Insights

As holiday bills continue to be paid off and tax refunds get set to hit consumers’ bank accounts, the number of consumers in the U.S. classified as financially unhealthy[1] is 68%, as measured by JD Power. That marks an improvement from 72% last month, but it hardly spells widespread relief.

A marketer’s guide to leveraging regional customer satisfaction insights to strengthen trust, loyalty, and brand differentiation.Banking Customer Insights driven by JD Power ResearchIn today’s crowded financial services landscape, customer experience has become one of the most powerful—and credible—marketing differentiators. With more than half of retail banking customers open to switching banks within the next year, marketers face a clear mandate: earn trust, prove performance, and communicate value in ways that resonate locally and emotionally.For CMOs and agencies serving retail banks, this environment elevates the importance of unbiased, third‑party customer insights. Data‑driven performance signals not only inform smarter marketing strategies—they also provide the proof points that build confidence, credibility, and brand preference.Unbiased customer insights help banks understand what matters most, allowing banks to craft more effective marketing strategies. Messaging should resonate with regional audiences while reinforcing the bank’s reputation as a trusted institution. By addressing the priorities of different customer segments, banks can fight attrition and strengthen their competitive position. Regional Variations in Customer Satisfaction A one-size-fits-all national approach can fall short in addressing local market differences—especially those around trust and reputation. JD Power research reveals that customers in the New England, Northwest, Upper Midwest and California regions have lower-than-average scores on critical-to-success metrics. These include overall satisfaction; level of trust; likelihood to say they definitely will reuse the bank; and reputation. This regional performance gap is driven in part by a divide among age groups. For example, Gen Z customers in California have a lack of confidence in regional and midsize banks and a preference for national banks. The opposite is true in the New England and Upper Midwest regions, where Gen Z customers display a lack of confidence in national and regional banks and a preference for midsize banks.Banks on both sides of the size equation must proactively highlight their reputation for satisfying customers to win new business and retain existing accounts. Marketing Strategies Based on Data-Driven Regional Insights Effective regional marketing requires a nuanced and informed approach with strategically tailored messages that speak to regional customer preferences. Regional marketing campaigns help banks to meaningfully engage customers, reinforce a reputation for exceptional customer satisfaction, and build lasting relationships that inspire retention. Marketers can make the most of regional consumer data with messaging that meaningfully addresses the concerns of regional banking customers. Emphasizing Reputation and SecurityA bank’s reputation remains a top reason why customers select a bank, while “security/fraud” is the main reason why customers replace a previous checking account with a new one. Marketers should highlight credible proof of performance, customer satisfaction, and the bank’s demonstrated strength in security and fraud prevention to reinforce and promote their bank’s positive reputation in regional markets. By pairing marketing efforts with both reputation management and clear communication of security and fraud‑prevention capabilities – grounded in real‑world customer experience data – banks can more effectively communicate their trustworthiness, their commitment to protecting customers, their ability to deliver a satisfying experience, and their overall brand valueDeveloping Regionally Tailored Campaigns Banking customers in different regions have distinct priorities and expectations when choosing and working with a financial institution. To connect with customers effectively, banks must create tailored campaigns that address regional concerns, demonstrate their commitment to local markets and highlight how they meet customer needs. Final Thoughts The banking landscape is changing rapidly. Staying competitive relies on leveraging every advantage. Credible third-party customer insights are more important to marketing efforts across the banking industry than ever before, especially for banks serving clients in a variety of regions and those competing with national players.Customer insights from reliable sources are useful to banks looking to stand out in a competitive market and understand how they perform when compared with national and regional competitors. Data-driven rankings and recognitions also help consumers avoid exhaustive searches and piecemeal comparisons, saving time, and frustration, and giving a more accurate picture of available choices. The results of the JD Power 2026 U.S. Retail Banking Satisfaction Study are coming soon. Stay tuned for the results. In the meantime, explore insights from the JD Power 2025 U.S. Retail Banking Satisfaction Study. Read the 2025 press release >[1] JD 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.

The following is based on data gathered through the JD Power Churn Data and Analytics 2025 fourth-quarter report. Review insights on this quarter's results in the latest industry briefing: FinTech Brands Continue to Attract and Convert New Banking and Investment Accounts Checking SavingsWho is Acquiring the Most New Accounts?Chime captures the highest share of checking account openings and is most effective at turning considerations into new accounts. This mirrors results from Q3 2025. Do Those Open Rates Hold True by Affluency? Chime maintains its leadership among the Mass Market, but Bank of America and Chase capture the highest percentage of new accounts among the Affluent and Mass Affluent. SAVINGS ACCOUNTWho is Acquiring the Most New Accounts? Chase outpaces Chime in new savings account openings, but Chime converts the most considerations into new accounts. Do Those Open Rates Hold True by Affluency? Chime leads in savings account openings within the Mass Market, but Chase, Bank of America, Wells Fargo, and Capital One win the most Mass Affluent and Affluent new savings accounts. INVESTMENT ACCOUNTWho is Acquiring the Most New Accounts? Chime captures the highest share of checking account openings and is most effective at turning considerations into new accounts. This mirrors results from Q3 2025.. Do Those Open Rates Hold True by Affluency?Chime leads in savings account openings within the Mass Market, but Chase, Bank of America, Wells Fargo, and Capital One win the most Mass Affluent and Affluent new savings accounts. About JD Power Churn Data AnalyticsJD 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.

The stubbornly high cost of consumer goods continues to be a drain on consumers in the United States. The number of consumers in the U.S. classified as financially unhealthy has climbed to its highest level in 12 months, as measured by JD Power.

U.S. consumer financial health fell to a 13-month low heading into the holidays, as inflation and rising utility costs intensify anxiety about affording everyday necessities. Based on November 2025 data from 4,000 consumers, this report explores what the shift means for banks, utilities, and payment providers navigating a more financially stressed customer base.

‘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.

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 EffectivelyCapture the Entire MarketTrue 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.Access Timely DataChurn 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.Combine Quantitative & Qualitative InsightsNumbers 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.Tracking Churn across segmentsPinpoint 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 MatterCustomer 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 ShareHigh 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 WeaknessesCustomer 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 GrowthMeasuring 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 ProgramsAccurate churn data forms the foundation for proactive retention strategies, from personalized outreach to loyalty programs, ensuring customers remain engaged and profitable. Getting StartedUnderstanding 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.

The number of consumers in the United States classified as financially unhealthy 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.

Chime gains ground in checking and savings accountsEmployees 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 SwitchMore 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 EmergesAs 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 CaveatsNearly 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 SpotInvestment 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 CustomerWith 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 MoreThis 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 ContactsBrian Jaklitsch; East Coast; 631-584-2200; [email protected] LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]

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 RelationshipsView 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 AccountResults 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 AccountsResults 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 AnalyticsJD 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.