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Financial Services NPS® Benchmarks - Updated August 2021

by Cvetilena Gocheva

Measuring and growing the Net Promoter Score® in the banking and financial services industry has never been more important. With customers becoming increasingly tech-savvy and expecting more personalized banking experiences, banks simply cannot afford to operate in the traditional inside-out CX approach. The good news is that a recent FSI Adobe Summit uncovered that the financial services industry is rapidly catching up in terms of customer focus. 63 percent out of 840 FSI executives have marked customer experience as their top priority for 2017—a 17 percent increase over 2016. However, execution has been found to still lag behind intention. Evolving competition, customer loyalty, digital transformation and data regulations have been selected as key challenges for financial services providers. The clear correlation between NPS, customer loyalty, sales and profitability of a financial institution has led a lot of financial services companies to adopt the NPS system. Still, compared to other industries like consumer brands and technology, the financial services average NPS (now 34) has still room for improvement.

You might ask, why should financial service companies focus their energy and resources on measuring and growing their NPS? Research shows that the lifetime value of a promoter is 2.5 times higher than that of a detractor, while detractors are 2.3 times more likely to switch to another financial organization compared to a promoter. Even more interesting is that financial institutions that have an NPS score higher than 60 will see a 26% greater level of growth in their operating income compared to organizations with a score below 60. The higher the score, the better the sales and the higher level of profitability.

A Quick Look At the NPS Benchmarks from Financial Services Companies

We have learned that NPS scores of financial service companies are among the most researched on That is why we have decided to provide you with a closer look at those NPS benchmarks and the CX initiatives taken.

        1. USAA

The American bank USAA is enjoying an NPS score of 75 - one of the highest in the industry. The ease of doing business with the company, combined with the feeling that customers are treated fairly has helped USAA achieve the impressive NPS score of 75. Currently one of the leaders in customer delight in the banking sector, USAA has carefully invested in initiatives that reduce customer effort and lead to active promoters. For example, a study by Stephanie Woerner and Peter Weill from MIT Sloan revealed how the bank has transformed itself, and specifically, how the IT unit has addressed the changing demands from customers in order to deliver superior customer service. USAA has become the first financial services company to allow customers to check their bank balances via text message. The brand also now offers technology for customers who have been involved in car accidents, allowing them to instantly attach photographs and voice recordings to their insurance claims, which can be initiated remotely. Such innovations can serve as an example of customer experience best practices. USAA has become an epitome for a brand that is not obsessed with technology, but customers, and has their needs and expectations at the center of its operations.

       2. HSBC shows us that HSBC, on the other hand, has earned a Net Promoter Score of  – 24, after a series of customer service complaints have damaged the brand’s reputation. A combination of poor customer service and overall negative public opinion can significantly hurt a brand’s consumer sentiment and hence lead to a low NPS.

       3. H&R Block

H&R Block leads the consumer tax preparation services industry as the only company to offer choices for consumers to get tax help on their terms, whether in person or online. Having 11,000 offices throughout North America and over 80,000 employees makes providing a cohesive customer experience a tall order. However, H&R Block is using its unparalleled customer experience and NPS as its key metric for growth. The team at H&R Block uses CustomerGauge to assist in recognizing where they are succeeding and where there is room to provide a better experience. The product team uses the tool to identify upsell and cross-sell opportunities that make sense in various situations. This takes the pressure off front-line workers, as well as customers, so there is never a feeling of over-selling. But where the program makes the biggest difference is in the H&R Block “Experience Council”. This is a team of front-line workers and corporate managers that work together to learn what’s happening in the stores so they can implement policies to create better experiences.

H&R Block NPS Benchmarks

      4. The Royal Bank of Scotland

Another financial services company that has caught our attention with their CX initiatives driving their NPS score is The Royal Bank of Scotland (RBS). RBS currently has an NPS score of 50 after it increased investment in personalization. Research showed that RBS have even appointed specialized teams of “journey managers,” empowered to analyze entire customer journeys from start to finish, and order specific functional changes at any problematic touchpoint.

      5. ABN AMRO Group

The Net Promoter Score is also a main focus and objective for ABN AMRO Group, one of Dutch leading banks. Customer feedback helps ABN AMRO track and act upon client’s opinion of the product and service. The bank rolled-out closed-loop feedback throughout the organization in 2016 as a way to continuously learn from their client. ABN AMRO has made tremendous progress in the past three years (coming from NPS -23 for their retail banking division) . Initiatives launched in 2016 to enhance the customer experience are the client loyalty program & Meer, the Tikkie payment app and the Grip app, which gives clients insight and overview regarding their spending. CEO Frans Woelders, who we spoke to recently, has established a customer-centric transformation strategy based on the NPS and enhanced ABN AMRO’s CX by consistently improving customer journeys.

