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""|View the 2025 Q4 Financial Services Churn Data and Analytics Report

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FinTech Brands Continue to Attract and Convert New Banking and Investment Accounts

Chime sees highest new customer acquisition for checking accounts and conversion rates for checking and savings accountsFidelity leads on new investment account openings, SoFi leads on investment account conversion rateBank of America and Chase capture highest percentage of mass affluent and affluent banking customers The “soft switching” phenomenon, whereby banking and investment services customers are opening secondary accounts and quietly making them their primary relationships, continues for a second consecutive quarter in the JD Power Financial Services Churn Data and Analytics report.The report, which tracks customer attrition among the nation’s leading financial services providers, finds that FinTech brands, such as Chime and SoFi have become the biggest beneficiaries of this trend, attracting and converting new account openings faster than more established financial services brands. The trend is particularly noteworthy in the mass market banking segment, while traditional brands continue to lead on new account openings in the mass affluent and affluent banking segments[1]. Chime Leads on New Bank Account Openings and ConversionsJust under half of new checking (49%) and savings (46%) account openings in the fourth quarter of 2025 were for secondary accounts, opened by customers who already have an existing banking relationship, while 26% of checking and 18% of savings account openings were replacement accounts. Brand new banking relationships among customers who did not previously have a banking or checking account represented 25% of all checking and 36% of all savings account openings. This pattern of secondary account opening, which is consistent with Q3 2025, suggests that more banking customers are expanding and diversifying away from their primary deposit relationships. Chime claimed the largest share of new checking account openings in Q4 with 12.8%. It was followed by Chase (8.4%) and Wells Fargo (7.1%). Among new savings account openings, Chase saw the largest overall market share at 9%. It was followed by Chime (8.4%) and Bank of America (6.3%).One area where Chime has continued to show strength for a second consecutive quarter is its conversion rate—the percentage of time the checking account was opened with the bank after customers evaluated other brands. Overall, Chime has the highest conversion rate for customers who considered opening checking (78%) and savings accounts (85%). For both checking and savings accounts, Chime consistently outperformed both FinTechs and more established brands on new account conversion. Bank of America and Chase Win More Affluent Banking CustomersWhen it comes to targeting higher income, and higher net worth, customers, the Big Four national banks are outperforming FinTech brands. Among checking account openings, Chime led on customer acquisition in the mass market segment, claiming 11.5% of new customers, while Chase led in the mass-affluent segment, with 10.9% of new customers, and Bank of America led in the affluent segment, with 14.1% of new customers in Q4. A similar trend played out in savings accounts, where Chime led mass market customer acquisition with 11.5% market share, and Chase led in both the mass affluent (9.7%) and affluent (11.5%) segments. Investment Account Openings, SoFi Converts More CustomersIn the investment account category, Fidelity claimed the largest share of new account openings in Q4 with 16.8%. It was followed by Charles Schwab (9.1%) and Robinhood (8%). When it came to new account conversions, however, FinTech brand SoFi claimed the lead, capturing 83.1% of accounts that were opened after other brands were evaluated. SoFi was followed by Fidelity (80.2%) and Acorns (78.2%) When segmenting customer acquisition by total investible assets, Fidelity maintained the top position among mass market (16.3%), mass affluent (17.7%) and affluent (16.4%) customers. It is followed by Robinhood (10.5%) in the mass market segment and Charles Schwab in the mass affluent (10.8%) and affluent (13.1%) segments. A Mature Market Ripe for DisruptionThe findings in this report are noteworthy because they spotlight a critical transition point in the decision-making process of financial services customers as they evaluate a steadily growing list of brands and options for how to manage their money. We are clearly seeing a trend toward more consumer interest and experimentation with relatively new FinTech brands, particularly in the mass market segment. The fact that many of these brands are succeeding at converting customers suggests that effective digital engagement will play a major role in the future development of the financial services industry. Incumbent brands need to monitor this trend closely and make sure they are continuing to connect with the right customers at the right time with the right approach. Find out MoreThis Financial Services Intelligence Report is based on 263,151 responses collected as part of the JD Power Financial Services Churn Data and Analytics report between October and December 2025. It was authored by Jennifer White, senior 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] LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected] [1] JD Power defines wealth categories for banking as Mass Market (income
Man reviewing retirement apps on phone

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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 GapAccording 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 SatisfactionSecurity 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 GuidanceDespite 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 debtCredit card balancesSavings for major purchases like a first homeTo 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 ReleaseView All Financial Services Intelligence Update Episodes.

