Retail Banks Miss the Mark on Financial Advice as Customer Expectations Grow

Facing a toxic combination of rising household costs, a looming recession and record levels of debt, fully 59% of retail bank customers say they expect their financial institutions to help them improve their financial health. The problem is, according to the J.D. Power 2022 U.S. Retail Banking Advice Satisfaction Study,^SM released today, very few banks are delivering on that expectation. In fact, overall customer satisfaction with the advice and guidance provided by national and regional banks is notably 30 points lower (on a 1,000-point scale) than a year ago.

"The past few years have been tough on consumers in general, and many of the financial pressures they face may not subside all that quickly," said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “The data make it crystal clear: retail bank customers want guidance, but many aren't receiving it. The tools banks have at their disposal aren't always being used or, when they are, they are not used effectively. Neither banks nor their customers benefit from this dynamic. If banks don't begin to make more progress in making advice content resonate, they could be facing significant attrition risk."

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