The digital banking landscape is evolving rapidly, and our latest 2025 US Neobanks Report reveals some significant shifts in performance among key players. Comparing data from our 2024 fintech report with the most recent findings, we observe a clear trend: most neobanks are making notable improvements in their customer experience and overall perception.
A Year of Growth for Most Neobanks
Among the neobanks tracked from 2024 to 2025, six out of seven experienced positive gains in their oCX scores, reflecting enhanced customer experience, reliability, and competitive positioning. Here’s a closer look at the biggest movers:
- MoneyLion saw the most dramatic improvement, surging by +46 points, indicating significant strides in customer satisfaction and brand reputation.
- Dave followed closely with a +24 point increase, suggesting better user engagement and service offerings.
- Chime (+17) and GoHenry (+13) also showed strong performance growth, signaling increased customer trust and improved service reliability.
- Revolut (+11) and Wise (+2) made smaller but still notable gains, reinforcing their commitment to customer experience.
The Outlier: SoFi’s Decline
While most neobanks showed positive trends, SoFi experienced a decline of -9 points, making it the only bank in our analysis to regress. This decline could be attributed to trust-related concerns, changes in services, or increased competition affecting customer perception. Identifying and addressing these issues will be crucial for SoFi to regain momentum.
NEOBANKS: PERFORMANCE SHIFTS IN 2025
What’s Driving These Performance Shifts?
The improvements among neobanks can largely be attributed to a few key factors:
- Enhanced Service Reliability: Many digital banks have focused on reducing downtime and ensuring seamless transactions, directly impacting customer satisfaction.
- Improved App Usability: User-friendly interfaces and feature-rich applications have made digital banking more accessible and efficient.
- Greater Transparency in Fees: Competitive pricing and clearer fee structures have helped boost customer confidence and satisfaction.
- Stronger Security Measures: Many neobanks have bolstered their security frameworks, addressing concerns that previously deterred customers.
Neobanks Are Gaining Ground, But Challenges Remain
Despite these positive trends, neobanks still face significant challenges in competing with traditional banks. Trust remains a key differentiator, and while digital banks are making progress, they must continue focusing on consistency, service quality, and long-term customer engagement.
As we move further into 2025, the neobank industry must navigate an increasingly competitive landscape. The next step for these digital-first institutions is not just maintaining their improved scores but ensuring long-term trust and stability—areas where traditional banks have historically excelled.
Looking Ahead: The Future of Digital Banking
Our findings reinforce that the digital banking sector is on the right trajectory. Neobanks are proving that with the right strategy, they can close the gap with traditional institutions. By continuing to refine their offerings and address customer concerns, they can cement their position as a preferred choice for modern banking needs.
Stay tuned as we continue monitoring the neobank landscape and providing insights into how these financial disruptors are reshaping the industry.
