Picture this: You walk into a bank, and instead of feeling like just another account number, you’re greeted by name. Your questions get answered before you even ask them. You leave feeling valued, not just sold to. In finance, where products are nearly identical and rates change by the hour, this kind of experience can make the difference between a memorable interaction and an unremarkable one.
Does This Have a Measurable Impact on My Business? Absolutely! Leading companies recognize this. By leveraging Net Promoter Score (NPS), businesses can measure customer satisfaction levels and establish benchmarks to compare performance. Having this perspective is essential for understanding industry trends and customer expectations.
That’s why we’ll explore Bank of America’s NPS, a leader in the banking sector. Keep reading to discover how its score compares to other financial institutions and what strategies help maintain its strong position in an industry where loyalty and satisfaction are key to growth.
What Is NPS and Why Does It Matter?
Net Promoter Score (NPS) is a widely used customer loyalty metric across multiple industries, including banking. It is determined by asking customers a simple question:
“On a scale of 0–10, how likely are you to recommend us to a friend or colleague?”
Based on responses, customers are categorized into three groups:
- Detractors (0–6): Unhappy customers who may spread negative feedback.
- Passives (7–8): Neutral customers who are satisfied but not enthusiastic.
- Promoters (9–10): Loyal advocates who actively recommend the brand.
The NPS is then calculated using the following formula:
NPS = % Promoters – % Detractors
A high NPS indicates strong customer loyalty, while a low NPS suggests underlying issues that must be addressed to improve retention and satisfaction.
But how do you know if your NPS is good? Benchmarking your score against industry leaders provides valuable context and helps identify best practices that can be applied to your business.
Bank of America’s NPS Performance
According to QuestionPro’s Q1 2025 Benchmarking NPS and CSAT Report, the Banking and Financial Services industry has an average NPS of 41. However, Bank of America outperforms the industry with an NPS of 46.
Here’s a breakdown of Bank of America’s NPS:
- Promoters: 64%
- Passives: 18%
- Detractors: 18%
Compared to the industry average, Bank of America has a higher percentage of promoters and a lower percentage of detractors, demonstrating strong customer advocacy.
Before we continue, remember that if you want detailed NPS scores for each industry and a closer look at major brands’ results, you can download our latest report “Benchmarking NPS and CSAT by Industry” for free.
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What’s Driving Bank of America’s High NPS?
Is this success a coincidence? Not at all. Below are the key factors that contribute to Bank of America’s above-average NPS:
1. Bank of America Preferred Rewards
The Preferred Rewards program offers personalized perks based on customers’ banking, borrowing, and investing habits, including:
- Interest rate discounts on loans.
- VIP services, such as access to premium products from Moët Hennessy.
- Exclusive travel perks, including private jet discounts and Wine.com membership benefits.
2. Extensive Accessibility
Bank of America is one of the most accessible financial institutions in the U.S., with:
- 15,000+ ATMs nationwide.
- A widespread branch network, making in-person banking convenient.
3. Award-Winning Mobile Banking App
With a strong focus on digital innovation, Bank of America has invested heavily in its mobile app, offering:
- AI-powered virtual assistant “Erica” for expense tracking.
- Seamless bill payments and fund transfers.
- Enhanced security features for fraud protection.
These initiatives have significantly improved the customer experience, leading to higher retention and satisfaction.
How to Measure and Improve Your NPS
Want to know how your company’s NPS compares to industry leaders like Bank of America? With platforms like QuestionPro, it’s easier than ever.
Here’s how you can get started:
- Create an NPS Survey – Use QuestionPro’s NPS question to collect customer feedback. Enhance insights by adding an AskWhy follow-up question for context.
- Distribute the Survey – Collect responses through multiple distribution channels, including SMS, email, QR codes, or direct links. You can also use QuestionPro Audience to reach industry-specific respondents.
- Analyze Results in Real Time – Identify promoters, passives, and detractors instantly. The NPS score is automatically calculated for quick analysis.
- Take Action – Implement strategies based on customer insights, especially in areas with lower scores.
With QuestionPro’s NPS tool, businesses can track, measure, and enhance customer satisfaction using real-time analytics and benchmarking features.`´
Want to Stay Ahead? Download the Latest NPS Report
Stay up to date with the latest Q1 2025 NPS benchmarks and see how top brands maintain customer loyalty.
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Need help improving your NPS? Contact QuestionPro for expert guidance on measuring and enhancing customer satisfaction.
Bank of America isn’t the only company in the banking and credit unions industry with valuable lessons for those looking to improve their customer service and experience. Below, we recommend a few articles where you can learn how other major brands manage to maintain a high NPS and a loyal customer base — you’ll surely find some useful insights along the way.
