The J.D. Power 2019 U.S. Retail Banking Advice Study maintains big banks are outpacing regional banks concerning financial advice.
The survey, which is now in its second year, measures retail banking customer satisfaction with retail bank-provided advice and account-opening processes of six big U.S. banks and 17 regional banks.
“Retail banks that get the financial advice formula right are scoring major points with their customers in the current marketplace,” Paul McAdam, senior director of the Banking Practice at J.D. Power, said. “Overall, we’re seeing both the consumer desire for financial advice and the satisfaction levels with the advice provided increase. Successful banks are moving from a sales focus to an advice culture. When that happens, there’s a considerable increase in new account openings, trust, and advocacy.”
McAdam said that, with a wide variance in customer satisfaction scores between top and bottom performers, there is still a great deal of room for banks to enhance advice efforts.
The survey determined among the most common types of advice retail bank customers seek are investment-related advice; quick tips to help improve their financial situation; retirement-related advice; advice to help keep track of spending and household budgets; and saving for a large purchase.
J.D. Power officials said the work involved surveying 3,719 retail bank customers receiving any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months while also surveying 3,405 retail bank customers in the United States who opened a new account within the past 12 months.
Satisfaction with advice is highest at Bank of America, according to the survey, while PNC, Wells Fargo, Citibank, and Chase round out the top five.