Category: Uncategorized

E-Vision Intelligence Report
September 2025

Key Findings

• EV Retail Market Share Surges Ahead of Tax Incentive Expiration: The total share of new electric vehicles (EVs) as a percentage of all new vehicle sales rose to 11.2% in August, an increase of 1.7 percentage points versus the same period one year ago.  August’s EV share hit a level only achieved once before in December of 2024. That surge in market share is far above the 9.1% EV market share projected for calendar year 2025 as consumers raced to take advantage of the $7,500 federal tax credit on EVs that will expire on midnight September 30, 2025.
• EV Consideration Data Shows Continued Consumer Interest in EVs: Nearly one-fourth (23.6%) of new-vehicle shoppers say they are “very likely” to consider buying or leasing an EV in the next 12 months. Another 34.9% of new-vehicle shoppers say they are “somewhat likely” to consider an EV in the next 12 months. Both rates have been largely unchanged for the past 12 months, suggesting consistent consumer interest despite widely publicized market changes.
• Germany and Canada Offer Preview of Near-Term Sales Trend: Germany and Canada both had national EV subsidy programs in place that were phased out, similar to what is about to happen in the United States. In both cases, EV sales volumes dipped sharply in the immediate aftermath of the subsidy phase-out before climbing back to more normalized volumes.

Executive Summary

Is this the end of the road for EVs? Between the threat of tariffs and the repeal of $7,500 tax credit on new EV sales, pundits and speculators have had a field day forecasting the demise of the EV segment of the auto industry. In reality, the situation is quite a bit more nuanced than the social media chatter might suggest. EV sales have been surging in advance of the tax credit expiration, and major manufacturers have doubled-down on their EV initiatives in a strong signal that the market will not suddenly disappear. 

In fact, when we look to current trends in consumer sentiment and track how the removal of similar EV tax credits has affected EV sales in other parts of the world, we see a fairly predictable trend in supply-demand dynamics taking root in the U.S. market.

This E-Vision Intelligence Report dives into key data points gathered from JD Power studies and proprietary market data, to offer a data-driven consumer perspective on the EV customer experience.

Getting in on the EV Goldrush

We wrote in our May 2025 E-Vision Intelligence Report that new-car shoppers were entering a once-in-a-lifetime buying opportunity for EVs. Inventory on dealer lots was high; the $7,500 tax incentive was still in effect; and the variety of models available to choose from had never been larger. Consumers took note. EV sales skyrocketed throughout the summer. In August alone, when it became clear that the federal tax credit would be phased out on September 30^th, EV share of sales returned to record level, reaching a total of 11.2% of total new-vehicle retail transaction market share. That tied the previous one-month record for EV market share, which was set in December of 2024 as manufacturers offered year-end incentives and consumers speculated the end of federal incentives was near.

To put that in perspective, prior to May 2025, average EV market share had been hovering in the 8% range, and our forecast for full year 2025 EV market share was 9.1%.

EV Consideration Rates Remain High Among New-Vehicle Shoppers

Consumers currently planning to purchase or lease a new vehicle in the next 12 months do not appear to be factoring the end of the $7,500 EV tax credit into their vehicle selection process. More than half (58.5%) of new-vehicle shoppers say they are “very likely” (23.6%) or “somewhat likely” (34.9%) to consider buying an EV in the next 12 months—rates that have been largely consistent for the past 12 months.

Sticker price will still be a factor for these shoppers, however. Among those new-vehicle shoppers who are unlikely to consider an EV for their next vehicle, 45% indicate that purchase price is a major reason for their decision. The percentage of EV rejectors pointing to price as a primary barrier to consideration is up three percentage points from 42% in July.

Looking for Clues in Other Countries

The expiry of the U.S. federal EV tax credit will not be the first time a government has removed a financial incentive to encourage consumer adoption of EVs. In Germany, for example, new light-duty EV sales reached 22.2% market share before the country’s EV subsidy program was removed in December of 2023. By February of 2024, total EV market share dropped to just 9.9% of total vehicle sales. Full calendar year EV market share for 2024 was 12.6% as consumer EV purchases began to rebound. Through July of 2025, however, total EV market share has climbed back up to 16.8% of the total market.

A similar trend played out in Canada, where a federal EV incentive program was paused in January of 2025. Total EV market share climbed to 16.8% prior to the pause, then quickly fell to 6.8% market share by February of 2025. Through July, EV market share in Canada has slowly climbed, reaching 8.0%. 

Meanwhile in France, where federal EV incentives were reduced beginning in 2024, and largely eliminated at the end of June 2025, EV market share has continued to climb steadily from 15.2% when the incentive was discontinued, to 15.8% for the current year through July. Likewise, in the UK, where an EV tax credit expired in June of 2022, EV market share fell to 9.9% in the month following discontinuation, before accelerating to 19.8% through July of 2025.

