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Big Banks Raising Customer Satisfaction with Effective Digital Advice Tools, J.D. Power Finds

February 6, 2020 GMT
Big Banks Raising Customer Satisfaction with Effective Digital Advice Tools, J.D. Power Finds
Big Banks Raising Customer Satisfaction with Effective Digital Advice Tools, J.D. Power Finds

TROY, Mich.--(BUSINESS WIRE)--Feb 6, 2020--

With fewer bank customers than ever before visiting physical branches, retail banks have become increasingly adept at connecting with their customers by offering financial advice digitally. According to the J.D. Power 2020 U.S. Retail Banking Advice Satisfaction Study, SM released today, customer satisfaction with advice and guidance received through digital channels has increased significantly, with the largest banks leading the charge.

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J.D. Power 2020 U.S. Retail Banking Advice Satisfaction Study (Graphic: Business Wire)

The study, now in its third year, measures retail banking customer satisfaction with the advice and guidance provided by six big banks and 17 regional banks in the United States.

“Providing targeted, helpful financial advice has always been a key driver of improved customer satisfaction for retail banks,” said Paul McAdam, senior director of banking intelligence at J.D. Power, “but until recently, the ability to achieve that connection with customers outside of the bank branch via digital channels has been inconsistent, with low rates of customer adoption. Based on this year’s study results, it is safe to say we’ve reached the tipping point, where banks that get their digital formulas right are seeing strong gains in both adoption of and satisfaction with advice and guidance delivered via digital channels. Within the next year, digital will surpass the branch as the most commonly used retail banking customer advice channel.”

Following are key findings of the 2020 study:

“Great financial advice is a key differentiator for retail banks at a critical moment in time when, according to our research, 41% of U.S. bank customers feel unsatisfied with their current financial condition and 39% are not confident they are doing everything they can to meet their long-term goals,” said Bob Neuhaus, vice president of financial services intelligence at J.D. Power. “The fact that banks are finding ways to resonate with customers as they move further along the continuum toward digital as their primary banking channel is encouraging, but banks are going to need to keep innovating to stay competitive in this fast-moving environment.”

Study Rankings

Citibank ranks highest in customer satisfaction with retail banking advice with a score of 852. Bank of America ranks second with a score of 851 and BB&T and Chase rank third in a tie, each with a score of 840.

The 2020 U.S. Retail Banking Advice Satisfaction Study includes responses of 3,883 retail bank customers in the United States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. The study was fielded in October-November 2019.

For more information about the U.S. Retail Banking Advice Satisfaction Study, visit https://www.jdpower.com/business/resource/us-banking-advice-satisfaction-study.

See the online press release at http://www.jdpower.com/pr-id/2020010.

J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power has offices serving North America, Asia Pacific and Europe.

1 J.D. Power defines generational groups as Pre-Boomers (born before 1946); Boomers (1946-1964); Gen X (1965-1976); Gen Y (1977-1994); and Gen Z (1995-2004). Millennials (1982-1994) are a subset of Gen Y.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200206005047/en/

CONTACT: Media Relations Contacts

Geno Effler, J.D. Power; Costa Mesa, Calif.; 714-621-6224;media.relations@jdpa.com

John Roderick; Huntington, NY.; 631-584-2200;john@jroderick.com

KEYWORD: UNITED STATES NORTH AMERICA MICHIGAN

INDUSTRY KEYWORD: BANKING ACCOUNTING PROFESSIONAL SERVICES FINANCE

SOURCE: J.D. Power

Copyright Business Wire 2020.

PUB: 02/06/2020 08:00 AM/DISC: 02/06/2020 08:00 AM

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