Customer Satisfaction at Banks Increases, Yet Seniors are Less Pleased
The satisfaction of customers at the largest banks in the U.S. showed an encouraging increase in 2025. However, for the first time in at least five years, the satisfaction level of people over 65 was lower compared to that of younger bank users, according to a study by J.D. Power, a well-known research firm in the financial industry. The study provides insightful data, revealing that while digital banking services are appreciated by the majority, seniors are looking for something more.
Banking Preferences of Seniors
Paul McAdam, senior director of banking and payments intelligence at J.D. Power, suggested that banks need to re-evaluate their strategies when it comes to serving senior customers. The elderly tend to have more wealth, more deposits, and complex financial needs, which are not being met by the current digital-centric approach of banks.
With banks focusing on digital interactions, seniors are seeking financial advice from credit unions, pension providers, or 401(k) providers. Thus, it is time for banks to consider a specialized financial care approach for their senior customers, who are vital to their business.
The Impact of Financial Health
The survey also highlighted how financial health impacts customer satisfaction. McAdam explained that customers who are financially healthier are generally more satisfied. The stress of being in a financially vulnerable position often leads to dissatisfaction due to the potential for fees and overdrafts.
Capital One Tops the Customer Satisfaction List
Capital One Financial secured the top spot in customer satisfaction for the sixth year in a row, with a score of 702 out of 1,000. This achievement is noteworthy, especially considering that the bank recently completed its purchase of Discover Financial Services, marking one of the largest bank acquisitions in recent history.
U.S. Bancorp moved up from fourth to second place, surpassing JPMorganChase, which had been in the second position since 2022. Bank of America saw a significant 21-point increase in customer satisfaction, moving it up to fourth place from eighth in 2024.
Challenges Faced by TD Bank and Wells Fargo
TD Bank, on the other hand, faced a significant drop in customer satisfaction. After an issue with anti-money-laundering violations, the bank saw a 17-point fall, landing it in eighth place on this year’s list, down from third in 2024. Wells Fargo also witnessed a decline in customer satisfaction, landing in the last-place spot for the first time since 2021.
Overall Improvement in Customer Satisfaction
Despite these individual bank challenges, the general trend in 2025 was one of increased customer satisfaction. As McAdam explained, “What we saw was, customers this year — all of them — there was very nicely increasing satisfaction with their account offerings.” The average customer satisfaction score across the nine largest banks rose by eight points this year, reaching 666.
While online and mobile banking are gaining popularity, McAdam emphasized the continued importance of traditional banking services such as branch service and ATMs. The large banks that were able to deliver high satisfaction levels successfully integrated these traditional services with online and mobile banking.
Here is the source link for more detailed findings of the study.