Methodology

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power 2025 U.S. Electric Vehicle Experience (EVX) Ownership Study,  the JD Power 2025 U.S. Electric Vehicle Experience (EVX) Public Charging Study, the EV Volumes Country Share Tracker,  and the JD Power 2025 U.S. Electric Vehicle Consideration (EVC) Study. 

Find out More

This report was authored by Brent Gruber, executive director, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with Mr. Gruber or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

One-Third of U.S. Consumers are Working a Second Job or Side Hustle in the Hopes of Stabilizing their Finances

Banking and Payments Intelligence Report
September 2025

 

More than Half are Working Longer Hours than Six Months Ago

As the number of consumers in the United States classified as financially unhealthy¹ has remained flat, as measured by JD Power, many Americans are working harder to stabilize their finances.

Overall, 33% of consumers say they work either a second job or a “side hustle.” With an uncertain economic forecast and over half (68%) of consumers saying the cost of goods is growing faster than their incomes, more work and longer hours may become a fact of life.

Financial Health Steadies 

Overall consumer financial health levels were stable in August. The share of consumers who are either vulnerable, overextended or stressed, remained steady at 64%, unchanged from July.

The percentage of consumers who say the price of goods is rising faster than their income declined in August to 68%, down from 71% in July. Vulnerable (79%), overextended (56%) and stressed (81%) consumers all saw at least a 3 percentage-point decrease. That’s noteworthy because consumer prices are still rising, but at least for this month, consumers aren’t feeling as sharp of a sting. 

 

Side Hustles are Here to Stay

One-third (33%) of consumers report working a second job or maintaining a side hustle. The rate is highest among consumers under age 40 (45%) and those who are financially overextended (43%).

Earning extra income is the most common reason given (78%) for working an extra job or a side hustle, followed by paying off debt (29%), and saving toward a goal (28%).

More than half of respondents (53%) are working longer hours today than they were six months ago, and 17% of those are required to work longer by their employers. Financially overextended customers are the most likely to be working longer because of work demands, while those classified as financially vulnerable are putting in the additional hours to make ends meet.

What Role Should Banks Play in this Evolution?

As economic headwinds continue to swirl, it stands to reason that side hustles will become even more prevalent. Interestingly, more than half (54%) of consumers have gone through some form of major life experience in the last 12 months. These events range from moving to medical issues to divorce. And with many consumers lacking emergency savings funds, a second job or side hustle could soon become a necessity.

This is where banks can step in and play an important role. With consumers looking to make extra money to pay down debt or achieve a financial goal, banks can be valuable partners in prioritizing these goals and coming up with a plan on how to achieve them. With so many Americans working longer hours, there is likely a tipping point toward burnout, and if banks can help their customers put their second job or side hustle money to good use, it could help customers make the most of the money they have coming in.

Find out More

This Banking and Payments Intelligence Report is based on responses from 4,000 consumers nationwide and was fielded in August 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

 

¹ JD 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.

Financial Services Churn Data and Analytics Report October 2025

The following is based on data gathered through the JD Power Churn Data and Analytics 2025 third-quarter report. Review insights on this quarter’s results in the latest industry briefing: Customers are Opening New Accounts and Quietly Making them their Primary Relationships

View churn by account type: 

Checking Accounts, Savings Accounts, Investment Accounts

 

Checking Accounts 

Results collected from 4,158 consumer surveys conducted between 8/19/2025 and 9/30/2025. Respondents must have opened a new checking account within the previous 90 days to participate. ​

• Share of Account Openings shows the share of total accounts opened by a bank in the United States. The 10 banks that captured the largest share of new account openings during the measurement period are shown. A higher Share of Account Openings means the bank is winning more new customers relative to the market.​

​

•  Conversion Rate shows the percentage of times a bank was selected when consumers seriously considered the bank for a new checking account. A higher conversion rate suggests the bank is more effective at turning consideration into action.

 

• Win Rate shows the percentage of times a bank was the winner when consumers opened a new checking account, compared to all situations where that bank was in play – whether as the new bank, the previous bank being closed, or the bank that was left open when the customer opened elsewhere. A higher win rate suggests stronger acquisition appeal and retention performance.

​

• Switching Flow shows the movement of customers from one bank to another when they open a new checking account. It identifies which competitor a bank loses customers to most – either through full switching (closing the old account) or partial switching (keeping the old account but adding a new one elsewhere).​

 

Savings Account

Results collected from 2,789 consumer surveys conducted between 8/19/2025 and 9/30/2025. Respondents must have opened a new savings account within the previous 90 days to participate.

• Share of Account Openings shows the share of total accounts opened by a bank in the United States. The 10 banks that captured the largest share of new account openings during the measurement period are shown. A higher Share of Account Openings means the bank is winning more new customers relative to the market.

   

• Conversion Rate shows the percentage of times a bank was selected when consumers seriously considered the bank for a new savings account. A higher conversion rate suggests the bank is more effective at turning consideration into action.

