Seventy-eight percent of U.S. retail bank customers say they are interested in receiving financial advice from their bank, but just 28 percent are currently receiving any, according to a new study released by J.D. Power. Bank customers said that they are most interested in receiving quick tips for improving their financial situation (41%); investment-related advice (39%); retirement-related advice (35%); advice on budgeting and tracking household spending (33%); and saving for a large purchase (29%).
Providing advice to customers can be a significant value-add for the bank, the survey found. An overwhelming majority—91%—of customers who were satisfied with the advice they received from their bank reported having a high level of trust in their institution, and 89% said they would definitely use their bank for another financial product.
Customers were most satisfied when receiving face-to-face advice from their bank; 58% receiving face-to-face advice felt it completely met their needs, compared to 45% who received advice through the bank’s website or mobile app and 33% who received advice via email. Almost 60% expressed interest in receiving advice through their bank’s website and mobile app, but just 12% reported receiving advice through those channels.
Click here to read more about the survey.