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As Black Friday Approaches, Consumers Prepare to Increase Holiday Spending

Home & Retail Intelligence ReportNovember 2024 This holiday season, it seems Santa has delivered a financial paradox. As consumers prepare to be inundated with Black Friday, Cyber Monday and Green Tuesday sales and promotions, economic indicators are sending analysts conflicting signals. Inflation is down from last holiday season, but consumer prices remain stubbornly high. It begs the question: what are consumers ready to spend on themselves and their loved ones this holiday?According to recent JD Power data, bank customers in the United States are ready to open the purse strings to make the holidays merry and bright. Overall, 59% of customers say they are prepared to spend the same or more this holiday season than they did a year ago.Still, that jolly news isn’t without its caveats. Most notably, customers are leaning on credit, such as cards, loans or Buy Now Pay Later plans, as much as they did last year. That reflects customers’ precarious overall financial health,1 which is largely unchanged since 2023. Only33% of customers are considered financially healthy compared to 30% a year ago.Holiday Spending Trends UpNearly 1 in 5 (19%) customers say they plan to spend more this holiday season than they did a year ago. That is up from 17% in 2023 and 13% in 2022. That number is highest among customers that are financially healthy and customers under the age of 40.Customers’ willingness to spend may reflect enhanced financial preparedness. Overall, 31% of customers say that they budget for holiday spending with specific holiday savings, up from 27% a year ago. Another 41% say that they budget for general purchases. Only 28% say they do not budget, down from 31% a year ago. The rate of those who say they do not budget at all is highest among vulnerable customers, stressed customers and those 40 years old and older. Customer Still Lean on CreditWhile customers may rely on savings to help pay for holiday gifts, credit will play a major role in decking the halls. When asked how their use of credit has changed compared with a year ago, 19% say they are using more credit cards, loans or Buy Now Pay Later options. That rate is unchanged from each of the previous two shopping seasons, when inflation was far worse. In fact, the rate has remained relatively unchanged for all metrics (about the same credit usage, using less credit and unsure).When asked if they plan to make a major purchase for their home (e.g., an appliance, furniture, etc.), customers are expressing a more conservative approach. Only 21% say they plan to make a major purchase during the holiday season, with the highest rate among those that have healthy finances and are under the age of 40.Among customers that do plan to make these purchases, 40% say they are influenced by seasonal sales and discounts. That’s not surprising, as 76% of all customers say price is the biggest influence in their purchasing decision, with sales and promotions being the next largest driver (50%).Interestingly, customers intend to shop across a variety of channels without one option dominating. In fact, just as many customers say they prefer in-store shopping to online shopping (47% for in-store vs. 48% for online). That is largely driven by customers’ interest in ease of returns and exchanges, extended store hours, in-store and drive-up pickup options. Holiday HelpersAs analysts examine the data, a concerning trend emerges: many customers will be spending as if their finances have fully recovered, even if their overall financial health is unsteady. This potentially risky behavior could lead consumers to surpass their budgetary limits and rely on already strained lines of credit, placing them in a vulnerable financial position.For retailers, this spending trend could present a seasonal sales boost, but they should brace for the potential post-holiday spending slowdown once customers start getting the bills.Find out MoreThis Home & Retail Intelligence Report is based on responses from 4,000 retail bank customers nationwide and was fielded in October 2024. It was authored by Andrea Lau, home and retail practice lead at JD Power. Please contact us at the numbers below to connect with Ms. Lau or to learn more about the underlying research.Media ContactsBrian Jaklitsch; East Coast; 631-584-2200; [email protected] Effler, JD Power; West Coast; 714-621-6224; [email protected] 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.
With AI-Powered Chatbots Coming to Customer Service

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With AI-Powered Chatbots Coming to Customer Service, Are Mortgage Customers Ready? 

Artificial intelligence (AI) is here to stay. Three-fourths of business leaders say they are planning to escalate their AI investments, as they see its potential to redefine customer service and many other business functions. That includes the lending industry, in which AI-powered customer service has already started to establish a foothold and is poised to grow. Are customers ready for the future of AI-driven customer service?
: Financial Services Intelligence Update — September 2024

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VIDEO: Financial Services Intelligence Update — September 2024