 

• Win Rate shows the percentage of times a bank was the winner when consumers opened a new savings account, compared to all situations where that bank was in play – whether as the new bank, the previous bank being closed, or the bank that was left open when the customer opened elsewhere. A higher win rate suggests stronger acquisition appeal and retention performance.

 

• Switching Flow shows the movement of customers from one bank to another when they open a new savings account. It identifies which competitor a bank loses customers to most – either through full switching (closing the old account) or partial switching (keeping the old account but adding a new one elsewhere).

 

Investment Accounts

Results collected from 939 consumer surveys conducted between 8/19/2025 and 9/30/2025. Respondents must have opened a new investment account within the previous 90 days to participate.
 

• Share of Account Openings shows the share of total accounts opened by a firm in the United States. The 11 firms that captured the largest share of new account openings during the measurement period are shown. A higher Share of Account Openings means the firm is winning more new customers relative to the market.
   

• Conversion Rate shows the percentage of times a firm was selected when consumers seriously considered the firm for a new investment account. A higher conversion rate suggests the firm is more effective at turning consideration into action.
   

• Win Rate shows the percentage of times a firm was the winner when consumers opened a new investment account, compared to all situations where that firm was in play – whether as the new firm, the previous firm being closed, or the firm that was left open when the customer opened elsewhere. A higher win rate suggests stronger acquisition appeal and retention performance.

 

About JD Power Churn Data Analytics

JD Power U.S. Financial Services Churn Data & Analytics is a syndicated benchmarking study profiling the actions and experiences of customers opening new financial products/accounts in the U.S. The study includes the following consumer account types: checking, credit card, savings/money market, individual investment, HELOC/HELoan, personal loan, auto loan, and retirement. The key metrics in this study track the opening and closing (“churn”) of customer financial accounts among institutions. 

Contact our team to get the full results. 

Make sure you are on the list to get the latest report as soon as it is published. 

Customers are Opening New Accounts and Quietly Making them their Primary Relationships

Chime gains ground in checking and savings accounts

Employees are “quiet quitting.” Daters are “ghosting.” Now, a similar behavioral shift is emerging in financial services: “soft switching.” This phenomenon describes banking, credit card, and investment customers who quietly move their primary accounts to other institutions. They don’t close accounts or formally sever ties; they simply redirect their activity elsewhere. Soft switching reflects a broader trend of disengagement without drama. It’s subtle, but its impact is significant. 

According to the new quarterly JD Power Financial Services Churn Data and Analytics report, which tracks customer attrition among the nation’s leading financial services providers, many customers are expanding their relationships with additional banking, credit card and investment account providers, rather than switching providers. Roughly half of new checking (52%) and investment (48%) accounts opened were additional accounts, and 65% of new credit cards opened were additional cards. 

While this phenomenon may not present as outright customer attrition, it is a harbinger of changing patterns of customer behavior that could hurt incumbent providers. In fact, many customers who open additional accounts are eventually making those accounts their primary. What’s more, it’s a non-traditional financial servicer – Chime – that is reaping the greatest benefit of this “soft switching” trend among banking customers. 

 

The Soft Switch

More than half of new checking accounts opened over the course of Q3 2025 were additional accounts, while 25% were replacement accounts and 23% were accounts opened by consumers who didn’t have a like account at the time they opened. Of the additional and replacement accounts opened, 72% were opened with a different bank than their previous account.

 

That 72% is noteworthy because, while customers won’t necessarily close their old account, many are treating the newly opened account as their primary. Half (54%) of additional and replacement checking accounts opened with a different firm become the primary account. 

 

Chime’s Market Share Emerges

As customers consider new accounts, they are also considering a new type of financial partner. Of the new checking accounts that were opened in Q3 2025, 13% were with Chime. That rate outpaced all other banks, including national brands like Chase (9%), Wells Fargo (7%), and Bank of America (7%). Furthermore, Chime ranked fourth in attracting high-deposit customers with an estimated $1,000+ in deposits in the first year (8%). Chime also accounted for 7% of new savings accounts opened and 3% of credit cards opened.

 

Share of Account Openings shows the share of total accounts opened by a bank in the United States. The 10 banks that captured the largest share of new account openings during the measurement period are shown.

Consumers opening checking accounts with Chime say the top reason they decided to open a new account was due to a promotional offer (26%). They are also more likely than other banking customers to not have had an existing checking account at the time they opened the new account (20%). They are primarily choosing Chime due to convenience (41%), good reputation (35%), low/no fees (34%), and promotional offers (32%). Those switching to Chime are primarily driven by poor service experiences with their incumbent banks (37%). Chime customers are significantly more likely than others to say they value the ability to send/receive money (58%), online/mobile bill pay (50%), and a digital wallet (49%) when shopping for a new checking account, highlighting the importance of integrated banking and payments capabilities.

