New J.D. Power Survey Finds Banks Can Do More to Offer Financial Advice to Customers
February 27, 2018
Seventy-eight percent of U.S. retail bank customers say they are interested in receiving financial advice from their bank, but just 28 percent are currently receiving any, according to a new study released by J.D. Power yesterday. Bank customers said that they are most interested in receiving quick tips for improving their financial situation (41 percent); investment-related advice (39 percent); retirement-related advice (35 percent); advice on budgeting and tracking household spending (33 percent); and saving for a large purchase (29 percent).
Providing advice to customers can be a significant value-add for the bank, the survey found; an overwhelming majority -- 91 percent -- of customers who were satisfied with the advice they received from their bank reported having a high levels of trust in their institution, and 89 percent said they would definitely use their bank for another financial product.
Customers were most satisfied when receiving face-to-face advice from their bank; 58 percent receiving face-to-face advice felt it completely met their needs, compared to 45 percent who received advice through the bank’s website or mobile app and 33 percent who received advice via email. Almost 60 percent expressed interest in receiving advice through their bank’s website and mobile app, but just 12 percent reported receiving advice through those channels. Read more.