U.S. Retail Banks Struggle to Differentiate, Deliver Meaningful CX as Economy Sours

The twin forces of digital transformation and rising inflation have created a new set of customer engagement challenges for the nation’s retail banks. According to the J.D. Power 2022 U.S. Retail Banking Satisfaction Study,^SM released today, most banks are missing the mark when it comes to making their customers feel supported as increasing numbers of U.S. consumers indicate an increase in their financial stress. Moreover, banks have struggled to deliver on customer expectations for personalization as nearly half of customers have now moved to primarily digital-centric banking relationships.

“A customer’s definition of what support from their retail bank looks like is changing rapidly as we enter a new economic cycle and move further along the digital adoption curve,” said Jennifer White, senior consultant of banking intelligence at J.D. Power. “It’s no longer predominately about being fast, efficient or convenient. The preeminent performance metric with the biggest influence on customer satisfaction is ‘supporting customer during challenging times,’ and that means customers are expecting a personalized mix of financial advice, hands-on help with problem resolution and guidance on how to grow their money.”

Read the full press release for key findings and brand rankings >