 

 

Part of Chime’s success is a dominant conversion rate — the percentage of time the checking account was opened with the bank after being seriously considered. Overall, Chime has the highest conversion rate for customers that both considered opening checking (77%) and savings accounts (86%). Chime is not only earning new customers from traditional banks, but it is also claiming market share from its fellow alternative brands. In fact, both SoFi and Cash App lose more checking account customers to Chime than any other bank through either silent attrition or switching, making it clear that Chime is differentiating itself among its fellow disruptors.

 

 

Credit Card Caveats

Nearly two thirds (65%) of new credit cards opened in Q3 2025 were additional cards for the customer and 10% were replacement cards. Of the additional and replacement accounts opened, 80% were opened with a different issuer than the existing or previous card. However, just 21% of these new cards become the customer’s primary card. Still, the high rate of opting for a new issuer does suggest customers are actively seeking better offers or additional credit and are less loyal to their current issuer.

 

 

Most customers did not seriously consider multiple providers when opening a new credit card (79%). This suggests that customers are not shopping but instead going directly to their new issuer because the rewards, fees/rates, and sign-up offers meet their needs.

 

Investment Accounts – Another Soft Switching Hot Spot

Investment accounts are not immune from the soft switching trend. Overall, 48% of new investment accounts were additional accounts and 15% were replacement accounts, with 56% of these accounts being opened with a different provider than their previous account. And just like banking accounts, eventual attrition becomes a factor. Half (51%) of new additional or replacement investment accounts opened with a different provider eventually became the customer’s primary account. This indicates that customers may be consolidating assets or making significant changes when opening new investment accounts.

 

Customers opening new investment accounts did seem to favor more established, well-known brands, with Fidelity leading the way by capturing 13% of new accounts opened, followed by Charles Schwab (9%) and J.P. Morgan Wealth Management (7%). However, SoFi’s performance is noteworthy. Not only did SoFi account for 6% of new accounts opened, but the company boasts an 80% conversion rate.  

 

Attracting the Motivated Customer

With market headwinds creating a tenuous time for many customers in the U.S., banks, credit card issuers, and investment firms need to be aware of the soft switching phenomenon. Unlike traditional churn, soft switching occurs when customers quietly shift their activities to a new provider—without formally closing accounts or cutting ties. They simply open a new account and work with multiple providers concurrently.

For banks and issuers that want to stay ahead of the curve, the way customers are choosing to shop should inform a strategy. Chime’s conversion rate is a good indication that customers are going into their search knowing exactly what they’re looking for. By gleaning insights into what causes financial services customers to start looking, and ultimately open an account with a new provider, banks, issuers, and investment firms can attract a new crop of motivated clientele. 

 

Find out More

This Financial Services Intelligence Report is based on 84,019 responses collected as part of the JD Power Financial Services Churn Data and Analytics report between August and September 2025. It was authored by Miles Tullo, managing director, financial services intelligence at JD Power. Please contact us at the numbers below to connect with the team or to learn more about the underlying research.

 

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

 

What Makes a Great Retirement Plan App? JD Power’s 2025 Findings

In the latest episode of the JD Power Financial Services Intelligence Update, Mike Foy, managing director of Wealth Intelligence, and Jon Sundberg, director of Digital Solutions, joined Miles Tullo, managing director of Financial Services, to discuss insights from the 2025 U.S. Retirement Plan Digital Satisfaction Study.

The conversation revealed what separates top-performing digital retirement platforms from those falling behind and what plan providers can do to improve participant engagement, trust and satisfaction.

 

The 103-Point Experience Gap

According to the 2025 U.S. Retirement Plan Digital Satisfaction Study, there’s a 103-point difference between the best and worst digital experiences in the industry. Top-performing firms excel across every aspect of design, performance, tools, and content, but two factors stand out:

• Interactive Tools That Drive Engagement: Tools that help users visualize progress and take action on savings goals keep participants engaged, especially after “set it and forget it” enrollment processes.
• Mobile Experience That Feels Seamless: “We’ve seen firms like Bank of America really invest in unifying their mobile experience,” Foy said. “Features like the virtual assistant Erica and the Life Plan tool make it easier for customers to engage across multiple financial needs.”

 

Security: A Must-Have for Trust and Satisfaction

Security has become a major driver of satisfaction. The study found that when participants perceive security as “very effective,” overall satisfaction jumps by 52 points.

Leading firms are now designing security into the user experience, not around it. “We know security is vital. This is your customer’s information, their digital DNA,” Sundberg said. “They want to feel confident that their data is being protected, and design plays a big role in that perception.”

Key design elements can help build trust and improve satisfaction:

• Clean, professional login pages with recognizable options like “Remember Me.”
• Multi-factor authentication (MFA), now widely expected and even appreciated by users.
• Small touches such as padlock icons and clear, jargon-free messages that reassure users their data is safe.

Even younger users, who once resisted MFA, now welcome it, especially when it is combined with biometric authentication for faster and more seamless access.

 

The Missed Opportunity: Proactive Guidance

Despite progress in design and security, 61% of plan participants say digital tools fall short on proactive guidance.  “Proactive guidance means delivering relevant, personalized and timely information that helps participants make smarter financial decisions,” Foy said.

