Customer satisfaction with banks has been found to be at an all-time high, even amid the ongoing public scrutiny, according to a study by J.D. Power.

The study titled ‘J.D. Power 2014 U.S. Retail Banking Satisfaction Study’, said that improving consumer sentiment with the economy and personal finances has helped lift overall satisfaction with retail banks to 785 (on a 1,000-point scale) in 2014, up from 763 in 2013.

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Furthermore, the study noted that bank customers were experiencing fewer problems and are more satisfied with how they are resolved when problems do occur. Discontent with fees has declined, with fees satisfaction rising 46 points to 669.

However, the study found that US midsize retail banks were missing the mark with key audience segments, including as millennials (born 1977-1995) and minorities, with affluent customers still the least-satisfied customer segment.

JD Power banking services director, Jim Miller, said: "Midsize banks are falling behind in meeting the needs of the fastest growing demographic groups, millennials and minorities, especially in online, mobile and problem resolution.

"If midsize banks don’t change their focus to adjust to demographic shifts, they are extremely vulnerable and risk losing market share to competitors and becoming irrelevant."

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Additionally, banks are unable to fulfil the needs of affluent customers, who wish to get personalised experiences, and banks have not provided a differentiated experience to meet those expectations, the study said.

Miller added: "It’s remarkable that banks are failing to satisfy affluent customers, especially with deposits and liquidity so important to the life of a financial institution."

"As boomers age, the country is poised for a huge transfer of wealth in upcoming years. As this occurs, those banks that have satisfied the affluent segment will be more competitively positioned to prosper."