PROVIDENCE – Bank of America Corp. and Chase Bank came out ahead of TD Bank and Citizens Bank among big banks that operate in Rhode Island in the J.D. Power 2024 U.S. Retail Banking Advice Satisfaction Study released on June 24.
The study was based on responses from 7,984 retail bank customers in the United States who received any advice or guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. It measured customer satisfaction with retail bank advice and guidance based on performance in five core dimensions on a poor-to-perfect rating scale. Individual dimensions measured are [in order of importance]: quality, concern for needs, relevancy, clarity and frequency. The study was fielded from January to March 2024.
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Bank of America scored 624 out of 1,000 points in the customer satisfaction index ranking, and Chase scored 621, placing them No. 2 and No. 3 in the national ranking behind CitiBank, which had a score of 631.
Meanwhile, TD Bank had a score of 594, ranking it 12th in the U.S. Citizens scored 566, 17th in the ranking.
The average score in the study was 611.
The study found that financial advice is resonating more than ever with retail bank customers. Less than half of those surveyed – 42% – indicated recalling that their bank provides guidance but, of those who did receive guidance, more than three-fourths (76%) act on it.
“Customers who act on the financial advice and guidance provided by their bank are getting not only help on how to save time or money, but also these services result in increased satisfaction and strong engagement and brand advocacy,” said Jennifer White, senior director for banking and payments intelligence at J.D. Power. “As banks get increasingly savvy about how to personalize content by leveraging AI and training their staffs on how best to connect with customers, both recall and usage of financial advice is increasing, which is a very positive step forward for the industry.”
Still, many banks still miss the mark on consistent personalization, the study said. One key variable with a significant effect on satisfaction is “received personalized banking advice/guidance.” When this criterion is met, overall satisfaction increases by 195 points and banks are moderately successful at achieving this goal with 63% receiving personalized content.
