying loyal (definitely will not switch banks) is up 2 percentage points; the likelihood to reuse the same bank (definitely will) is up 3 percentage points; and customer sentiment that their primary bank “completely supports me in challenging times” is up 4 percentage points. All of these gains are statistically significant.
    • Banks make progress on fees: Unexpected fees have been the number one obstacle to retail bank customer satisfaction for several years. This year, banks have stepped up their efforts to educate customers on fee structure and ways to avoid fees, which has played a key role in boosting customer satisfaction scores. The percentage of customers who say they completely understand their bank’s fee structure has risen 5 percentage points from a year ago and the percentage of customers who say their bank completely communicated how to avoid being charged fees is up 4 percentage points.
    • Problem resolution in the spotlight: Among customers who told their bank of a problem  in the past 12 months—such as an instance of fraud, an incorrect statement or inaccurate charge—66% of those who had their problems resolved said that this occurred within one day—up from 62% in 2024—and 59% had it resolved with one contact—up from 56%. In total, 85% of customers who experienced a problem had that problem resolved, driving a 246-point improvement in overall satisfaction scores.
    • Awareness of supportive services rising: Customer awareness of financial health tools and supportive services such as credit score monitoring, spending and budgeting tools and easy access to direct deposit has increased from a year ago. Customers who are aware of these tools have overall satisfaction scores that are 96 points higher, on average, than those who are not.

    Study Rankings

    The study measures customer satisfaction with retail banks in 15 geographic regions. Highest-ranking banks and scores by region are as follows:

    California: Chase (691) 

    Florida: Fifth Third Bank (688) (for a second consecutive year) and TD Bank (688) in a tie

    Illinois: Wintrust Community Banks (724) (for a fourth consecutive year)

    Lower Midwest Region: BancFirst (720) (for a third consecutive year)

    Mid-Atlantic Region: Capital One (694) (for a second consecutive year)

    New England Region: Bangor Savings Bank (711) (for an eighth consecutive year)

    North Central Region: Centier Bank (746)

    Northwest Region: Banner Bank (677)

    New York Tri-State Region: Liberty Bank (703)

    Pennsylvania: Chase (707) 

    South Central Region: Capital One (708)

    Southeast Region: United Community Bank (718) (for a second consecutive year)

    Southwest Region: 1st Bank (681) (for a fifth consecutive year)

    Texas: Frost (745) (for a 16th consecutive year)

    Upper Midwest Region: Gate City Bank (724)

    The U.S. Retail Banking Satisfaction Study, now in its 20th year, measures satisfaction across seven dimensions (in order of importance): trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.

    The 2025 study is based on responses from 109,724 retail customers of the largest banks in the United States regarding their experiences with their retail banking institution. It was fielded from January 2024 through January 2025. National banks are defined as banks with more than $300 billion in domestic deposits; regional banks are those with $65 billion-$299 billion in domestic deposits and at least 200 branches nationally; and midsize banks are those with 45-100 branches nationally and at least 20 branches within a respective region.

    For more information about the U.S. Retail Banking Satisfaction Study, visit https://www.jdpower.com/business/retail-banking-study-1.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected] 

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

    2Net Promoter® and NPS® are registered trademarks and Net Promoter SystemSM and Net Promoter ScoreSM are trademarks of Bain & Company, Satmetrix Systems and Fred Reichheld.

     

  • 2024 U.S. National Banking Satisfaction Study

    Customer Satisfaction with National Banks Improves as Trust Levels Rise, JD Power Finds

    2024-12-10

    jillian.breska

    TROY, Mich.: 12 Dec. 2024 — Customers of the nation’s largest national bank brands have higher levels of confidence that their banks can meet their financial needs and support them in challenging times, which is helping to improve customer satisfaction and increase trust. According to the JD Power 2024 U.S. National Banking Satisfaction Study,SM released today, Capital One, Chase and TD Bank are the leaders in customer satisfaction for a third consecutive year. Additionally, those banks rank in the top three in the study’s most heavily weighted factor of trust, scoring 700, 691 and 687, respectively (on a 1,000-point scale).

    “Customers of the national banks had improved satisfaction and trust in 2024, as they experienced better service levels when using branches, when resolving problems and when receiving advice or guidance from the bank,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. 

