Millennial & Gen Z Checking Satisfaction Study

Understand How Well You Serve the Next Generation

The Millennial & Gen Z Checking Satisfaction Study evaluates how effectively banks meet the needs of younger customers. It focuses on satisfaction with digital experiences, financial support, and ease of banking—helping institutions understand how to improve engagement, trust, and long-term loyalty among digitally native segments.

Purchase a Subscription

What It Measures

Inside the Drivers of Satisfaction for Digital-First Generations

Evaluates satisfaction across key drivers for Millennial and Gen Z customers:

  • Digital experience quality (mobile app usability, online banking ease)
  • Ease of account management and transactions
  • Communication clarity and transparency (fees, policies)
  • Customer support effectiveness and accessibility
  • Perceived financial support during key moments
  • Trust and emotional connection with the bank

 

Tracks:

Customer satisfaction with primary checking account

  • Use of digital channels vs. traditional channels
  • Multi-banking behaviors and account ownership trends
  • Customer perceptions of support and guidance
  • Engagement across communication channels
  • Demographic and generational differences (Gen Z vs. Millennial)

 

Includes:

  • Benchmarking across national, regional, and direct banks
  • Analysis of satisfaction drivers for younger segments
  • Insights into switching behavior and loyalty trends
  • Data on digital engagement and support expectations
  • Performance comparisons tied to customer experience delivery

How it works

How the Study Captures Gen Z and Millennial Banking Expectations

  • Captures voice-of-customer feedback from Millennial and Gen Z checking account holders
  • Measures satisfaction across digital, service, and support touchpoints
  • Evaluates the impact of perceived financial support on overall satisfaction and loyalty
  • Tracks trends in multi-bank usage and customer switching behavior
  • Benchmarks performance across bank types, including direct and traditional institutions

 

Core Strengths

Turn Insight into Competitive Advantage with Younger Customers

  • Identifies what drives satisfaction for digital-first generations
  • Highlights gaps in digital UX, service delivery, and communication
  • Reveals the importance of financial support and trust in driving engagement
  • Provides insight into why younger customers switch or diversify banking relationships
  • Enables targeted improvements in digital tools and customer experience

 

Business Impact

Grow Share of Wallet and Retention

• Improves retention by addressing drivers of low loyalty and switching
• Enables stronger digital experiences that meet evolving expectations
• Supports targeted messaging focused on financial empowerment and support
• Identifies opportunities to increase product adoption among younger segments
• Helps banks compete with direct/digital-first institutions on experience and trust
• Provides continuous feedback to optimize engagement strategies

Key Dates

2026

Fielding: June 2026

Publish: September 23, 2026

Press Release: September 29, 2026

Press Release & Award Information

JD Power issues national press releases highlighting key findings and top-to-bottom rankings from award-eligible studies. The brand(s) that rank highest in each award-eligible segment and meet predetermined award criteria will have the opportunity to enter into a licensing agreement through the JD Power Awards Program, which requires subscribing to the study as a prerequisite.

Three identical JD Power awards made of clear glass with gold bases and text. Each award features the JD Power logo and the phrase 'The Voice of The Customer'.

2026 Brands Targeted to be Profiled

Profiled Brands

2026 National Banks

•Bank of America

•Capital One

•Chase

•Citi

•PNC

•TD Bank

•Truist

•Wells Fargo

•U.S. Bank

2026 Regional Banks

•BMO

•Citizens Bank

•Fifth Third Bank

•First Citizens Bank

•First Horizon Bank

•Flagstar Bank

•Huntington

•KeyBank

•M&T Bank

•Regions Bank

•Santander

2026 Online-Only Banks

•Acorns

•Ally Bank

•American Express

•Cash App

•Chime

•Credit Karma Money

•Current

•Dave

•GO2Bank

•MoneyLion

•OnePay

•PayPal

•SoFi

•USAA*

•Varo Bank

•Venmo

•Walmart MoneyCard

*Profiled but not ranked

For Banks Targeting Next-Gen Customers

  • Retail banking executives focused on growth and deposit acquisition
  • Strategy and segmentation leaders targeting Millennial and Gen Z customers
  • Marketing and lifecycle teams building acquisition, onboarding, and retention programs
  • Digital and product teams optimizing mobile-first banking experiences
  • Customer experience leaders improving satisfaction among younger segments
  • Analytics and insights teams seeking differentiated data on emerging customer behaviors

Unlock Insights With the Touch of a Button

Subscribers have full access to benchmark reporting, competitor analysis, and more with PowerSource.

Benchmark Your Direct Banking Experience

Subscribe to access checking and savings benchmarks, competitive analysis, and insights into what drives online-only customers.