The news: Broad customer satisfaction with primary banks masks doubts about how much value those institutions actually deliver, according to a Morning Consult survey of 2,001 US adults commissioned by Krak.

Zooming in: According to Krak’s survey, 87% of respondents are satisfied with their primary checking account provider. But the findings also point to broader frustrations with the traditional banking industry: 58% are frustrated with traditional banks, citing high fees, limited debit card rewards, slow transfers, and unexpected charges. And 33% say their bank doesn’t help their money grow meaningfully—showing there’s still room for improvement around banks’ perceived value. 

Why it matters: The problem for banks is customers’ perceived lack of financial progress. We know 20.7% of US consumers and 34.7% of Gen Z consumers are at least considering switching providers over the next year. But if banks make customers feel like their money is working harder for them, they can save some of these relationships.

Recommendations for banks: Banks must shift the value proposition to helping customers do more with their money. Competitive rates, automated savings, personalized recommendations, financial-health tools, and accessible investing or wealth-building products can make the primary account feel productive rather than merely functional.

And retention strategies must be tailored. High fees are the biggest motivator for both younger and older consumers to consider switching banks, according to EMARKETER’s survey data. But younger consumers are likely to consider leaving when digital experiences or features fall short, while older consumers are sensitive to uncompetitive interest rates and limited ATM and branch access. 

To protect relationships, banks should pair products that help consumers make financial progress with the experiences each generation values.

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