J.D. Power Report: Consumers Seek Financial Advice from Their Bank

A majority of retail bank customers — 78 percent — said they want to receive financial advice from their bank, according to J.D. Power’s second annual study on retail banking advice released last week. According to the report, consumers were most interest in receiving investment-related advice (41 percent) and quick tips for improving their financial situation (39 percent). The majority (58 percent) noted that they would prefer to receive advice digitally through a website or a mobile app.

The study noted a link between the level of satisfaction consumers had with the advice they received from their bank and their level of brand loyalty. Among retail bank customers who reported being highly satisfied with the advice provided by their bank, 86 percent said they would use their institution for another financial product, and 44 percent said they opened a new account as a result of the advice they received.

Of the nation’s large and regional banks, Bank of America received the highest rating for customer satisfaction, followed by PNC and Wells Fargo.

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About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and a senior editor at the American Bankers Association, where she oversees ABA Daily Newsbytes.