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Business Wire
3 days ago
- Business
- Business Wire
As Personal Financial Health Deteriorates, More Customers Look to Retail Banks for Help Navigating Everyday Economic Challenges, J.D. Power Finds
TROY, Mich.--(BUSINESS WIRE)--More U.S. retail bank customers than ever are having trouble paying their bills on time, are unable to cover six months or more of living expenses and are experiencing deteriorating credit, with 43% now falling into the financially vulnerable category, 1 up from 27% five years ago. Against this backdrop of deteriorating financial health, the J.D. Power 2025 U.S. Retail Banking Advice Satisfaction Study, SM released today, finds customer interest in receiving advice and guidance from their retail bank is on the rise. 'Buzzwords like personalization and tailored advice get thrown around quite a bit among banking professionals, but this is much bigger than a marketing exercise,' said Jennifer White, senior director for banking and payments intelligence at J.D. Power. 'Bank customers—particularly younger ones—are telling their banks they need help right now. This presents a once-in-a-lifetime opportunity for retail banks to build valuable, enduring relationships, but they need to act quickly. Between growing uncertainty around the current economy and fears about account security and fraud, customers cannot afford to wait for their bank to figure out an advice strategy. Banks need to start delivering helpful guidance today.' Following are some key findings of the 2025 study: Customer interest in bank advice rising: More than one-fourth (26%) of bank customers say they are 'very interested' in receiving bank advice or guidance, up from just 19% in 2021. The desire for bank advice is particularly strong among customers under age 40, as more than one-third (36%) of such bank customers are currently seeking advice. Customers actively seek direction on how to improve finances: The top four topics on which customers are actively seeking guidance are focused on immediate concerns and fear of future financial challenges. Examples include quick tips and information to help improve their financial situation; ways to help save for emergencies; quick tips to help stick to a budget; and saving for a goal or large purchase. Many existing advice services miss the mark: One-fifth (20%) of bank customers have actively researched budget management services—which may help them meet their financial goals and education on money management/financial wellness—but never ended up using them. Advice recall improves significantly: Overall customer satisfaction with retail banking advice is flat year over year but recall of financial advice improves dramatically. This year, 46% of retail bank customers recall receiving financial advice, up from 42% in 2024 and 34% in 2021. Study Ranking Bank of America ranks highest in customer satisfaction with retail banking advice with a score of 621 (on a 1,000-point scale). U.S. Bank (618) ranks second and Chase (617) ranks third. The U.S. Retail Banking Advice Satisfaction Study includes responses of 8,903 retail bank customers in the United States who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs in the past 12 months. It measures customer satisfaction with retail bank advice/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 March 2024 through March 2025. In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates proficiency of banks and credit card issuers in delivering financial support to customers including such services as helping customers make better financial decisions or helping them meet savings, creditworthiness or budgeting goals. Top-performing banks in the banking financial health support index are (in alphabetical order): Bank of America, Chase, Capital One, Fifth Third Bank, First Citizens Bank, Huntington, PNC, Regions Bank, TD Bank and U.S. Bank. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): American Express, Bank of America, Chase, Discover, Fifth Third Bank, PNC, U.S. Bank and Wells Fargo. For more information about the U.S. Retail Banking Advice Satisfaction Study, visit See the online press release at About J.D. Power J.D. Power is a global leader in consumer insights, advisory services, and data and analytics. A pioneer in the use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understand consumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 55 years. The world's leading businesses across major industries rely on J.D. Power to guide their customer-facing strategies. J.D. Power has offices in North America, Europe and Asia Pacific. To learn more about the company's business offerings, visit The J.D. Power auto-shopping tool can be found at
Yahoo
30-04-2025
- Business
- Yahoo
J.D. Power study: Customer satisfaction increasing at banks but more so at credit unions
Customer satisfaction scores are on the rise at banks, J.D. Power's latest study shows. Credit unions are, on average, showing higher customer satisfaction scores than at banks. But nearly one-third of credit union members under the age of 40 say they probably, or definitely, will close their account(s) at a credit union in the next 12 months due to fees they incurred. Customer satisfaction is up at banks and credit union members are even more satisfied, according to two newly released J.D. Power studies: The J.D. Power 2025 U.S. Retail Banking Satisfaction Study and the J.D. Power 2025 U.S. Credit Union Satisfaction Study. J.D. Power's banking study shows overall that customers are more satisfied with their banks. Satisfaction increased 11 points to 655 (out of 1,000 points), compared with last year's satisfaction study of 644. 'Retail banks have really upped their games when it comes to giving customers the resources they need to navigate a challenging economic environment,' says Jennifer White, senior director of banking and payments intelligence at J.D. Power in a news release. 