Customers to banks: We don’t want your advice, but we’ll take it
J.D. Power finds personalized financial advice drives gains in customer satisfaction for retail banks.
Only 19% of retail bank customers say they are interested in receiving financial advice from their bank, but 69% who receive advice act on it.
That’s one of the key takeaways from J.D. Power’s annual survey of U.S. retail banking advice, which found that bank customers are stressed.
Just 49% of retail bank customers could be classified as financially healthy, according to the survey, while 11% fall into the overextended category. Another 13% could be considered stressed and 27% as vulnerable. Just 38% of bank customers pass a basic financial literacy test, J.D. Power said in a release.
Bank of America ranked highest in customer satisfaction with retail banking advice with a score of 673, while Citibank, at 640, ranked second. The industry average is 631.
“Even though customers may not think to seek financial advice from their bank, they tend to respond extremely well when that advice is proactively offered,” said Paul McAdam, the company’s senior director of banking intelligence.
[More: Top 7 online brokerages by investor satisfaction]
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