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Customer satisfaction at the nation’s largest banks has declined, with customers younger than age 40 driving lower satisfaction.

The J.D. Power 2022 U.S. National Banking Satisfaction Study found that overall customer satisfaction with national banks was down 4 points on a 1,000-point scale compared with 2021 and down 9 points compared to 2020, with steep declines in satisfaction among customers younger than 40, J.D. Power said in a statement.

The study was conducted in August and September and included responses from 8,836 retail customers of banks with more than $200 billion in deposits.

The study looked at seven factors of customer experience, including trust, people, account offerings, allowing customers to bank how and when they want, saving time and money, digital channels, and resolving problems or complaints.

The trend toward declining satisfaction among younger customers was particularly pronounced for those with the highest levels of education and highest income growth potential, J.D. Power said. The research firm described these customers as “arguably the most desirable customer segment in the banking industry.”

“Regarding younger customers, the nation’s largest retail banks are missing the mark on branch service, new customer onboarding and resolving customer complaints,” Paul McAdam, senior director of banking services at J.D. Power, said in the statement. “As a result, we’re seeing young, well-educated, high-income customers driving a steady decrease in customer satisfaction. This is a clear warning sign for banks because key metrics like intent to reuse the brand and customer perception of having a relationship with the brand are also in decline, suggesting a future erosion of new business these customers will bring to their banks.”

Capital One had the highest overall satisfaction for the third straight year, scoring 694. Chase ranked second with a score of 678, followed by TD Bank with a score of 663. The industry average was 648.