    Customer satisfaction with the national banks broadly improved. The only facet of the customer experience with a sharp decline was when customers used self-service technologies (e.g., online secure message or email, website, mobile app) to contact the bank to seek information, ask a question or make a request. “Although satisfaction dropped when customers used self-service technologies, trust was preserved due to positive experiences with courteous and knowledgeable representatives in phone and in-branch interactions,” McAdam said.

    Study Ranking

    Capital One ranks highest in overall satisfaction for a fifth consecutive year, with a score of 689. Chase (677) ranks second and TD Bank (668) ranks third.

    The study, now in its eighth year, provides a comprehensive view of the customer experience across retail bank product lines for nine national banks in the United States. It evaluates bank customer experiences across seven factors: trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.

    The study defines a national bank as a U.S. bank holding company with domestic deposits exceeding $300 billion and at least 200 branches. The 2024 study is based on responses from 11,066 retail banking customers and was fielded from July through October 2024.

    For more information about the JD Power U.S. National Banking Satisfaction Study, visit https://www.jdpower.com/business/financial-services/national-bank-satisfaction-study.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe, and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected] 

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

     

  • 2024 U.S. Credit Card Satisfaction Study

    Show Me the Money! Cashback and Value Credit Cards Grow in Popularity as Financial Health of Cardholders Declines, JD Power Finds

    2024-08-13

    jillian.breska

    New Insights

    TROY, Mich.: 15 Aug. 2024 — The points, miles and perks that have come to define the modern credit card marketing playbook are being replaced by cashback rewards and lower fee cards as cardholder financial health1 grows increasingly strained. According to the JD Power 2024 U.S. Credit Card Satisfaction Study,SM released today, only 46% of cardholders are now classified as financially healthy and 51% carry revolving debt on their cards. Meanwhile, the average recalled interest rate on new purchases has climbed to 15.6%, creating a tenuous environment for cardholders and card issuers.

    “Cardholders are facing mounting day-to-day financial pressures, which are showing up in the form of high levels of revolving credit card debt, declining levels of financial health and a migration away from points/miles cards,” said John Cabell, managing director of payments intelligence at JD Power. “These pressures tend to be associated with higher annual fees. This is a tough marketplace for card issuers to navigate, however, because even though overall credit card customer satisfaction scores are largely flat, the customer base has really become bifurcated into one subset that is feeling squeezed by economic pressures and one that is not. Card issuers need to be able to offer options that resonate and deliver value for both segments.”

    Following are some key findings of the 2024 study:

    • Cashback cards are king: A majority (58%) of cardholders use cashback cards, while just 31% are using points/miles cards and 11% are using value cards (e.g., credit-building cards with no rewards). A reason provided more often for moving to cashback and value cards is to incur lower/no annual fee. Cashback cardholders also say they redeem rewards more often for a statement credit (21% vs. 9% for points/miles).
    • Financially unhealthy shift products: This trend away from points/miles is consistent with a continued decline in financial health among credit card customers. An increasing majority (54%) of cardholders are now classified as financially unhealthy. The use of points/miles cards by financially unhealthy cardholders drops significantly in 2024 (27%) from 2023 (31%) with concurrent growth in use of cashback and value cards.
    • Revolving debt and high interest rates raise concern: For a second consecutive year, 51% of cardholders are carrying revolving debt. The recalled average interest rate for new purchases has increased to 15.6% (16.9% among financially unhealthy cardholders) in 2024, up from 14.6% in 2023, and cardholders are spending $103 less per month, on average, than they were in 2023. The percentage of cardholders saying the overall perks of their card improve their lifestyle declines in 2024 to 25% (18% among financially unhealthy cardholders).
    • Financial health affects customer satisfaction: While overall satisfaction declines just 2 points (on a 1,000-point scale) this year (610 vs. 612 in 2023), cardholder perception of credit cards varies widely based on financial health. Satisfaction improves 2 points among cardholders without revolving debt but declines 5 points among those with revolving debt. Overall satisfaction scores are 61 points lower among cardholders carrying debt (580) than among those without debt (641).
    • Automated customer service fails to connect: When it comes to interactions with customer service, whether for problem resolution or questions about their account, automated phone and virtual assistant channels significantly underperform personal interactions with live representatives and digital engagement via email, online chat, mobile app messaging, text and social media. The overall satisfaction score for automated customer service is 609, which is 40 points lower than the study average for customer service satisfaction.