“The customer says whether we do well or not. It is up to us how we collect that information. " - Director for Ecommerce Jan-Pieter Schrier, ABN AMRO

While working on enhancing customer experience and boost NPS results, ABN AMRO is still trying to create a seamless experience for customers across all channels and touchpoints.

       6. American Express

American Express is among the US banks that leads the NPS rankings in financial services, enjoying an NPS of 52. In combination with its emphasis on customer service and engagement, the American Express rewards are some of the most retention-focused (and therefore ultimately more valuable to the brand in the long term) in the market. Positive direct interactions and customer service and a generous financial rewards program has helped American Express make its cardholders feel that they are valued and that they are getting good value. In turn this has led to prevent switching of accounts to take advantage of introductory deals.

In an interview, Derek Martin, American Express’ director of global consumer card sales, retention capabilities and strategies shares that NPS is far from a vanity metric. It has instead become one that has correlated with significant improvements to the customer experience and the business’ bottom line.

"People who say you can’t correlate the data to actual revenue items—it’s not true, at least not in my case," says Martin. "I can show you data that says that as net promoter score rises, customers spend more money, they’re more loyal, they’re putting more dollars on an American Express card, and they’re leaving us less. - Source

Recent news about American Express show that although the bank continues to hold the leading NPS® score (52) in the Credit Card sector, customers were less satisfied with how widely the card is accepted.

Financial Services NPS Benchmarks Report

Here are more NPS benchmarks from the financial service industry:

Morgan Stanley NPS = 16

First Direct NPS = 73

Santander UK Banking NPS = 27

Tesco Bank NPS = 28

ING Luxembourg NPS = 63

National Australia Bank (NAB) NPS = -10

JP Morgan NPS= 8

Goldman Sachs NPS = 5

CitiGroup NPS = 18

Westpack NPS= -15

ANZ NPS = -13

CBA NPS = -3

Trends for the Financial Services sector

Now that we have gone over some of the NPS scores of financial services companies, let’s discover what are the key trends that will shape the FS industry in the next couple of years.

  1) Data analytics capabilities

Improving data analytics capabilities will be a crucial component for better customer experience in the financial services sector. According to Adobe, a full 99 percent of respondents consider “improving data analysis capabilities” to be a key element in better understanding customer experience requirements; and more than half of respondents (53 percent) plan to increase their marketing analytics budget over the next year. As mentioned earlier, FS companies like the Royal Bank of Scotland (RBS) have already started investing more into such capabilities by appointing customer journey managers. As a result, RBS is better equipped to analyse the entire customer journey from start to finish, understand the key problematic and successful touchpoints.

Banks who will combine big data with advanced analytics will be better positioned to engage with their customers at the right time, channel, and with the right interaction.

2) Omni-channel will remain critical for many financial institutions

During WSJ’s CFO Network conference, Bank of America chairman and CEO Brian Moynihan discussed some of the key attributes that financial services companies will need to develop in order to remain competitive in the market space.  

“You have to be able to meet every customer, everywhere they want, and no one channel wins,” Moynihan said. 

During the conference, BoA' CEO shared that the bank hosts 130 million consumer interactions every week, and while 123 million transactions don’t take place in a branch, 7 million still do. As such, Moynihan stressed that while some financial services companies will be available only via mobile or the internet, most will continue to have a presence across a variety of channels. Therefore, the importance of creating a seamless customer experience across channels cannot be understated. 

3) Mobile payment technologies that offer more value

A recent report published by Ipsos MORI, a market research company, and VocaLink, a global payments partner to financial institutions and governments, indicates that European millennials are
struggling to adopt mobile payment technology. The study uncovered that while there is a great interest in mobile payments by customers, the lack of features and benefits that today’s technology offers is preventing them from changing their habits.

What is even more interesting is the fact that the study found that millennials in the U.K. and the Netherlands would be more inclined to use new mobile payment services if such services were offered by their banks, followed by PayPal. Earlier we discussed how the Dutch bank ABN AMRO is leveraging the power of mobile payments to enhance the customer experience it offers. ABN AMRO's Tikkie app allows any bank customers to send payment requests via WhatsApp, thus making the experience extremely effortless and time-efficient. 

Ipsos MORI and VocaLink's research finishes off by saying that there is an appetite for more innovative mobile services by customers and that financial services companies should continue investing in the development of mobile payment solutions in order to meet customer expectations. 

Want to get the latest Financial Services NPS Benchmarks? Click below to get the most comprehensive NPS Benchmarks report on the planet with over 24,000+ data points!   

Financial Services NPS Benchmarks Report

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