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Episode 119 – (Interview) with Sheila Butler – Founder and CMO of Butler Marketing Group admin
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Episode 118 (Interview) with Dan Kustelski – Co-Founder of Chalkline admin
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Episode 117 (Interview) with Len Covello – CTO of Engage People admin
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Episode 116 – (Interview) with Lee-Ann Johnston – Founder of AffiliateINSIDER admin
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Episode 115 – (Interview) with John Bertino – Owner and Founder of The Agency Guide admin
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Episode 114 – (Interview) With Nick Ewen – Director of Content for The Points Guy admin
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Episode 110 – (Interview) with Zachary Slingsby – Founder of Human Factor Media admin
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Episode 108 (Interview) with John Nantz – Founder and Strategy Consultant at Redwood Advisors admin
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Episode 107 (Interview) with Bobby Gillespie Founder and Principal at Propr Design admin
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Episode 106 (Interview) With Brandon Ehrhardt – Senior Director of Partner Programs at Expedia Group admin
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A new study by J.D. Power reveals that U.S. retail bank customers who receive personalized financial advice are reporting higher levels of satisfaction and engagement. The J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study shows that banks addressing the financial challenges faced by customers through tailored advice are achieving significant improvements in customer satisfaction. However, only 38% of customers recall ever receiving such advice, and among those who do, just 55% believe it fully meets their needs.
Overall satisfaction with financial advice provided by retail banks has increased by 37 points compared to the previous year, with improvements across all satisfaction attributes. Successful advice strategies involve leveraging multichannel customer engagement, combining branch-based experiences with a strong digital presence. Virtual assistants and personal financial management tools can be valuable in reinforcing in-person interactions.
The study highlights that different customer segments require different messaging approaches, and while some banks have connected better with financially healthy customers, others have excelled in serving financially unhealthy customers.
Bank of America ranks highest in customer satisfaction with retail banking advice, followed by Citi and KeyBank. The study also evaluates the financial health support provided by banks and credit card issuers, with top performers including Bank of America, Bank of the West, Chase, Citi, Capital One, and Huntington in banking, and American Express, Bank of America, Discover, Fifth Third Bank, PNC, and Wells Fargo in credit card services.
“Banks are sitting on a goldmine of customer goodwill and significant opportunities to build lifetime customer value by delivering financial advice and personalized guidance to their customers,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “When advice hits the mark, customer satisfaction increases 228 points, but most bank customers still don’t recall ever receiving such advice. Among the small proportion that do receive advice, only 55% say it was effective. There’s still a great deal of work that needs to be done to unlock the full value of this powerful tool.”
Read more from Loyalty360 on banking and finance:
Loyalty Programs in Financial Services: Existing and Emerging Trends
How Financial Brands Can Drive Growth and Loyalty Through Travel Rewards
Mercedes Joins the AI Revolution The luxury vehicle brand teams with Microsoft to add ChatGPT to voice commands If you need more proof that we are living in the […]
