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For over a decade, neobanks and digital-first fintechs have been eroding the dominance of legacy financial institutions. By offering high-yield savings, early access to paychecks, and slick mobile interfaces, these disruptors successfully captured a significant slice of the market. However, a new vulnerability has emerged: customer service.
While neobanks lead in innovation, they are increasingly falling behind in basic operational support. According to the JD Power 2026 U.S. Direct Banking Satisfaction Study, this gap in customer experience provides a critical window for traditional and chartered online banks to win back dissatisfied users.
The Growing Dissatisfaction with Neobank Support
The JD Power research highlights a stark contrast in how consumers perceive chartered online banks versus unchartered neobanks. While neobanks excel at onboarding and digital features, they struggle when things go wrong.
- Checking Satisfaction: Online banks scored an average of 674 (out of 1,000), while neobanks lagged behind at 622.
- Savings Satisfaction: Online-only chartered banks averaged 689, compared to 657 for neobanks.
- Problem Frequency: 28% of neobank customers reported an account issue in the last year, compared to only 23% for online bank customers.
The study indicates that for neobank users who encounter a problem, 38% say they are likely to switch providers. This high churn rate is often driven by inadequate telephone support, frustrating online chat experiences, and slow resolutions to fraud or debit card issues.
Why Neobanks are “Letting the Fires Burn”
The service gap isn’t necessarily a lack of technology, but rather a strategic choice. Paul McAdam, senior director of financial services intelligence at JD Power, suggests that many fintechs have prioritized rapid growth and customer acquisition over operational stability.
Historically, these organizations have accepted a level of “operational fragility,” choosing to focus on new features while allowing customer service issues to simmer. As McAdam puts it, they have been “letting those fires burn” in favor of scaling. This strategy is now hitting a wall as users demand more reliability during financial stress.
Top Performers in the Digital Space
The research also distinguished between high-performing digital brands and those struggling at the bottom. Charles Schwab Bank led the checking account rankings with a score of 750, while Marcus by Goldman Sachs topped the high-yield savings category at 739. These institutions successfully blend digital convenience with the robust support structures of a chartered bank.
Conversely, several neobanks and digital brands, including Dave, Albert, and GO2Bank, found themselves at the bottom of the rankings, often failing to break the 600-point mark. Even major players like Chime, while performing better than many of its peers, face stiff competition from traditional players that are now leaning into digital-first brands, such as Capital One 360.
The Opportunity for Traditional Banks
As digital banking features become a commodity—nearly every app now offers mobile check deposit and real-time alerts—customer service is becoming the ultimate differentiator. Traditional banks that can marry their existing reputation for stability and support with competitive digital tools are well-positioned to capture the “neobank refugees.”
Key areas where banks can exploit this opening include:
- Faster Resolution: Online bank customers currently resolve issues 85% of the time, compared to 79% for neobanks.
- Human Connection: Higher satisfaction with interactive voice response (IVR) and the ability to reach a live representative quickly.
- Reliability: Better handling of fraud and unauthorized activity, which are frequent pain points for neobank users.
With more players entering the market—including non-traditional entities like Vanguard and Ford Motor Credit—the race to provide a seamless customer experience is no longer just about the app; it’s about what happens when the app fails.
Source: thefinancialbrand.com