As trust and transparency become paramount, servicers are surprisingly thriving amidst challenges, showcasing resilience in customer relationships. In this month’s update, JD Power, Bruce Gehrke, Senior Director of Lending Intelligence and Miles Tullo, Managing Director, discuss the latest insights from the Mortgage Origination Satisfaction Study and Mortgage Servicer Satisfaction Study. Here’s a breakdown of the key highlights:Why Mortgage Originators Face a Satisfaction SlumpBorrower satisfaction with mortgage originators has dropped significantly in 2024, reversing last year’s positive trend. Only 42% of lenders are achieving higher satisfaction scores this year, down from 70% in 2023.Key factors influencing borrower loyalty and advocacy include:Trust: Borrowers need to feel confident they got a good deal.Ease of the process: Simple, fast, and transparent processes resonate with borrowers.Competitive interest rates: While market factors dictate rates, customers expect lenders to remain competitive.“At the end of the day, those interest rates matter, and a customer needs to believe and trust that their lender gave them a good deal,” says Bruce Gehrke.Interestingly, digital tools—despite heavy investment—are not delivering the highest customer satisfaction. Traditional, human-centered service models continue to outperform digital-first approaches.Mortgage Servicers Thrive Despite Rising ChallengesMortgage servicers are seeing a notable increase in satisfaction, even among financially vulnerable customers. Trust plays a vital role, especially when servicers aim to retain customers for refinancing opportunities.The top factors driving servicing satisfaction include:Minimal interactions: Customers prefer smooth experiences with few issues requiring service intervention.Transparency: Clear communication about fees and escrow accounts is crucial in building trust.Escrow management: Rising insurance premiums and property taxes put pressure on servicers to manage escrow accounts effectively.How Declining Rates Will Reshape the MarketAs elevated interest rates reduce transaction volumes, the mortgage market is undergoing rapid changes. However, as rates begin to decline:The refinance market may experience a resurgence, with direct-to-consumer models gaining the most traction."Trade-up" borrowers—those who have been reluctant to sell due to low-interest mortgages—may re-enter the market. Where can you find more insights like this? Stay up to date on the latest mortgage customer satisfaction insights with JD Power. Discover key trends and performance metrics in the Mortgage Origination Satisfaction Study and the Mortgage Servicer Satisfaction Study, covering the experiences of thousands of borrowers and homeowners. RecEIVE our Upcoming Press ReleasesMore About These Experts Bruce Gehrke is the Director of Lending Intelligence at JD Power, overseeing including the Mortgage Origination Satisfaction Study and Consumer Lending Satisfaction research. He develops client improvement strategies based on data analytics and has built consulting relationships with leading asset managers and mortgage lenders.Miles Tullo is the managing director of the JD Power Financial Services team. He oversees the company’s consumer payments program, focusing on point-of-sale choice and non-credit card payment methods. Drawing from over 20 years of experience in both payments and mortgage lending, Miles brings valuable expertise to clients.
Affluent Client Trends

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VIDEO: Financial Services Intelligence Update — July 2024

The JD Power Financial Advisor Satisfaction Study provides crucial insights into what drives advisor contentment and retention, offering valuable guidance for wealth management firms. Tune in to the July 2024 Financial Services Intelligence Update with Kapil Vora and Miles Tullo to refine your advisor retention strategies and stay ahead in the industry. Key Insights: Employee Advisors: Satisfaction has surged by 49 points this year, thanks to better compensation, advanced technology, and enhanced support systems. Independent Advisors: Satisfaction has declined by 15 points, primarily due to leadership issues. Only 46% of independent advisors feel their firm is heading in the right direction, a drop from 54% last year. Important Takeaways: Attrition Trends: Advisors who signal they might leave often do. Conversely, those committed to staying are likely to remain, underscoring the need for early intervention and resolution of concerns. Culture and Leadership: Effective firm culture and leadership are critical for retention. Advisors planning to stay rate these factors much higher than those considering leaving. For less tenured advisors, professional development is also key. Where can you find more insights like this? The JD Power Financial Advisor Satisfaction Study is a critical tool for understanding and improving the financial advisory industry. This annual study measures the satisfaction levels of financial advisors with their respective firms, focusing on key areas that directly impact advisor performance and retention. The study measures satisfaction based on six key dimensions: compensation, firm leadership and culture, operational support, products and marketing, professional development, and technology. READ THE LATEST PRESS RELEASE More About These Experts Kapil Vora is the Senior Director of Wealth Intelligence at JD Power. In this role, he is focused on equipping clients with data, analytics, and strategy to make them competitive with today’s investors and financial advisors. He leads research for Investor Satisfaction and Advisor Satisfaction studies. Miles Tullo is the managing director of the JD Power Financial Services team. He oversees the company’s consumer payments program, focusing on point-of-sale choice and non-credit card payment methods. Drawing from over 20 years of experience in both payments and mortgage lending, Miles brings valuable expertise to clients.
Asset Management |Digital Experience Hierarchy|Digital experience has a profound impact on asset acquisition

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Differentiation in Digital: How Asset Managers Can Stand Out Beyond Performance Metrics

Traditionally asset and fund manager marketing and sales messaging focuses strictly on financial performance. But there is a problem with that. If everyone is talking about the same thing then why should your audience pay attention to you vs. all of your competition. The Boston University Questrom School of Business recently hosted a conference where industry leaders gathered to discuss the evolving landscape of marketing and digital experience in the asset management space. At the event, Craig Martin, Executive Managing Director of Wealth Intelligence at JD Power and Jim Cove Chief Marketing Officer of Natixis examined the importance of differentiation, trust, and firm credibility in the rapidly evolving digital environment. A critical question for the market - how can asset managers effectively differentiate themselves through digital experiences?

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