He explained that retirement planning doesn’t happen in isolation. Participants, especially younger ones, are also managing:

• Student loan debt
• Credit card balances
• Savings for major purchases like a first home

To help bridge the industry-wide gap in proactive guidance, many retirement plan providers are turning to artificial intelligence (AI) and predictive analytics to deliver more personalized digital experiences. “AI allows firms to use participant data to identify what messages and topics have resonated with others who share similar profiles,” Foy said. “It’s a huge differentiator in creating targeted, relevant content.”

Learn more about what makes a great retirement plan digital experience. 

The JD Power 2025 U.S. Retirement Plan Digital Satisfaction Study, now available in the press release linked below, measures how effectively retirement plan providers deliver digital experiences that build engagement, trust, and satisfaction across web and mobile platforms.

Stay informed on the latest research and insights by subscribing to the JD Power Monthly Intelligence Update.

Read the Press Release

View All Financial Services Intelligence Update Episodes.

U.S. Consumers Increasingly Turn to Non-Bank Sources for Financial Advice

The number of consumers in the United States classified as financially unhealthy^[1] increased to a four-month high in September, causing many to start seeking financial advice from an array of different sources—few of which are true financial professionals.

According to JD Power, 48% of consumers say they consult friends or family for financial advice or guidance. That’s a figure that dwarfs both the number of consumers who ask a financial advisor or planner (26%) or a bank or credit union representative (25%).

It’s not only friends and family that are getting a say in consumers finances. A surprisingly large number (21%) of consumers say they use social media for financial information, and 14% say they use artificial intelligence (AI) tools or chatbots. These numbers are even higher among consumers under the age of 40. 

 

Financial Health Slides 

Overall consumer financial health levels slid in September. The share of consumers who are either vulnerable, overextended or stressed, rose to 68%, up 4 percentage points from July. This marks the highest share of financially unhealthy consumers since May.

 

 

The percentage of consumers who say the price of goods is rising faster than their income held steady in September at 68%. Vulnerable (77%) and overextended (53%) consumers saw slight decreases. 

 

Consumers Turn to New Sources of Financial Intel

When it comes to seeking financial advice, friends or family are the most frequently cited source of financial information by a wide margin with 48% of consumers saying they typically seek financial advice from this group. That’s nearly double the proportion of those who seek advice from a financial advisor or planner (26%) or a bank or credit union representative (25%). One-in-five (21%) consumers say they seek advice from social media, and 14% say they consult artificial intelligence (AI) tools or chatbots.

 

 

When consumers under 40 were asked where they derive their financial advice from, the findings were even more striking. Over half (55%) of consumers under 40 said they ask friends or family, and just 21% say they ask a financial advisor or planner. Consumers under 40 seek advice from a bank or credit union representative at roughly the same rate (26%) as those over 40 (25%), but social media and AI is where we observe a pronounced shift. One-third (34%) of consumers under 40 go to social media for financial advice compared to 12% of consumers over 40. Meanwhile, 21% of consumers under 40 use AI for financial advice, while just 10% of those over 40 do the same.

 

 

A Paradigm Shift 

As consumers continue to grapple with their financial health, it’s clear that there is an emerging profile of customer within the younger demographic that banks need to understand and cater to. These younger consumers are open to taking financial advice from non-traditional sources, which could potentially weaken the connection between banks and their customers. At the same time, this shift presents a clear opportunity for banks to evolve and engage with these consumers in new and meaningful ways. Not only do banks need to earn trust within their existing clientele, they need to tailor a strategy to reach this new breed of consumer. By creating AI modeling tools or developing digital outreach strategies, banks can meet customers where they are seeking advice. Banks that can re-frame themselves in the eyes of consumers as a trusted source of great financial information, whether that’s from financial advisors, bank employees, or AI models, stand to gain significantly in both relevance and customer loyalty.

 

Find out More

This Banking and Payments Intelligence Report is based on responses from 4,000 consumers nationwide and was fielded in September 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.

 

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

 

(1)  JD 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.

 

Insurance Customers Keep an Open Mind on Artificial Intelligence, With Some Notable Exceptions

With each passing day, artificial intelligence (AI) is becoming more ingrained in all we do. From virtual assistants to image generators to chat bots, consumers in the United States are increasingly using AI, while growing more comfortable with it being a part of their daily life experiences. That includes their insurance experiences.

According to data collected by JD Power, insurance customers are keeping an open mind when it comes to AI’s role in their overall experience. However, while customers do have an open mind about it’s use that doesn’t mean there aren’t concerns about how insurance companies will use AI and more importantly who will truly benefit.    

AI Use Grows, Despite Belief Companies Benefit More 

The rate of AI utilization is growing but to whose benefit? 

