Banks Are Delivering Better Advice Through Digital Tools
With fewer bank customers visiting physical branches, retail banks have become increasingly skilled at connecting with their customers by offering financial advice digitally. According to the J.D. Power 2020 U.S. Retail Banking Advice Satisfaction Study, customer satisfaction with advice and guidance received through digital channels has increased significantly.
Key findings include:
- Digital advice closes gap with in-branch experience: Thirty-six percent of bank customers say they receive advice by using their bank’s digital tools. The percentage is even higher for consumers born between 1995-2004. Fifty-one percent of the youngest adults say they get financial guidance through their bank’s digital channels.
- Customer satisfaction with retail bank advice rises: Overall customer satisfaction with the advice provided by a primary retail bank increased by 14 points to 833 (on a 1,000-point scale) in 2020 compared to a year ago.
- Investment-related advice resonates most: Forty-one percent of bank customers have an interest in investment-related advice, 39% want tips on how to eliminate debt and improve their financial situation and 36% want retirement-related advice.
- Digital account opening increases: Thirty-one percent of new account openings are done through a bank website or mobile app. Fewer consumers are stopping by branch locations to open accounts.
- Interactive tools drive personalization, engagement and behavior: Customers who receive advice via their bank’s interactive digital tools within the website or mobile app indicate the advice is highly personalized and meets their needs.