Retail Banks Play Valuable Role as First Line of Financial Advice for Customers, J.D. Power Finds

By a News Reporter-Staff News Editor at Investment Weekly News -- In a financial services landscape littered with personal finance gurus, mobile finance apps and well-intentioned friends and family, the retail bank is still a valuable first line of financial advice on everything from quick savings tips to retirement strategies, but many banks miss this key opportunity to connect with their customers. According to the J.D. Power 2018 U.S. Retail Banking Advice Study,SM released, 78% of U.S. retail bank customers say they are interested in receiving financial advice or guidance from their bank. However, just 28% of retail bank customers say they receive financial advice.1 The study also finds that customer satisfaction surges when banks get the advice formula right.

The inaugural study measures retail banking customer satisfaction with 17 large U.S. banks as well as best practices related to retail bank-provided advice and account opening processes.

Keywords for this news article include: J.D. Power, Investment and Finance.

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