    Study Rankings

    American Express ranks highest in customer satisfaction among credit card issuers, with a score of 634. This is the fifth consecutive year in which American Express receives a segment award.2 Discover (629) ranks second and Capital One (620) ranks third

    Capital One SavorOne Rewards Card ranks highest in customer satisfaction among bank rewards credit cards with no annual fee for a second consecutive year, with a score of 679. Chase Freedom Flex (670) ranks second and Discover it Student Cash Back Credit Card (657) ranks third.

    Bank of America Premium Rewards Elite ranks highest in customer satisfaction among bank rewards credit cards with an annual fee for a second consecutive year, with a score of 692. Blue Cash Preferred Card (American Express) (680) ranks second and Chase Sapphire Reserve (669) ranks third.

    Capital One Platinum Mastercard ranks highest in customer satisfaction among bank credit cards with no rewards or annual fee, with a score of 619.

    Southwest Rapid Rewards Premier Card (Chase) ranks highest in customer satisfaction among airline co-branded credit cards, with a score of 658. Southwest Rapid Rewards Priority Card (Chase) (649) ranks second and Delta SkyMiles Platinum American Express Card (627) ranks third.

    Apple Card (Goldman Sachs) ranks highest in customer satisfaction among co-brand credit cards with no annual fee, with a score of 654. This is the fourth consecutive year in which Apple Card and issuer Goldman Sachs have collectively earned a segment award.3 Hilton Honors American Express Card (644) ranks second and Costco Anywhere Visa by Citi (634) ranks third.

    The U.S. Credit Card Satisfaction Study, now in its 18th year, measures customer satisfaction with credit card issuers by examining seven factors (in alphabetical order): account management; benefits; customer service; new account; rewards earning; rewards redeeming; and terms. The study includes responses from 38,852 credit card customers and was fielded from June 2023 through June 2024.

    For more information about the U.S. Credit Card Satisfaction Study, visit https://www.jdpower.com/business/resource/us-credit-card-satisfaction-study.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected]

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.
    2JD Power 2023-2024 U.S. Credit Card Satisfaction Study:SM Credit Card Issuers segment, which included issuers with more than 1,000,000 active accounts, excluding co-branded cards. JD Power U.S. Credit Card Satisfaction Study SM in 2020-2022: National Issuers segment, which included issuers with more than 4,000,000 active accounts. Visit jdpower.com/awards for more details.
    3JD Power 2023-2024 U.S. Credit Card Satisfaction Study: SM Co-Branded Credit Cards segment excluded airline cards. JD Power U.S. Credit Card Satisfaction Study SM in 2020-2022: Midsize Issuers segment, which included issuers with 275,000-4,000,000 active accounts. Visit jdpower.com/awards for more details.

     

  • 2024 U.S. Retail Banking Advice Satisfaction Study

    Personalized Financial Advice Increasingly Resonates with Retail Bank Customers—Especially Younger Ones, JD Power Finds

    2024-06-18

    jillian.breska

    TROY, Mich.: 20 June 2024 — With inflation still a day-to-day challenge for most consumers, and less than half of retail bank customers in the United States currently categorized as financially healthy,1 personalized financial advice has emerged as the key to a meaningful bank customer experience. In fact, according to the JD Power 2024 U.S. Retail Banking Advice Satisfaction Study,SM released today, financial advice is resonating more than ever with retail bank customers, but only 42% of them indicate recalling that their bank provides guidance and, of those who do receive guidance, more than three-fourths (76%) act on it.

    “Customers who act on the financial advice and guidance provided by their bank are getting not only help on how to save time or money, but also these services result in increased satisfaction and strong engagement and brand advocacy,” said Jennifer White, senior director for banking and payments intelligence at JD Power. “As banks get increasingly savvy about how to personalize content by leveraging AI and training their staffs on how best to connect with customers, both recall and usage of financial advice is increasing, which is a very positive step forward for the industry.”

