Consumers are becoming increasingly dissatisfied with the level of support they are receiving from their financial institution around achieving financial wellness on a personalized level, according to the J.D. Power 2022 U.S. Retail Banking Satisfaction Study. Beyond helping save time and money, consumers expect their financial institution to provide personalized advice, hands-on help with problem resolution, and guidance on how to grow their money, states the report.
The challenge in meeting customer expectations was found to be even more acute with digital-centric customers. These customers represent 48% of the total retail banking customer base and have a significantly lower satisfaction score than branch-dependent customers. According to J.D. Power, digital-centric customers are significantly less likely to feel that they have a ‘personal relationship’ with their bank and are less likely to reuse their bank for additional products.
Interestingly, despite the ability to connect digitally with timely advice and offers, digital-centric customers rate their institutions lower than branch-dependent customers across all engagement categories.
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