When asked who will see the most gain from insurance companies integrating AI into their solutions, 68% of customers say they believe the insurance company gets most of or all the benefits, while 26% say the benefits are shared equally between the customer and the insurance company.  While consumers recognize the potential value of AI, it’s clear that they have serious doubts that investments in the technology are going to be made for altruistic reasons.

That’s not to say that consumers don’t recognize that they could benefit from insurers adopting more AI.  Customers are most comfortable with AI when it is used to automate routine aspects of their experience, such as sending automated claim status updates (24%), managing their billing (23%) and answering basic customer service questions (21%). In contrast, when it comes to important decisions there is a lot of concern of leaving it up to the computers.  Nearly half (47%) are somewhat or very uncomfortable with AI being used to process their claims, indicating a clear boundary between convenience and trust.

One-third (33%) of customers believe AI use in pricing insurance policies should be limited until companies can ensure it doesn’t introduce bias or violate ethical standards. Another 30% said AI should be limited to partial use that includes strong safeguards for fairness, explainability, and regulatory compliance. Just 15% of customers believe insurance companies should fully use AI to price their policies.

Selling the Benefit

As AI becomes a more integral part of customers’ daily lives, there appears to be growing acceptance of this technology making its way into their interactions with their insurance company. The difference, though, between customers’ willingness to use a virtual assistant and their hesitancy to accept AI in pricing their policy is that customers don’t immediately see a personal benefit in the latter that they do in the former. In fact, there is likely an inherent distrust in AI making an accurate read on underwriting decisions.

This should inform insurance companies’ strategies for further integration. Before doubling down on tech, companies need to peel back the curtain and explain the customer benefits to using AI in their decisioning. Insurers that can get that customer buy-in will have an easier time using AI to reshape their processes.

Find out More

This Insurance Intelligence Report is based on 2,099 responses from a market pulse survey conducted in mid-August . It was authored by Craig Martin, executive director, global insurance intelligence at JD Power. Please contact us at the numbers below to connect with the team or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

E-Vision Intelligence Report
November 2025

Key Findings

• Returning EV Lessees Double-Down on New EVs: A total of 243,000 franchise EV leases[1] will come to an end in 2026, more than three times the volume of EV lease returns in 2025. Based on the behavior of returning franchise EV lessees in 2025, 62% replace their vehicles with new EVs. Among current EV owners, 94% say they “definitely will” (79%) or “probably will” (15%) consider an EV for their next purchase or lease.
• EV Consideration Surges in October: The percentage of active new-vehicle shoppers who say they are “very likely” to consider buying or leasing an EV in the next 12 months increased to 24.2% in October, up from 21.6% in September. This is the highest level of EV consideration since January 2025.
• Lower Cost of Ownership is Top EV Purchase Driver: The number one reason EV owners select an EV over a gasoline-powered vehicle is expected lower running costs. In the majority of cases (86%), EVs end up delivering on that expectation.

Executive Summary

Consumer response to the repeal of the $7,500 EV tax credit has been swift and dramatic. For the month of October 2025, the first full month following the expiration of the federal incentive program, EV sales plummeted by 53% and now represent just 6.0% of total monthly new vehicle sales, down from 12.9% in September. 

The big question now is whether that decline represents a true shift in consumer sentiment away from EVs or more of a rebound-effect following several months of surging sales as new-car shoppers raced to take advantage of the tax credits while they were still available.

Based on JD Power data, which captures both real-world sales and lease volumes, and consumer sentiment and ownership experience data among current and prospective EV buyers, the future of EV demand in the United States is a bit more nuanced. While the end of the EV tax credit will significantly affect EV sales volumes over the next several months, the bottom will not fall out of the EV market.

This E-Vision Intelligence Report dives into key data points gathered from JD Power studies and proprietary market data, to offer a data-driven consumer perspective on the EV customer experience.

Current EV Owners Still Hooked on EVs

One variable that’s been largely absent from recent analyses of EV demand has been the loyalty to EVs among current EV lessees. The data suggests that a significant number of current EV owners will be back in the market for a new car within the next year, and the majority of them plan to get another EV.

The 2025 U.S. Electric Vehicle Experience (EVX) Ownership Study found that 94% of current EV owners say they “definitely will” (79%) or “probably will” (15%) consider an EV for their next purchase or lease. Furthermore, 243,000 franchise EV leases will come to an end in 2026, putting those customers back into the market for a new vehicle. According to JD Power data, 62% of returning franchise EV owners in 2025 chose to purchase or lease another EV. 

EV Consideration Rates Climb in October

Consumers currently planning to purchase or lease a new vehicle in the next 12 months appear undeterred by the end of the EV tax credit. More than half (59.7%) of new-vehicle shoppers say they are “very likely” (24.2%) or “somewhat likely” (35.5%) to consider buying an EV in the next 12 months. The number of shoppers who are ”very likely” to consider an EV is up 2.6 percentage points from September and is now at its highest level since January.

