J.D. Power Study Finds Banks Significantly Improving Digital Advice Offerings

As consumers increasingly shift to digital channels, banks have made significant strides in using financial advice, delivered digitally, to strengthen customer relationships, according to a new J.D. Power survey. Retail banking customers reported an overall satisfaction level of 833 with the advice they received (on a 1,000 point scale). That figure was up 14 points from 2019, and was driven largely by large banks.

“[B]anks that get their digital formulas right are seeing strong gains in both adoption of and satisfaction with advice and guidance delivered via digital channels,” said J.D. Power’s Paul McAdam. “Within the next year, digital will surpass the branch as the most commonly used retail banking customer advice channel.”

The survey found that 36% of retail bank customers now receive advice through digital channels. That figure was even higher among younger customers, with 51% of Gen Z customers using digital channels for advice. Nearly one-third of new account openings took place online, compared with 22% in 2019.