U.S. Bank Customers Want a Complete Picture of Their Finances

U.S. bank customers are expressing an interest in seeing a complete picture of their finances in one place, according to the latest bank customer satisfaction survey by J.D. Power.

One way to accomplish that is through comprehensive financial aggregator tools, and forty-one percent of bank customers say it is extremely important for a bank’s mobile app to show the balances of their external accounts, up from thirty-two percent in May.

The number of bank customers who were financially healthy in December 2024 remained unchanged at thirty-one percent from the previous month, while forty-four percent of bank customers fall into the vulnerable category, according to J.D. Power.

The number of customers who said the cost of goods is increasing faster than their income also remained steady at sixty-five percent. Vulnerable customers saw a slight decrease to seventy-four percent, while healthy customers rose slightly to fifty-one percent from forty-nine percent.

Inflation ticked up in December 2024 and the Consumer Price Index saw a year-over-year increase of two-point-nine percent, which is keeping bank customers in the US on their heels.

As a result, customers are trying to decipher new ways to get a handle on their finances, part of that search includes an increased interest in open banking. This is the practice of banks securely exchanging financial information with other financial institutions or third parties, such as financial advice apps, digital payment processors and other service providers.

Overall, more than one-third (36%) of banking customers are aware of open banking, with overextended (54%) and younger (53%) customers most familiar with the practice.

There is also a strong relationship between open banking and financial aggregator tools. For example, customers who are aware of open banking are more likely to use financial aggregator tools and understand their value.