EVs Deliver on Promise to Consumers

Another important variable in the longer-term health of the EV market is customer satisfaction. According to JD Power data, the top five reasons current EV owners give for selecting an EV are expected lower running costs (57%), tax credits/incentives (51%), driving performance (48%), purchase price/lease offer (47%), and model design and styling (35%). While the end of the federal tax credit will certainly affect that value equation, it is important to note that EVs have consistently met or exceeded owners’ expectations on running costs.

Among current EV owners, 60% say their vehicles are much less expensive to own than gasoline-powered vehicles, and another 26% say they are slightly less expensive to own and operate. Just 7% of current EV owners say they are more expensive.

Methodology

This JD Power E-Vision Intelligence Report is based on data and insights from the JD Power 2025 U.S. Electric Vehicle Experience (EVX) Ownership Study,  the JD Power 2025 U.S. Electric Vehicle Experience (EVX) Public Charging Study, the EV Volumes Country Share Tracker,  and the JD Power 2025 U.S. Electric Vehicle Consideration (EVC) Study. 

Find out More

This report was authored by Brent Gruber, executive director, electric vehicle practice. The JD Power E-Vision initiative is a company-wide program focused on maximizing JD Power industry-leading EV data, analytics, insights and solutions. Please contact us at the numbers below to connect with Mr. Gruber or to learn more about the underlying research.

Media Contacts

Shane Smith; East Coast; 424-903-3665; [email protected]

Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

What is Customer Churn? How to Measure, Analyze, and Track Attrition

Churn is more than outright defection; it can also include silent attrition, where customers remain nominally active but reduce engagement, spending, or product adoption. 

High churn rates erode revenue, weaken loyalty, and limit growth potential. In highly competitive industries, such as financial services, insurance, and wireless service providers, churn reflects subtle shifts in customer behavior in shopping for rates, opening secondary accounts or moving business elsewhere. 

Accessing accurate churn analytics and benchmarking uncovers valuable insights to strengthen loyalty and improve performance. For example, “Insurers use LIST to understand which customer segments are defecting and to which insurers, on a regional basis, to inform targeted retention campaigns focused on retaining and winning back their most valuable customers, said Stephen Crewdson, managing director of insurance business intelligence at JD Power.

The same principle applies across industries: organizations that can accurately measure and interpret churn data are better positioned to strengthen loyalty, anticipate market shifts and improve overall performance.

 

How to Calculate Churn: 

Measuring churn starts with a simple calculation, but interpreting the results requires context. At its core, the customer churn rate shows the percentage of customers who stop doing business with a company over a given period.

The Churn Rate Formula is:

(Lost Customers / Total Customers at Start) * 100 = Churn Rate

 

Key Considerations When Measuring Churn:

• Define the time frame: Monthly, quarterly, or annual churn rates based on typical customer lifecycle and usage patterns.  
• Clarify what counts as churn: Determine if it includes silent attrition (reduced spending or dormant accounts) or only full customer loss?
• Account for acquisitions: Some businesses calculate net churn by factoring in new customers gained.
• Segment the data: Measuring churn by market, product, or demographic provides deeper insights than one topline figure.

Accurately measuring churn rate is the foundation for customer attrition analysis, benchmarking performance against peers, and building strategies to decrease churn over time.

 

How to Track Churn Effectively

1. Capture the Entire Market
   • True churn measurement requires visibility into all customer movement across the industry.  A market-wide view provides the competitive intelligence needed to benchmark churn against peers, identify where you’re losing ground and to who, and pinpoint opportunities to win customers back.
2. Access Timely Data
   • Churn is dynamic. Tracking in near real time ensures you see shifts in behavior as they happen, not months later, when it’s too late to act.
3. Combine Quantitative & Qualitative Insights
   • Numbers reveal the “what” (who left, where they went, how many).
   • Customer feedback reveals the “why” (reasons for attrition, perceptions, and loyalty drivers).
   • Together, they provide a more addressable picture of churn dynamics.
4. Tracking Churn across segments

• Pinpoint where churn poses the greatest risk, prioritize retention resources accordingly, and develop targeted strategies to protect their most valuable relationships.
• For example, losing a high customer lifetime value (CLV) customer in insurance has a bigger financial impact than losing a low CLV customer.

“Many brands measure their own churn rate but lack benchmarking data, so they don’t know if their rate is competitive or not, or if changes in their rate are due to a changing tide, said Miles Tullo, Managing Director, Financial Services Intelligence. JD Power provides benchmarking data so brands can compare their rates to specific competitors and the market average.”

 

Why Customer Churn and Attrition Matter

Customer churn goes beyond tracking who leaves. It is a direct indicator of revenue risk, competitive pressure, and shifting customer expectations.

Using churn data and analysis effectively improves business performance by:  

• Protecting Revenue and Lifetime Value: 

  Tracking customer attrition rate quantifies the direct impact on recurring revenue and CLV. Even small reductions in churn translate into significant financial gains over time.

