US Neobanks oCX Report
February 2025
Our latest report uncovers key insights, real customer sentiment, and our unique Observational Customer Experience (oCX) score analysis, capturing the voice of customers across 40+ US neobanks.
What Makes This Report Unique?
Holistic Analysis of CX
The report features over 40 digital banks, with more than 130,000 customer reviews gathered in 2024, offering valuable insights into the evolving landscape of these financial services.
Neo vs Traditional Banks
We compare the strengths and weaknesses of digital banks against traditional banks, offering a clear picture of the evolving banking landscape.
Breaking Down the Big Names
Get insights into major players like Chase Mobile, Citibank, Revolut, and Wise, and see how they stack up against the competition.
What Are the Biggest Challenges for Neobanks?
Security Concerns
Security was the 3rd most reviewed topic among neobank users, and 52% of the reviews were negative, highlighting ongoing trust issues related to unauthorized transactions, account closures, and data risks.
Struggling to Match Traditional Banks in Trust
Traditional banks still hold an 88% positive sentiment in trust, compared to 79% for neobanks. Despite their digital convenience, neobanks have yet to close the trust gap with traditional banks.
Lack of Transparency in Fees
Unexpected charges, high interest rates, and unclear terms continue to be a significant issue, and 46% of reviews about fees are negative, emphasizing the need for greater transparency.
oCX Leaderboards
| Rank | App Name | oCX Score |
|---|---|---|
| 1 | Revolut | 61 |
| 2 | Upgrade | 57 |
| 3 | Chime | 55 |
| 4 | Koho | 54 |
| 5 | Wise | 53 |
| 6 | Payoneer | 53 |
| 7 | Moneylion | 47 |
| 8 | T-Mobile Money | 46 |
| 9 | LendingClub | 42 |
| 10 | Current | 40 |
| 11 | Grasshopper | 34 |
| 12 | Step | 32 |
| 13 | GoHenry | 30 |
| 14 | Lili | 30 |
| 15 | One | 28 |
| 16 | EQ Bank | 27 |
| 17 | Varo Bank | 24 |
| 18 | Empower | 23 |
| 19 | Go2Bank | 23 |
| 20 | Simplii Financial | 21 |
| 21 | SoFi | 15 |
| 22 | Dave | 14 |
| 23 | Tangerine | 13 |
| 24 | Aspiration | 9 |
| 25 | Neo Financial | 0 |
| 26 | Ally Bank | -3 |
| 27 | Yotta | -16 |
| 28 | Unifimoney | -23 |
| 29 | Albert | -25 |
| 30 | Axos Bank | -32 |
| Rank | App Name | oCX Score |
|---|---|---|
| 1 | Citi Bank | 73 |
| 2 | Bank of America | 63 |
| 3 | Capital One | 49 |
| 4 | Chase | 49 |
| 5 | Wells Fargo | 35 |
| 6 | Discover | -9 |
What is oCX?
- oCX, or "Observational Customer Experience," measures customer experience quality without surveys, using AI to analyze unsolicited feedback from social media, reviews, and more.
- It predicts how customers would rate their experience on a 0 to 10 scale, providing an NPS-like score that reflects real customer sentiment.
- By turning unstructured feedback into actionable insights, oCX helps businesses understand and improve customer experiences authentically.
Key Metrics for Neobanks
59%
Positive Reviews
21%
Negative Reviews
20%
Neutral Reviews
38
Average oCX Score
33%
Percentage of Reviews focused on Ease of Use
50%
Negative Sentiment Rate of the topic "Updates"
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