Consumers today expect their banks to be as fast and frictionless as the apps on their phones. From opening accounts to transferring money, everything needs to work instantly, intuitively, and on-demand. It’s a high bar—and one that’s forcing the entire retail banking industry in the U.S. to evolve.
As digital-native competitors chip away at market share, the pressure is on traditional institutions to stay relevant—by modernizing operations without losing the trust and brand strength they’ve spent decades building.
Taking note of these developments, Borderless Access has recently conducted a study that offers a deep dive into the current state of retail banking in the US.
Based on the findings of our proprietary brand tracking tool, the study illustrates how, for banks looking to grow their market share, it’s not just about better tech or more branches. It’s about finding the sweet spot—balancing day-to-day operational efficiency with building and maintaining strong brand equity. In other words, you can’t just cut costs and hope for the best. Customers still want to feel connected to a brand they trust.
The takeaway? Banks that invest in both sides—smooth operations and brand strength—are the ones most likely to win in the long run.
Who Are the Non-Core Users—and Why Should You Care?
At the heart of the Borderless Access’ brand tracking solution is Affinity-Relationship Segmentation. This framework classifies consumers as:
- Core Loyalists: Fully engaged users,
- Fringe Loyalists: Brand users open to switch,
- Potential Loyalists: Non-users with strong brand appeal,
- Open: Neutral and uncommitted,
- Unavailable: Committed to other brands,
- Unaware: Not even in the brand’s consideration set.
The Key Drivers of Market Share for Leading Retail Banks in the US
The study reveals a tight dominance by four players—JPMorgan Chase, Capital One, Bank of America, and Wells Fargo—who together control over 60% of the market. However, market share doesn’t tell the full story.
- JPMorgan Chase and Capital One outstrip even their brand equity, hinting at formidable operational advantages.
- Other players, such as Citibank and Goldman Sachs, underperform due to weak consumer affinity and low awareness respectively.
Key Takeaway: The results from our brand equity tracking tool indicate that JPMorgan Chase earns loyalty by marrying operational excellence with trust—a rare feat in financial services. However, its Fringe Loyalist and Potential Loyalist segments still represent untapped goldmines.
Operational Drivers of Brand Growth for Leading Retail Banks
Our brand health tracker drills down into the specific operational factors that contribute to brand growth. It’s not just about logos and slogans. Operational factors like ATM placement, transaction speed, and low fees significantly impact brand performance.
This infographic reveals how U.S. retail banks stack up on critical operational touchpoints that shape customer satisfaction and usage. For CXOs, it’s a reminder that loyalty isn’t just built on brand reputation—it’s earned through frictionless, everyday experiences.
- Wells Fargo leads on branch access, low fees, and efficient in-person service—turning infrastructure into a loyalty lever.
- Truist and Goldman Sachs face clear weaknesses in core service areas—a signal to rethink CX delivery models.
- Most banks have gaps in consistency across operational factors—highlighting missed opportunities to convert equity into behavior.
- Operational touchpoints like 24/7 support, queue times, and transaction speed aren’t just service metrics—they’re brand-defining moments.
Key Takeaway: Fix service friction, and fuel both trust and transaction frequency. Positive customer experiences stemming from these factors directly translate into stronger brand perception.
Decoding JP Morgan and Chase’s Expanding Market Share: A Demographic Breakdown
The demographic breakdown of JPMorgan Chase’s market share reveals nuanced insights beyond overall performance.
- While brand equity is consistently strong across age groups and highest among males, market share skews significantly higher for males and the 25-44 age group. This suggests that while JPMorgan Chase enjoys broad brand appeal, its operational strengths particularly resonate with these specific demographics, enabling them to capture a disproportionately larger market share compared to what their brand equity alone would predict.
- JPMorgan Chase’s service offerings, channels, or marketing strategies are particularly effective in attracting and retaining male customers and those in their prime working years.
Key Takeway: To fully capitalize on their strong brand, JPMorgan Chase must strategically adapt these operational elements to better resonate with female customers and the 18-24 and 45-60 age brackets, unlocking substantial untapped market potential.
What Else Drives Brand Loyalty Beyond Trust?
According to our brand health tracker, while JPMorgan excels in foundational trust—its strongest and most valued trait—there’s a critical blind spot in emotional engagement, particularly around being seen as an inspirational brand:
- Despite high performance in operational areas like fraud protection, ease of app use, and financial product offerings, the brand underperforms on the emotional and cultural fronts that increasingly matter to today’s consumers.
- For a bank aiming to future-proof its relevance, this signals the need to evolve beyond reliability into purposeful storytelling, employee visibility, and brand actions that resonate deeply with modern aspirations.
Key Takeaway: The path forward for leaders is to balance trust with inspiration, functional delivery with emotional connection, and ensure their digital experience is not just available but felt—because sustainable growth now depends on affinity, not just functionality.
Gaining More Core Loyalists: The Need of the Hour for Retail Banking Market Leaders
A segmentation of JPMorgan Chase’s customers reveals that:-
- 19% are core loyalists, a larger 15% are fringe loyalists with weaker commitment, representing an immediate opportunity for conversion into stronger advocates.
- A significant 34% are current users open to other brands, indicating a need for reinforcement of their choice.
- Notably, a substantial 11% are potential loyalists attracted by other brands, suggesting a need to understand and address the appeal of competitors. The large 17% unaware segment presents a fundamental visibility challenge.
Key Takeway: Emotional loyalty is soft among Fringe Loyalists. Without strategic intervention, they will switch at the first sign of better offers or convenience.
Most Effective Mediums of Communication
A close look at the media communications used by JP Morgan Chase offers clear cues for devising winning brand communication strategies.
While TV remains king, especially among older consumers, digital video and social media are gaining traction among the 25–44 age group—the same demographic that houses both Core and Potential Loyalists.
- Fringe Loyalists skew towards online videos and social media, suggesting a growing need for omnichannel marketing.
- For Potential Loyalists, visibility on OTT and TikTok can make or break brand consideration.
Key Takeaway: Integrate traditional media with contextual, digital-first storytelling that resonates with emotion and purpose.
From Insights to Action: Building the Retail Bank of the Future
To turn these insights from our brand awareness tracker into growth, CXOs should adopt a 3-pillar approach:
1. Segmentation-Led Strategy
Abandon aggregate targeting. Use affinity data to:
- Deepen bonds with Fringe Loyalists via CX enhancements,
- Convert Potential Loyalists with trust-building, sustainability messaging, and localized outreach.
2. Experience as a Brand Lever
Elevate operations as part of the brand promise. Convenience, low fees, and fast service are not hygiene—they’re differentiators.
3. Omnichannel Storytelling
Move beyond product features. Share stories about community empowerment, employee excellence, and digital innovation. But tailor the medium to the segment.
Methodology
This study, conducted in February 2025, analyzed the preferences of 409 active U.S. retail banking customers (aged 18+) across the United States. The respondents, comprising both male and female primary or joint decision-makers who had engaged in banking activities within the past three months, were carefully screened for data authenticity.
Final Word: Why Insights Leaders Must Act Now
This Borderless Access study doesn’t just offer a snapshot of U.S. retail banking—these market research insights redefines the role of brand tracking in strategic decision-making. For CMIs under pressure to do more with less, our proprietary brand tracking solution offers the clarity, granularity, and agility to outmanoeuvre competitors and influence boardroom decisions.
Are your current solutions for tracking brand performance delivering the clarity you need?
