The US Neobanks oCX Report shows a clear customer experience gap between the top 10 neobanks and those ranked 11 to 20.
The analysis covers more than 130,000 Google Play and App Store reviews from over 30 neobanks.
We used Observational Customer Experience (oCX) to compare sentiment across the most discussed customer experience topics.
Key Findings at a Glance
- The top 10 performed better in app usability and service continuity.
- Ranks 11 to 20 received more negative feedback about cards and money transfers.
- Checking and savings remained a weak area across both groups.
- Security, reliability, and core banking functions separated leaders from challengers.
Top 10 Neobanks vs Ranks 11 to 20
The top 10 were Revolut, Upgrade, Chime, KOHO, Wise, Payoneer, MoneyLion, T-Mobile Money, LendingClub, and Current.
Ranks 11 to 20 were Grasshopper, Step, GoHenry, Lili, One, EQ Bank, Varo Bank, Empower, Go2Bank, and Simplii Financial.
App Usability
- Top 10: 78% positive and 11% negative sentiment
- Ranks 11 to 20: 61% positive and 22% negative sentiment
The 17-point positive sentiment gap shows a clear difference in basic app experience.
Service Continuity
- Top 10: 83% positive and 10% negative sentiment
- Ranks 11 to 20: 65% positive and 24% negative sentiment
The second group received more than twice the negative sentiment rate. This suggests greater friction with access, transactions, outages, or account availability.
Checking and Savings
- Top 10: 20% positive and 55% negative sentiment
- Ranks 11 to 20: 13% positive and 59% negative sentiment
Both groups struggled in this area. Even high-ranking neobanks still need to improve basic account functionality.
Card Functionality
- Cards did not appear among the top five topics for the leading group.
- For ranks 11 to 20, cards represented 10% of reviews and received 34% negative sentiment.
This suggests that card management created more friction for the second group.
Transaction Variety
- Top 10: 82% positive and 6% negative sentiment
- Ranks 11 to 20: 65% positive and 14% negative sentiment
What Sets the Top 10 Apart?
- Reliable service: Customers reported fewer access and continuity issues.
- Better app design: The experience was easier and more consistent.
- Stronger feature execution: Transaction options worked with less friction.
- Better issue resolution: Money transfer feedback was more positive among the leaders.
Common Challenges for Ranks 11 to 20
- Service interruptions and inconsistent account access
- App usability problems
- Card activation and transaction issues
- Limited or unreliable transaction options
- Money transfer friction
- Weak checking and savings functionality
Why Varo, One, and GoHenry Missed the Top 10
Varo Bank: Security and Account Functionality
Varo ranked 17th with an oCX score of 24.
- Checking and savings: 59% negative sentiment
- Security: 69% negative sentiment
- Cards: 35% negative sentiment
- Service continuity: 62% positive sentiment
Priority actions:
- Improve checking and savings features
- Strengthen security controls and communication
- Reduce card-related friction
- Improve service reliability
One: Strong Potential with Card and Security Gaps
One ranked 15th with an oCX score of 28.
- App usability: 65% positive sentiment
- Service continuity: 70% positive sentiment
- Cards: 32% negative sentiment
- Security: 60% negative sentiment
Priority actions:
- Improve card processing and management
- Strengthen security perception
- Refine the app experience
- Reduce service interruptions
GoHenry: Fees, Cards, and Core Banking Friction
GoHenry ranked 13th with an oCX score of 30.
- Fees: 52% negative sentiment
- Checking and savings: 61% negative sentiment
- Cards: 36% negative sentiment
- Service continuity: 28% negative sentiment
Priority actions:
- Review fee policies and communication
- Improve core account functionality
- Strengthen card reliability
- Reduce access and continuity problems
The Path Forward
The gap between the top 10 and ranks 11 to 20 is significant, but it is not permanent.
- Security
- Reliability
- Usability
- Core account functionality
- Clear value and pricing
Closing these gaps requires more than individual product fixes. A strong Voice of Customer program helps neobanks continuously connect customer feedback with improvement actions.
Read the complete US Neobanks oCX Report or see Are Neobanks Closing the Trust Gap with Traditional Banks?.
