Banks may have more outreach work to better define and promote their customer offerings when it comes to financial support and payment assistance services, according to a new J.D. Power report examining how confident consumers are in their banks to help them in emergencies. The report found that 33% of bank customers surveyed completely agree that their banks offer emergency support services, such as micro-loans, lines of credit and fee waivers. Twenty percent of respondents said their banks do not offer any help at all.
“No matter the economic conditions, customers’ financial health can ebb and flow throughout the year, and regardless of what the economic headlines say about topline inflation and economic recovery, many customers are still struggling with financial health,” the report stated. “If banks can show the same kind of investment in helping customers out in an emergency before another tough stretch happens, it may resonate more than when customers are simply trying to keep their heads above water.”
