U.S. retail bank customers have been through the ringer during the past few years. Inflation, market volatility and rising interest rates have contributed to increased prices for goods and services, leaving 69% of customers classified as financially unhealthy.1 According to the J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study,SM released today, banks that address this challenge head-on with personalized financial advice are earning high customer satisfaction and building strong customer engagement. However, just 38% of customers recall ever receiving such advice. Among those, just 55% say it completely meets their needs.
