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July 02, 2021 at 01:54 PM
What You Need to Know
- While few customers get advice from their bank, those who do report a dramatic increase in satisfaction, J.D. Power finds.
- The top-ranked bank for satisfaction with retail banking advice is Bank of America.
- Customers who get advice are likely to take it, and they need it: Only 38% pass a basic financial literacy test.
Few customers look to their retail bank for financial advice, but those who receive advice tend to respond well when it is offered proactively, according to a new survey from J.D. Power.
The survey found that only 19% of respondents were interested in receiving advice or guidance from their bank, and 33% said they were not at all interested in receiving advice or guidance from their bank.
J.D. Power noted that customers are more likely to receive financial advice/guidance from family members, friends, internet searches or personal finance websites than they are from their primary bank.
But when customers are proactively offered targeted, personalized financial advice that completely meets their needs, their satisfaction soars, increasing 229 points on a 1,000-point scale.
Banks manage to achieve this 52% of the time, the survey found, while 69% of customers who receive advice from their banks act on it.
The top four banks in the study are all national banks. They earned high marks for their diverse advice offerings, the relevancy of advice/guidance and concern for customer needs while providing advice.
