2024 Global Banking NPS Benchmarks Report

In response to continued demand following our U.S. Benchmarks Report, NPS Prism is thrilled to launch our first-ever Global Banking NPS Benchmarks Report, which explores checking and savings product insights across regions. This report represents an industry-first resource, offering unique data and insights that no other entity provides, allowing banks to benchmark themselves on a global scale. 

The 2024 Global Checking & Savings Report dives deep into our Consumer Banking surveys across regions to better understand consumer sentiment about checking and savings (C&S) products by country. These insights help banks benchmark loyalty performance by country and region, offering a comprehensive look at how customer loyalty varies and what factors drive positive experiences.

As C&S products are widely considered the most foundational banking products, our leaderboard reveals how top banks are delighting their customers with great everyday banking products to meet evolving needs. This evolution is especially critical as customer expectations shift toward digital-first, self-service solutions, pushing banks to innovate in response to non-routine experiences, such as account opening and disputes, through digital channels.

“This report reflects the shifts in consumer behavior and the increasing need for banks to adapt to digital-first experiences.”

Anna Krementz, Vice President Client Success & Sales, NPS Prism

“By benchmarking performance across regions, the Global Banking Benchmarks Report enables institutions to better understand where they’re winning or losing and why, to make improvements that increase their share of wallet.”

Notably, traditional banks generally report a lower Net Promoter Score (NPS) compared to their digital counterparts, largely due to the faster, more seamless experiences that digital players provide. With digital banks leading in NPS, the gap highlights the competitive advantage of efficient, user-friendly digital solutions in an era where speed and simplicity define loyalty. Whether your company is already a loyalty leader, or is working hard to get there, you can use this benchmarks report to measure customer sentiment and loyalty within the industry, both in country and across regions.

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Regional Insights: Americas Checking & Savings Leaderboard

United States: Digital Transformation Driving Banking Trends

U.S. customers are shifting from more emotional, traditionally branch-heavy journeys to digital channels, with chat becoming increasingly popular for these interactions. This shift is not only meeting customers where they are but also improving satisfaction scores, with more consumers choosing digital for speed and convenience. Emotive interactions, such as disputes, have led to a 15% increase in mobile and online usage among U.S. consumer banking customers since 2022. This increase is especially evident in customer segments that value instant support options. Additionally, Digital NPS for these journeys has risen by roughly 10 points, indicating that banks are enhancing the digital and omnichannel experience for issue resolution journeys in U.S. banking.

Customers are increasingly choosing self-service options like chat, which has surged by 50% since 2021, resulting in a 20% decline in branch visits across regional and national banks.

Canada: Opportunities in Banking for Newcomers

Newcomers to Canada represent a significant growth opportunity for banks, as this group is less familiar with the Canadian banking products available. Offering advice is a key differentiator among Canadian consumer banks. New residents in Canada are eager to learn about savings and budgeting, with a strong demand for financial advice during their first two years. This early period is crucial as customers decide on primary banking relationships in Canada and may become loyal if needs are met. 

Banks face a significant gap in providing advice within the first six months—a critical period when customers are likely to open accounts with other banks, increasing the risk of attrition.

Latin America: Digital Leaders Redefining Customer Experience

In Latin America, NPS leaders in C&S stand out by prioritizing digital banking channels for everyday banking, ensuring easy navigation and quick transaction completion. Traditional banks, penalized by roughly 10 points in episode NPS for not resolving issues on customers’ first attempt, show a clear need for improvement in recovery experiences.

The gap between digital insurgents and traditional banks in Latin America widens further when customers seek financial advice, with a 20-point NPS difference. Leaders in this area offer innovative solutions, such as online communities, to support customers throughout their banking journey.

Nu, the leader in C&S, is gaining significant share from traditional players, with more customers using the bank for their primary account after Nu launched its C&S product to complement its popular credit card offering.

Regional Insights: EMEA, Australia, and APAC Leaderboards

EMEA: Digitization Redefining Banking Across the Region

In EMEA, banks that have embraced digital transformation are redefining customer experience in banking, transforming ordinary banking interactions into moments of delight. By delivering seamless, comprehensive, and faster services through innovative, feature-rich platforms, these institutions are driving stronger customer advocacy and loyalty. 

The UK leads the way with a greater digital channel usage compared to other markets, where fintech innovators are setting new benchmarks in customer advocacy. Advances in digital experience and increased usage of web chat and online messaging support fintech institutions becoming more competitive even when it comes to complex journeys such as seeking advice and issue resolution.

Top performers for savings accounts are strengthening customer loyalty with attractive interest rates and compelling promotional offers, further solidifying their competitive edge against a backdrop of higher interest rates.

Despite 2x higher NPS in C&S, digital banks still hold less than 6% of primary customer share vs. incumbents. Digital leaders are seeing a net positive inflow from their competitors, but at the same time maintain the highest churn rates in the market, suggesting there’s more work to do to maintain their hard-earned customers.

Australia: How Digital Banking Leads Customer Loyalty

In Australia, more than half of all customer journeys are initiated through digital banking channels, making digital experiences a key lever to uplift NPS performance. Industry NPS leaders are ahead in digital penetration and performance, primarily by delivering better end-to-end experiences, a higher rate of first contact resolution, and good quality communications. Beyond digital, NPS leaders in Australian banking drive advocacy through competitive rates and more transparent policies.

The NPS leader, UP, has fewer customers considering opening a new transaction account in comparison to incumbent banks, but conversion rates are on par with one another. UP has also witnessed positive momentum in its primary customers, reporting net customer inflows from incumbent banks in the market. As digital banks gain ground, they continue to innovate in customer service, challenging traditional banks to keep up.

APAC: Mobile and Digital Channels Transforming Banking

Leading Southeast Asian (SEA) banks achieve high NPS through a focus on digital banking, with mobile apps playing a crucial role in driving customer advocacy. However, digital adoption and customer expectations vary across the region. Despite the digital shift, physical branches and contact centers remain vital for managing emotive and complex journeys, such as onboarding and issue resolution.

As banks in APAC transition to digital, they face challenges like rising fraud incidents, frequent app maintenance, and gaps in providing a seamless end-to-end digital account opening experience. These challenges also present opportunities for innovation and strengthening customer trust. Digital insurgents, poised to take advantage of the opportunities, are emerging as a threat to traditional incumbents, especially as incumbents are experiencing challenges with app logins and payment difficulties.

Driving Customer Loyalty Through Global NPS Insights

As global banking trends continue to shift towards digital channels, benchmarking Net Promoter Score (NPS) data has become essential for banks seeking to enhance customer loyalty and drive sustained growth. This 2024 Global Banking NPS Benchmarks Report provides an unprecedented view into customer sentiment across regions, highlighting what matters most to consumers today.

For banks aiming to stay competitive, these insights reveal critical opportunities to improve digital banking experiences and strengthen relationships with customers by meeting their expectations for speed, convenience, and seamless support. Whether your bank is already a leader or is focused on improving customer experience in banking, these benchmarks serve as a vital tool to guide strategic decisions and measure progress.

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See how your bank compares globally – contact NPS Prism for a customized benchmarking consultation.

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