Banks create value by winning customers and then serving them in ways that deepen the relationship and drive retention. Forrester’s new Total Experience Score rankings for 25 US banks reveal that banks’ brand promises aren’t resonating and that CX has declined.
So what’s going wrong, and which banks are getting it right?
What Is Forrester’s Total Experience Score?
Forrester’s Total Experience Score measures how well a brand’s promise resonates with both customers and noncustomers (via Forrester’s Brand Experience Index [BX Index™]) and how customers feel about their actual interactions with the brand (through Forrester’s Customer Experience Index [CX Index™]). Together, these rankings paint a full picture of how well banks are winning over new customers and serving existing ones.
Banks’ Brand Promises Are Underwhelming, With Little Differentiation
Forrester’s new Brand Experience Index measures how well brand perception, across trust, salience, and fit, drives acquisition and retention for both noncustomers and customers. While direct banks’ brand promise was stronger on average than that of multichannel banks, neither were exceptional. All banks should be concerned. Brand promise impacts prospects’ and customers’ willingness to prefer, purchase from, and recommend the bank, as well as pay a premium for its products and services.
Across the board, banks received significantly more “poor” BX Index scores from their customers than from noncustomers. This reveals a troubling reality: An already lackluster brand promise to prospects deteriorates even further once they become customers and experience the brand directly. In essence, familiarity doesn’t breed loyalty — it breeds contempt!
The Big Picture: Banks Struggle To Stand Out
Only six brands earned the “leading” distinction in Forrester’s Total Experience Score growth grid, a map of how a brand wins prospects and serves customers. That’s not exactly a ringing endorsement. But here’s the kicker: Most banks were tightly clustered in a narrow range, making it hard for any one brand to truly stand out.
So which banks were the top performers?
Multichannel vs. direct banks: Who’s winning with prospects and customers? Spoiler alert: It’s not multichannel banks. With an average Total Experience Score of only 56.6 out of 100, US multichannel banks are falling short of expectations. Direct banks fared a little better, scoring 61.8 on average, largely due to prospects’ more positive perception of those brands.
Navy Federal Credit Union was the gold standard among multichannel banks. Across the board, Navy Federal led the multichannel bank pack on Total Experience Score, along with BX Index and CX Index rankings. Navy Federal’s combined performance with customers and noncustomers propelled it deep into the coveted upper-right “leading” quadrant of our growth grid. Capital One, Chase, and TD Bank also placed in that quadrant.
American Express National Bank and Charles Schwab Bank led the direct bank brands. On Total Experience Score, American Express National Bank (AMEX) and Charles Schwab Bank led the direct bank pack, but USAA took the lead in the BX Index rankings and Chime was the strongest in the CX Index. Only AMEX and Charles Schwab demonstrated strength at both winning and serving customers.
Trust Continues To Be Hard To Earn
Earning trust isn’t easy –– and for US banks, it’s critical to attracting prospects, building strong customer relationships, and preparing for the future of banking. This year, the numbers paint an interesting picture:
Customers think that most banks are middling on trust. Fewer than three out of five customers say that they trust their bank brand; that still lags the industry’s high in 2021. Navy Federal stood out, leading the pack and scoring the highest ratings from customers across all seven levers of trust. For direct banks, USAA came out on top.
Noncustomers trust banks even less. Around one in five noncustomers say that they trust the multichannel bank brands we studied, and just over one in three said that they trust the direct banks. Those are big gaps compared to how actual customers of those same brands feel. For direct banks, AMEX earned the most trust from noncustomers and Capital One led the way among multichannel banks.
The takeaway? Banks have to work on earning trust — from their existing customers and especially from prospects.
Banking CX Hits New Lows: What’s Behind The Decline?
Customer experience in US multichannel banking continues its downward trend, declining for the fourth consecutive year. The story is similar in the direct banking sector, where CX Index scores dropped to the lowest level in nearly a decade. The strong performance of physical-only CX stood out this year: It outpaced both digital and hybrid experiences for the first time. Clearly, traditional customer touchpoints, such as visiting a branch or getting live phone support, still play a key role in building and maintaining customer loyalty.
Among the 25 brands studied, only one earned a “good” score, while the majority landed in “OK” and two brands received a “poor” rating. Navy Federal Credit Union retained its top spot among multichannel banks for the 10th year in a row, but even this industry leader saw a CX decline. Compared to its competitors, Chime was the direct bank leader, winning across all three dimensions of CX quality — effectiveness, ease, and emotion.
The Message Is Clear: US Banks Need To Do Better
The good news? The roadmap is right in front of them. Improving brand experience and customer experience requires a focus on what matters most to customers — and the ability to not just promise but deliver.
To learn more, Forrester clients can check out The US Multichannel Banking Experience Metrics Rankings, 2025, and The US Direct Banking Experience Metrics Rankings, 2025.
If you’re looking to benchmark how your brand’s perception and customer experience contribute to winning, serving, and retaining customers — or to uncover the strategies of top-performing brands — connect with me via a guidance session.
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