    Following are some key findings of the 2024 study:

    • Recall of financial advice among younger customers far exceeds the industry average:  Overall, 42% of retail bank customers recall receiving financial advice from their bank. Among customers under the age of 40, the average recall rate for financial advice jumps to 60%.
    • Majority of bank customers act on advice: A vast majority (76%) of customers who receive financial advice take action. Most frequent actions taken in response to advice include updating account settings (25%), shifting money between accounts (22%) and downloading the bank’s mobile app (22%).
    • Big bump in satisfaction when customers take action: Overall satisfaction with retail banking advice increases 163 points (on a 1,000-point scale) when customers act based on specific advice provided by their bank.
    • Many banks still miss the mark on consistent personalization: One key variable with a significant effect on satisfaction is “received personalized banking advice/guidance.” When this criterion is met, overall satisfaction increases 195 points and banks are moderately successful at achieving this goal with 63% receiving personalized content.

    Study Ranking

    Citi ranks highest in customer satisfaction with retail banking advice with a score of 631. Bank of America (624) ranks second and Chase (621) ranks third.

    The U.S. Retail Banking Advice Satisfaction Study was redesigned for 2024. It includes responses of 7,984 retail bank customers in the United States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. It measures customer satisfaction with retail bank advice/guidance based on performance in five core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are (in order of importance): quality, concern for needs, relevancy, clarity and frequency. The study was fielded from January to March 2024.

    In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates proficiency of banks and credit card issuers in delivering financial support to customers including such services as helping customers make better financial decisions or helping them meet savings, creditworthiness or budgeting goals. The study also captures responses from customers about their satisfaction with the financial health support provided by their financial partners. Top-performing banks in the banking financial health support index are (in alphabetical order): Bank of America, Chase, Capital One, Fifth Third Bank, First Citizens Bank, Huntington, KeyBank and Regions Bank. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): American Express, Bank of America, Chase and Discover.

    For more information about the U.S. Retail Banking Advice Satisfaction Study, visit
    https://www.jdpower.com/business/financial-health-and-advice-satisfaction-study.

    About JD Power
    JD Power     is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected]

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.

     

  • 2024 U.S. Retail Banking Satisfaction Study

    Retail Bank Customer Satisfaction Holds Steady but Trust Declines, JD Power Finds

    2024-03-27

    jillian.breska

    TROY, Mich.: 28 March 2024 — U.S. retail bank customers are losing faith in their bank, and customer attrition is a concern. According to the JD Power 2024 U.S. Retail Banking Satisfaction Study,SM released today, consumer trust in retail banks has declined significantly during the past two years, with unexpected fees, poor customer service and bad press being key threats to a customer’s trust. This year, 13% of bank customers say they are likely to switch institutions in the next 12 months.

    “Retail bank customers interact with their bank every three days, on average, across a combination of digital, phone and in-branch channels, and the tenor of those interactions has a massive influence on customer satisfaction and overall levels of trust,” said Jennifer White, senior director of banking and payments intelligence at JD Power. “Despite widespread efforts to improve the customer experience, many banks are missing the mark on critical customer touch points by treating customers like numbers. To retain deposits and build customer loyalty and trust, banks need to do a better job of focusing on fundamental interactions, proactively solving problems and delivering personalized advice.”

    Following are some key findings of the 2024 study:

    • Bank customer satisfaction flat while trust declines: Overall customer satisfaction held steady during the past year, declining a single point (on a 1,000-point scale), but trust is down significantly for a second consecutive year. The top contributors to customers losing trust in their financial institution are unexpected fees; delayed availability of deposited funds; news reports about bad banking practices; errors blamed on customer actions; and closed branches and reduced hours.
    • Customer loyalty at risk: This year, 8% of retail bank customers say they have changed their primary bank, up from 5% in 2018. What’s more, 13% of retail bank customers say they “probably will” or “definitely will” switch banks in the next 12 months. Fewer than half (46%) of bank customers say they are certain they will remain with their current bank in the next year.
    • Account fees and poor customer experiences are drag on loyalty: Among those customers who are likely to switch banks in the next 12 months, 29% say it is because they were charged either too many or high fees for products and services and 26% say they had a poor service experience.
    • Back to basics of customer engagement: Overall branch customer satisfaction scores are 123 points higher than average (830 vs. 707, respectively) when banks deliver on absolute basics of customer service, such as welcoming customers to the branch; delivering fast service; thanking customers for their business; and calling customers by name. Every contact and every interaction influences customers’ experiences and their satisfaction.

