Banks missing out on financial advice opportunity says JD Power

Canada’s banks have a key role to play in consumers’ financial planning but some are missing out on the opportunity to provide quality advice.

A new J.D. Power report says that even in the face of competition from online portals and apps, traditional banks are the first line of financial advice.

But while 87% of those polled said they want financial advice or guidance from their bank, only 33% say they get it.

“In recent years, large retail banks in Canada have steadily improved customer satisfaction because of technology investments to provide greater banking convenience and more-consistent products and services,” said Paul McAdam, Senior Director of the Banking Practice at J.D. Power.

This focus on customer service has boosted consumers’ view of them as trusted providers of advice. Many banks are capitalizing on this by offering increased practical advice on guidance on achieving financial goals.

“The challenge for banks is getting the advice formula right and delivering it in a personalized manner across all channels—not only at the branch, but also via the website and mobile app,” added McAdam.

Investment, household budget, and retirement advice are among the most sought advice and around a third of consumers want an in-depth financial review.

The survey reveals that banks are still lagging expectation when it comes to delivering advice digitally with 58% wanting advice via their bank’s app or website but only 10% saying they get it this way.

“For banks, the key takeaway from this study is that there is a huge opportunity to leverage a combination of in-person and digital interactions to provide advice and guidance that assist customers in their financial journey,” McAdam added.

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