Poll: Most bank customers don’t recall receiving financial advice

Nearly two-thirds (62%) of retail bank customers do not recall receiving financial advice from their bank in the past year, even though personalized advice is correlated with higher customer satisfaction and engagement, J.D. Power said today in a new survey on the topic. Overall satisfaction with the advice and guidance provided by banks rose 37 points year over year to 638 on a 1,000-point scale. However, just 38% of respondents recalled receiving such advice. Among those who did, 55% said it completely met their needs.

The highest performers both in financial advice customer satisfaction and in customer recall merge branch-based experiences with a strong digital presence to reinforce in-person interactions, according to J.D. Power. Virtual assistants and personal financial management tools also helped raise satisfaction scores.