J.D. Power Report: Majority of Consumers Act on Advice From Banks

A majority of retail bank customers, 69%, who receive advice from their bank act on it, according to J.D. Power’s fourth annual study on retail banking advice. According to the report, overall customer satisfaction rises 229 points on a 1,000 point scale when customers are offered advice and guidance that completely meets their needs.

Despite the rise in customer satisfaction from financial advice, only 19% of retail bank customers say they are interested in receiving it and 33% say they are not at all interested in getting advice or guidance from their banks. The study noted that customers are more likely to receive financial advice and guidance from family members, friends, internet searches or personal finance websites than their bank.

Of the nation’s large and regional banks, Bank of America received the highest rating for customer satisfaction, followed by Citibank and TD Bank. The top banks earned high satisfaction scores for diverse advice offerings, relevancy of advice and guidance and concerns for customer needs while providing advice.