• Safeguarding Brand Equity and Market Share

  High churn rates often signal declining brand perception. By analyzing why customers leave, leaders can address service gaps before they erode market share or damage reputation.

• Exposing Competitive Weaknesses

  Customer churn analysis highlights where product features, pricing, or service models fall short against competitors. These insights help organizations close gaps and win back share.

• Driving Segment-Level Growth

  Measuring churn by market, demographic, or even down to the zip code reveals patterns that enable precise, data-driven go-to-market (GTM) strategies and targeted retention campaigns.

• Building Loyalty and Retention Programs

  Accurate churn data forms the foundation for proactive retention strategies, from personalized outreach to loyalty programs, ensuring customers remain engaged and profitable.

 

Getting Started

Understanding and addressing churn requires more than internal data alone. JD Power draws on decades of experience, large-scale customer panels, and proven methodologies to provide a comprehensive, near real-time view of customer shopping and switching intent and behavior across the financial services and insurance industry. Become a subscriber to better track and understand how your organization compares to peers and identify patterns that may signal risk or opportunity for company growth. 

Holiday Spending Likely to Remain Flat

‘Tis the season for holiday shopping-themed economic indicators. Black Friday, Green Monday, and Cyber Tuesday are quickly approaching, and consumers in the United States are gearing up for their annual rite of retail passage. With that surge in consumer spending comes many insights into overall consumer financial health.

According to JD Power, the number of consumers in the United States classified as financially healthy^[1] increased in October, but many—no matter their financial status—are staying financially disciplined when it comes to their holiday shopping. In fact, 45% of all consumers say they expect to spend about the same amount as last year. To finance these purchases, most consumers expect their credit use to stay consistent with last year. 

Financial Health Improves 

The percentage of U.S. consumers categorized as financially healthy rose to 35% in October, up 3 percentage points from September. The share of consumers who are either vulnerable, overextended or stressed, fell to 65%, down 3 percentage points from September. This is a return to the levels we observed throughout the summer months.

 

The percentage of consumers who say the price of goods is rising faster than their income dropped slightly in October to 67%. The percentage of consumers classified as vulnerable (76%) and healthy (55%) saw slight decreases, while the number of stressed (83%) consumers ticked up 2 percentage points. 

 

 

Consumers Exercise Spending and Credit Discipline

Consumers are playing it safe this holiday season, no matter their financial status. When asked about their plans to spend this holiday season, 45% of all consumers say they expect to spend about the same amount as last year (up slightly from 40% from 2024). Consumers classified as healthy (57%) and overextended (50%) are most likely to say the same, showing that the restraint extends across the financial health continuum. 

One-third (31%) of consumers said they will spend less than last year (compared to 30% in 2024), while just 14% said they plan to spend more than last year (down from 19% in 2024). Interestingly, overextended consumers are among those most likely to say they plan to increase their spending (20%).

 

 

 

When asked how they plan to pay for their holiday spending, 32% said a debit card, 25% said on a credit card they pay off in full each month, and 17% said cash. This implies that consumers do have cash on hand to cover their holiday gifts.

 

For consumers who are using credit to pay for their holiday purchases, 61% said their use of credit is about the same as last year (up from 54% in 2024), while 16% said they are using more credit, loans or Buy Now Pay Later options (down from 19% in 2024). Notably, 23% of consumers under the age of 40 say they will use more credit this year, compared to just 12% of those over the age of 40.

Inflation Still a Factor

Most consumers (88%) say inflation will play at least a slight role in what they buy or how much they spend this season. One-third (33%) of vulnerable consumers and 30% of consumers under 40 say inflation will greatly affect their holiday purchases, while 39% of overextended consumers say it will moderately affect their spending.

 

When asked if they took advantage of any bank services (such as special savings accounts or savings buckets) to help plan for this year’s holiday spending, 23% say they did. That includes 39% of overextended consumers, 34% of consumers under 40, and 30% of healthy consumers. While 38% say they did not because these services would not help, another 35% say they did not, but they wish they had.

 

A Holiday Helper

Inflation has been persistently stuck at around 3% for the better part of two years and the overall financial health of the country has been plodding along without much variation. As consumers prepare to rack up more retail spending, there is an appetite for banks to step in and lend a helping hand. Given how consumers intend to shop, at a minimum, banks have the opportunity to help them set budgets, track spending, and achieve their holiday spending goals

With more than one-third of consumers regretting the fact that they didn’t take advantage of bank services to plan ahead for their holiday shopping, this presents a clear strategic path for banks. Forward-thinking banks need to use the holidays as an opening point for discussion and communicate to consumers about how they can help navigate this period with sound advice, budgeting tools and proper planning. 

 

Find out More

This Banking and Payments Intelligence Report is based on responses from 4,000 consumers nationwide and was fielded in October 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please use the contact information below to connect with Ms. White or to learn more about the underlying research.

Media Contacts

Brian Jaklitsch; East Coast; 631-584-2200; [email protected]

Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
 

[1] JD 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.