Despite ongoing financial strain, customer satisfaction with retail banks is on the rise. New findings from the JD Power U.S. Retail Banking Satisfaction Study reveal how banks are adapting to consumer needs and building trust. Jennifer White, Senior Director of Banking Intelligence, shares the latest trends.
Rising Satisfaction Amid Financial Strain
Even though consumers are facing economic hardships—reflected in declining deposits and investment amounts—overall satisfaction with their banks has increased. Consumers are more likely to return for additional products, and Net Promoter Scores (NPS) have improved. Despite the challenging financial environment, customers are finding value in their banking relationships.
Banks Are Rising to the Challenge
“Banks are spending more time helping customers manage their financial lives in a way that goes well beyond routine transactions,” White explained.
Building on this positive sentiment, banks have been investing heavily in digital tools and personalized services to support customers in managing their finances. Features like budgeting tools, savings goal trackers, and proactive alerts in mobile apps are helping consumers feel more empowered to navigate their financial situations. These efforts are a key reason behind the increasing satisfaction scores.
Tackling the “Three F’s” (Fees, Fairness, and Fraud)
However, consumer concerns about fees, fairness, and fraud persist. Despite these challenges, banks have been taking necessary steps to address these issues. Increased transparency around fees, enhanced fraud protection measures, and efforts to ensure fair treatment are helping build greater trust with customers. While there’s still work to do, these improvements are contributing to more positive customer experiences.
Declining Deposits
The study also finds that the average deposits held by consumers at their primary bank continue to decline. With 33% of consumers reporting less than $1,000 in deposits, the divide between those with significant savings and those struggling to save is widening. This highlights the financial strain many consumers are facing and presents a challenge for banks in providing accessible financial solutions.
Financial Advice Is Gaining Traction—But Awareness Is Still a Hurdle
More customers are recalling their banks’ advice and guidance—and many are taking action. Still, banks face challenges in cutting through the noise.
“The leak is still really occurring at just getting customers’ attention,” White said. “That, at the core, is about the volume of messaging, the spread of the messaging over a calendar year. It’s about making sure that the content is personalized.”
Banks that succeed here are integrating guidance across channels—from in-branch conversations and call centers to in-app banners and automated savings nudges.
Whether through a mobile app or in-person interactions—customers feel more supported in their financial decisions, contributing to their overall satisfaction.
What’s Next for Retail Banking?
The findings from this year’s study make one thing clear: to maintain long-term customer loyalty, banks must continue to:
- Invest in digital tools that enable consumers to manage their financial lives with ease and confidence.
- Enhance transparency around fees, fraud protection, and fairness to foster trust.
- Provide personalized financial advice that empowers customers to make informed financial decisions.
As the banking landscape continues to evolve, these findings underscore the importance of banks acting as trusted partners in helping customers manage their financial health and navigate uncertain times.
Read the JD Power 2025 U.S. Retail Banking Satisfaction Study press release for more key findings.