Retail bank customer satisfaction is rising, according to a recent survey by J.D. Power. Study authors said the results may seem “counterintuitive” given the current “uncertain economic environment,” however, the improvement is the result of banks’ efforts to build “more personalized, engaged relationships” that help customers to better manage their finances.
Banks not only have delivered on the “basics of transactional efficiency and customer engagement,” J.D. Power officials said, they have taken “more meaningful efforts to empower customers to understand and avoid unnecessary fees, resolve problems quickly and use additional personal financial management tools and supportive services.”
Overall customer satisfaction with primary retail banking partners is 655 (on a 1,000-point scale), which is 11 points higher than the 2024 study. The likelihood of staying loyal (definitely will not switch banks) is up 2 percentage points and the likelihood to reuse the same bank (definitely will) is up 3 percentage points. Customer sentiment that their primary bank “completely supports me in challenging times” is up 4 percentage points.
Unexpected fees have been the primary obstacle to retail bank customer satisfaction for several years. This year, banks have increased efforts to educate customers on fee structure and ways to avoid fees, which has played a key role in boosting customer satisfaction scores, according to the survey. The percentage of customers who say they completely understand their bank’s fee structure rose 5 percentage points from a year ago and the percentage of customers who say their bank completely communicated how to avoid being charged fees is up 4 points. (Editor’s note: See the results of ABA’s recent survey on overdraft fees.)
Among customers who told their bank of a problem in the past 12 months — such as an instance of fraud, an incorrect statement or inaccurate charge — 66% of those who had their problems resolved said that this occurred within one day — up from 62% in 2024 — and 59% had it resolved with one contact — up from 56%. In total, 85% of customers who experienced a problem had that problem resolved, driving a 246-point improvement in overall satisfaction scores.
