Few Big Banks Offer Good Financial Advice, Customers Say

Satisfaction with banking advice is on the rise, but many banks have a long way to go in pleasing their customers, according to J.D. Power’s 2023 U.S. Retail Banking Advice Satisfaction Study.

This year, overall customer satisfaction with the financial advice that retail banks provide jumped 37 points to 638 on a 1,000-point scale. In fact, among customers who receive personalized financial advice from banks, 55% say it “completely meets their needs,” according to J.D. Power.

Yet, just 38% of customers overall say they have received such advice.

The annual J.D. Power study surveys customers about their satisfaction with their primary bank’s advice and guidance on “relevant products and services or other financial needs in the past 12 months.” The 2023 survey included 6,532 participants.

According to J.D. Power, Bank of America ranks highest for advice. Others who finished above average — and their satisfaction scores — are:

• Bank of America: 673 out of 1,000 points
• Citi: 657
• KeyBank: 648

However, most banks finished below the average of 638. They include:

• Regions Bank: 633
• Chase: 630
• Wells Fargo: 630
• Fifth Third Bank: 629
• PNC: 628
• Citizens Bank: 626
• Huntington: 625
• U.S. Bank: 620
• TD Bank: 613
• Capital One: 604
• Truist: 598­

In a summary of this year’s findings, Jennifer White, senior director for banking and payments intelligence at J.D. Power, says:

­”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. When advice hits the mark, customer satisfaction increases 228 points, but most bank customers still don’t recall ever receiving such advice.

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