    The study measures customer satisfaction with retail banks in 15 geographic regions. Highest-ranking banks and scores by region are as follows:

    California: U.S. Bank (657) (for a fourth consecutive year)

    Florida: Fifth Third Bank (689)

    Illinois: Wintrust Community Banks (696) (for a third consecutive year)

    Lower Midwest Region: BancFirst (718) (for a second consecutive year)

    Mid-Atlantic Region: Capital One (692)

    New England Region: Bangor Savings Bank (726) (for a seventh consecutive year)

    North Central Region: City National Bank (707)

    Northwest Region: Glacier Bank (703)

    New York Tri-State Region: Capital One (673)

    Pennsylvania: Huntington (693) (for a second consecutive year)

    South Central Region: Chase (703)

    Southeast Region: United Community Bank (724)

    Southwest Region: 1st Bank (687) (for a fourth consecutive year)

    Texas: Frost (753) (for a 15th consecutive year)

    Upper Midwest Region: Associated Bank (669)

    The U.S. Retail Banking Satisfaction Study, now in its 19th year, measures satisfaction across seven dimensions (in order of importance): trust; people; account offerings; allowing customers to bank how and when they want; saving time and money; digital channels; and resolving problems or complaints.

    The 2024 study is based on responses from 105,355 retail customers of the largest banks in the United States regarding their experiences with their retail banking institution. It was fielded from January 2023 through January 2024. National banks are defined as banks with more than $300 billion in domestic deposits; regional banks are those with $65 billion-$299 billion in domestic deposits; and midsize banks are those with 45-100 branches nationally and at least 20 branches within a respective region.

    For more information about the U.S. Retail Banking Satisfaction Study, visit https://www.jdpower.com/business/retail-banking-study-1.

    About JD Power
    JD Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe, and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected]

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info.

     

  • 2024 U.S. Direct Banking Satisfaction Study

    Customer Satisfaction with Online-Only Banks Declines—Despite Higher Interest Rates and Fewer Problems, JD Power Finds

    2024-05-08

    jillian.breska

    TROY, Mich.: 9 May 2024 — Driven by the prospect of higher interest rates, lower fees and around-the-clock access, new customers flocked to online-only direct banks during the past year. For the most part, the direct banks delivered on their end of the bargain. However, according to the JD Power 2024 U.S. Direct Banking Satisfaction Study,SM released today, struggles with customer service and timely problem resolution dragged down overall satisfaction scores.

    “Customers of online-only direct banks have higher levels of satisfaction than customers of traditional banks, but satisfaction among direct bank customers declined this year, particularly those with checking accounts,” said Paul McAdam, senior director of banking and payments intelligence at JD Power. “Despite significant increases in deposit interest rates for both checking and savings accounts—but decreases in the proportion of customers who had to pay a fee or experienced a problem—overall satisfaction still declined. That’s because customers who experienced problems had a very tough time resolving them in a timely manner, causing satisfaction with the ease of problem resolution to decline sharply.”

    Following are some key findings of the 2024 study:

    • Satisfaction declines year over year, but still higher than traditional banks: The overall customer satisfaction score for direct bank checking accounts is 688 (on a 1,000-point scale), down 27 points from 2023. Overall satisfaction for direct bank savings accounts is 710, down 8 points from 2023.
    • Problem resolution drags down customer satisfaction: While fewer problems were cited in this year’s study, the problems customers did experience were more complicated and took longer to resolve, causing satisfaction with the problem resolution process to fall 67 points. The total amount of time required to resolve a problem grew to 2.6 days in 2024, up from 1.9 days in 2023.
    • Problems with debit cards and fraud mount: The most significant declines in problem resolution satisfaction are focused on problems with debit cards, fraud and unauthorized account activity and problems with interest rate paid on a deposit account. The number of customers indicating that it was convenient to reach and interact with live phone representatives declines 3 percentage points this year.
    • Mobile apps and websites need a refresh: Use of mobile app and website features also declines this year. Even among customers who have not experienced a problem with their direct bank, the visual appeal, the range of services that can be performed and clarity of information provided via digital channels had significant declines. 

    Study Rankings

    Charles Schwab Bank ranks highest in overall satisfaction among checking providers with a score of 732, marking the sixth consecutive year of being top ranked in the study. Capital One (717) ranks second and Ally Bank (702) ranks third.

    Marcus by Goldman Sachs ranks highest in overall satisfaction among savings providers with a score of 756. Ally Bank (743) ranks second and Capital One (730) ranks third.

