Customers Say This Bank Offers the Best Financial Advice

Customers Say This Bank Offers the Best Financial Advice
Photo by WAYHOME studio / Shutterstock.com

In the digital age, banks finally are figuring out how to use the internet to meet their customers’ needs.

That success has helped make Citibank the bank with the highest customer satisfaction rating for providing financial advice, according to a J.D. Power analysis.

In fact, Citibank is just one of several big banks leading the way in using digital channels — such as websites, mobile apps and email — to provide a level of advice and guidance that earns raves from customers, according to the 2020 U.S. Retail Banking Advice Satisfaction Study.

The annual 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 2020 survey involved more than 3,800 participants and covered six big banks and 17 regional banks in the U.S.

According to J.D. Power, the institutions that customers ranked highest for advice — and their satisfaction scores — are:

  • Citibank: 852 out of 1,000 points
  • Bank of America: 851
  • BB&T: 840
  • Chase: 840
  • U.S. Bank: 834

At the other end of the spectrum is M&T Bank with a satisfaction score of 787 out of 1,000 points.

J.D. Power says big banks are seeing larger gains than their regional cousins when it comes to how customers rate both digital and face-to-face advice.

This year’s results suggest that things have reached a “tipping point” where banks are starting to reap the benefits of providing highly rated digital services, says Paul McAdam, senior director of banking intelligence at J.D. Power.

McAdam says banks are “seeing strong gains in both adoption of and satisfaction with advice and guidance delivered via digital channels.”

As a result, the average customer satisfaction score for retail banking advice has jumped by 14 points to 833 out of 1,000 points over the past year.

McAdam adds:

“Within the next year, digital will surpass the branch as the most commonly used retail banking customer advice channel.”

Finding the best bank for you

The J.D. Power study notes that 31% of new account openings now occur through a bank website or mobile app — a jump of 9% in just one year.

If you are looking for a new account, stop by our Solutions Center and shop for an account with a high interest rate. If you find one you like, you can quickly and easily open a new account online, from the comfort of your own home.

Worried that switching banks will be a hassle? We’ve got you covered. Find out how easy the process can be by reading through “How to Switch Banks in 5 Steps.”

How do you feel about your bank? Sound off in comments below or on our Facebook page.

Earn more interest on your savings

Are you earning as much interest on your savings as you could be? Grow your savings faster with banks offering rates that are significantly higher than the national average. Find the best rates and start earning more interest on your savings by using the Money Talks News savings account and CD comparison tool.

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