New data shows financial institutions have opportunities to connect with their customers on a deeper level to assist those struggling financially, but achieving that requires moving beyond one-off interactions and creating a more consistent, engaged customer experience.
Retail banks have invested heavily in financial advice and support tools designed to create a more personalized customer experience, but many are still hunting for long-term success in converting those capabilities into sustained customer adoption and engagement, notes the JD Power 2026 U.S. Financial Health Support and Advice Study.
Jennifer White, managing director of financial services intelligence at JD Power, says the data reveals a significant slice of consumers struggle with finances and have affordability concerns.
“Maybe they aren’t in crisis mode, but they are sending many signals something’s not quite right and they want guidance on how to improve,” White says.
“Unfortunately, most people either aren’t getting the right advice or aren’t getting any advice at all. A lot of consumers just aren’t aware of what banks are offering when it comes to digital tools or in-person guidance. It’s not because banks are ignoring the problem. Certainly, bank and credit card companies have a lot to offer and they are eager to help. But there’s just a disconnect between what is on tap and nudging people in the right direction.”
The most in-demand advice topics include quick tips and information to improve financial situations (26%), saving for emergencies (25%) and tips to stay on budget (23%), highlighting stronger demand for immediate, day-to-day financial support than for long-term planning.
Most customers prefer to receive guidance through marketing communications, followed closely by banking representatives, yet delivery models are being challenged as 53% of customers report having turned to artificial intelligence for financial advice in the past three months, signaling a growing threat to traditional channels.
“Thankfully, solutions are out there. In some cases, it’s a matter of making people aware of what’s available or why resources are worthwhile,” White adds.
“In other cases, financial institutions will need to focus on more personalized experiences. Others may place more emphasis on digital compared to in-person. Some may focus on in-person more than digital. It’s not a one-size-fits-all situation. Financial institutions will need to look hard at what’s working and not working for their customers, then adjust. The risk in falling behind is not only customers left in a difficult situation, but deposits going elsewhere.”
Just 20% of bank customers and 16% of credit card customers say their provider always personalizes the information they receive. When financial institutions get the personalization formula right, customer satisfaction scores rise.