    The U.S. Direct Banking Satisfaction Study, now in its eighth year, measures overall satisfaction with direct bank and neobank checking and/or savings/money market products based on seven dimensions (in alphabetical order): customer service; ease of moving money; helps grow money; level of trust; managing account via mobile app; managing account via website; and reduce banking fees. The study defines direct banks as online/branchless institutions with federal banking charters, with either the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) or the Federal Deposit Insurance Corporation (FDIC) as their primary regulator. It is based on responses from 8,648 direct bank customers and was fielded from December 2023 through March 2024.

    To learn more about the U.S. Direct Banking Satisfaction Study, visit https://www.jdpower.com/business/us-direct-banking-satisfaction-study.

    About JD Power
    JD Power     is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto-shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected]

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

     

  • 2024 U.S. Buy Now Pay Later Satisfaction Study

    Buy Now Pay Later Customer Satisfaction Surges, but Brand Performance Varies Considerably, JD Power Finds

    2024-02-27

    jillian.breska

    TROY, Mich.: 29 Feb. 2024 — Although the rapid rise of Buy Now Pay Later (BNPL) services has been accompanied by a growing chorus of concern about runaway consumer debt, the customers who are using these services are growing increasingly satisfied with their experiences. According to the JD Power 2024 U.S. Buy Now Pay Later Satisfaction Study,SM released today, easy account review, security and reasonableness of terms are among the top drivers of customer satisfaction. In addition, the study finds that financially healthy1 consumers are the segment most satisfied with BNPL services.

    “The BNPL segment has grown quickly and many of the brands in the space are new,” said Miles Tullo, managing director of banking and payments at JD Power. “Consumers are generally most satisfied with the BNPL plans offered by their credit card issuers, but experiences vary quite a bit by brand and some of the newest providers are receiving the greatest increases in satisfaction scores.”

    Following are some of the key findings of the 2024 study:

    • BNPL customer satisfaction surges: Overall customer satisfaction with BNPL services rises 16 points year over year as consumers embrace the point-of-sale payment method. The increase in satisfaction is driven primarily by reasonableness of terms; ease of use when reviewing and managing account digitally; and security of account information.
    • Financially healthy consumers most satisfied: BNPL customers classified as financially healthy represent 21% of all BNPL users and have the highest overall satisfaction (731) with BNPL services. Consumers in the financially vulnerable category account for 32% of BNPL usage and have a considerably lower overall satisfaction score (593).
    • Room to improve on account management: The top three key performance indicators with most significant influence on customer satisfaction are ease of choosing repayment options; ease of managing payments; and ease of reviewing purchases and transactions. These indicators are met between 53% and 62% of the time, suggesting that many providers have room to improve on account management functions.
    • BNPL brand reputations rise and loyalty starts to emerge: More consumers are saying that BNPL brands have a “good reputation” vs. a “bad reputation,” and 48% say they “definitely will” reuse the same brand, up 4 percentage points from 2023.

    Study Ranking

    Plan It by American Express ranks highest in BNPL satisfaction, with a score of 695. My Chase Plan (686) ranks second and Citi Flex Pay (676) ranks third.

    The JD Power U.S. Buy Now Pay Later Satisfaction Study, now in its second year, is part of a group of four interconnected syndicated studies focused on the various forms of POS payment options. Its sister studies include the POS Choice Satisfaction Study;SM Debit Card Satisfaction Study;SM and Digital Wallet Satisfaction Study.SM The Buy Now Pay Later Satisfaction Study captured the responses of 4,135 customers, and was fielded from September through November 2023.

    For more information about the U.S. Consumer POS Payment Program, visit https://www.jdpower.com/business/consumer-payments-satisfaction-studies.

    About JD Power
    JD Power     is a global leader in consumer insights, advisory services and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, JD Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across major industries rely on JD Power to guide their customer-facing strategies.

    JD Power has offices in North America, Europe and Asia Pacific. To learn more about the company’s business offerings, visit JDPower.com/business. The JD Power auto shopping tool can be found at JDPower.com.

    Media Relations Contacts
    Geno Effler, JD Power; West Coast; 714-621-6224; [email protected]
    John Roderick; East Coast; 631-584-2200; [email protected]

    About JD Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/press-release-info

    1JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.