While most Americans — 85 percent — say they trust their bank to do the right thing, there is a marked satisfaction difference between customers who reported feeling sales pressure to open accounts and those who received customized financial advice, according to J.D. Power’s latest study of financial sales practices.
Only 9 percent of customers reported feeling pressured to open an account at a financial institution. Customers who experienced pressure reported being approximately 70 points less satisfied on a 1,000-point scale than those who did not feel pressure, and were nine percentage points less likely to trust their bank to do the right thing.
However, customers welcomed low-pressure questions and advice from bank employees. Two-thirds said their customer service representative asked questions to discern their needs, and these customers were 75 points more satisfied and 17 points more likely to trust their bank. Of those who received advice, 61 percent said they acted on it by opening a new account. Customers who received advice from their banker were 70 points more satisfied, and 96 percent said they would be likely to use the same bank for their next financial need.