'Those efforts include not only delivering on the basics of transactional efficiency and customer engagement but also undertaking more meaningful efforts to empower customers to understand and avoid unnecessary fees, resolve problems quickly and utilize additional personal financial management tools and supportive services,' White said in the press release. As for the J.D. Power Credit Union Satisfaction Study, it shows that credit union customers have a higher level of satisfaction with their credit union than bank customers have with their banks. Among the highlights from J.D. Power's 20th U.S. Retail Banking Satisfaction Study and J.D. Power's 2025 U.S. Credit Union Satisfaction Study: Banks improved their performance in key areas: A higher percentage, up four percentage points, of customers believe that their primary bank completely supports them during challenging times. Credit unions score higher for overall satisfaction on average than banks do: Credit unions scored 74 points higher than the average bank in their satisfaction scores. Bank customers are understanding fees more: Bank customers who completely understand their bank's fee structure increased 5 percent compared with J.D. Power's study the previous year. Areas where banks can improve: Debit cards, unauthorized account activity, fraud and interest rate earned on a deposit product are reasons why problem resolution satisfaction decreased. Almost one-third of credit union members under the age of 40 years old (31 percent) said they definitely, or probably will, end their relationship with their credit union due to fees charged during the upcoming 12 months. Generally, there are ways to avoid most fees at banks and credit unions. Here are some fees and how to potentially avoid them: Monthly service fees: There are online-only banks that offer accounts that don't have monthly service fees. There are also banks with free checking accounts, which allow you to waive monthly maintenance fees by having a certain amount of money credited to your account via direct deposit each month. Overdraft fees: Some banks don't charge overdraft fees. Those who have paid overdraft fees, which average $27.08 according to Bankrate's 2024 Checking Account and ATM Fee Study, should consider these banks. Consolidating the number of bank accounts you have, and keeping careful track of your transactions, can also help you avoid overdraft fees. ATM fees: Some banks have large ATM networks and some other banks reimburse some – or potentially all – fees for using out-of-network ATMs. Consider one of these banks to avoid paying fees for withdrawing your money from an ATM. Here are the best banks by state or region for banking satisfaction according to J.D. Power's recently released U.S. Retail Banking Satisfaction Study. California: Chase Florida: Fifth Third Bank and TD Bank (tied) Illinois: Wintrust Community Banks Lower Midwest Region: BancFirst Mid-Atlantic Region: Capital One New England Region: Bangor Savings Bank North Central Region: Centier Bank Northwest Region: Banner Bank New York Tri-State Region: Liberty Bank Pennsylvania: Chase South Central Region: Capital One Southeast Region: United Community Bank Southwest Region: FirstBank Texas: Frost Bank Upper Midwest Region: Gate City Bank SchoolsFirst Federal Credit Union Idaho Central Credit Union Navy Federal Credit Union Three ways that banks and credit unions can increase customer satisfaction include: Access to 24/7 customer service Properly staffed branches Leading-edge digital banking services with the latest technology Ultimately, bank customer satisfaction comes down to the quality of training that employees receive to assist you with your banking needs. According to Bankrate's latest Checking Account Survey, Americans have had their checking account at a bank or credit union for 19 years at an institution that has brick-and-mortar locations. If the time is now to find a new bank or credit union, choose wisely. Research the bank and its products to make sure it's a good fit for you. And while you're searching for your next financial institution, check to see if it offers a bank account bonus. Customer satisfaction increased significantly at banks, when compared to the previous year's survey, according to J.D. Power's recent U.S. Retail Banking Satisfaction Study, And, average overall satisfaction scores were much higher at credit unions when compared with banks. If the time is now to switch to a new bank or credit union, research and compare banks to find the best fit for your needs and preferences. Consider factors such as fees, interest rates, digital tools and customer service. 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Yahoo
24-04-2025
- Business
- Yahoo
T-Mobile Foundation donates $15,000 to ICT SOS
WICHITA, Kan. (KSNW) — ICT SOS received a major boost Wednesday as the nonprofit welcomed volunteers and a $15,000 donation from the T-Mobile Foundation in support of its growing prevention education efforts across Kansas. The check presentation, part of T-Mobile's nationwide 'Magenta Giving Month,' was held at the ICT SOS offices, where employees from T-Mobile's Customer Experience Center also spent the afternoon volunteering. Teams worked to paint the parking lot and assemble 'fresh start' bags filled with essential items for families supported by the nonprofit. Jennifer White, Executive Director of ICT SOS, said the donation will directly support the organization's Education Empowerment Room—a dedicated workspace for its education coordinator. That role oversees the delivery of prevention curriculum in middle and high schools and is currently developing a statewide program to expand the nonprofit's reach. 'We're really excited to have the folks from T-Mobile out today,' White said. 'They're not just donating, they're showing up and putting in the work. As a small organization with only five staff members, having this group here today essentially tripled our workforce.' County settles lawsuits over ex-deputy's sex crimes White noted that, in addition to the donation, ICT SOS will receive further funds through T-Mobile's volunteer matching program, up to $30 per hour per employee who volunteers. Those dollars, she said, will go a long way in improving the physical space and expanding educational services. 'This allows us not only to continue what we're doing, but to dream about what else we can do—how else we can serve,' she said. ICT SOS provides trafficking prevention education in schools and advocacy services for adult survivors. The organization's new building is helping to expand therapy and group services, areas that were previously limited by space constraints. Jeff Elliott, the director of T-Mobile's Customer Experience Center, attended the event with Wichita employees, highlighting the company's commitment to local communities. 'Giving back is part of our culture at T-Mobile,' Elliott said. 'ICT SOS is doing life-changing work, and we're proud to support their mission with our time and resources.' For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
