Retail Banks Miss the Mark on Financial Advice as Customer Expectations Grow, J.D. Power Finds
Capital One Ranks Highest in Customer Satisfaction with Retail Banking Advice
TROY, Mich.: 23 June 2022 — Facing a toxic combination of rising household costs, a looming recession
and record levels of debt, fully 59% of retail bank customers say they expect their financial institutions tohelp them improve their financial health. The problem is, according to the J.D. Power 2022 U.S. RetailBanking Advice Satisfaction Study,SM released today, very few banks are delivering on that expectation. Infact, overall customer satisfaction with the advice and guidance provided by national and regional banks isnotably 30 points lower (on a 1,000-point scale) than a year ago.
"The past few years have been tough on consumers in general, and many of the financial pressures they
face may not subside all that quickly," said Jennifer White, senior director for banking and payments
intelligence at J.D. Power. “The data make it crystal clear: retail bank customers want guidance, but many
aren't receiving it. The tools banks have at their disposal aren't always being used or, when they are, they
are not used effectively. Neither banks nor their customers benefit from this dynamic. If banks don't begin
to make more progress in making advice content resonate, they could be facing significant attrition risk."
Following are key findings of the 2022 study:•Less frequent, lower quality guidance contributes to seismic drop: Overall satisfaction with theadvice and guidance provided by retail banks has fallen to 601, down a significant 30 points from2021. The downward movement can be seen across all attributes of satisfaction, but the largest
declines are in customer perceptions of the frequency of advice/guidance about financial products
and/or financial needs and quality of advice/guidance. All of this occurs despite the view from retailbank customers that financial firms should be helping them improve their financial situation,evident across different age groups and personal financial health categories.

•Less advice recalled: Many banks may be trying to meet their customers’ advice needs yet recall of
specific advice content is down. Nearly two-thirds (63%) of customers this year say they received
advice two or more times in categories including financial planning; investment and retirement;savings, tips and information; or banking services. This is down from 70% a year ago. Advice related
to saving and tips and information declines the most compared with 2021. The only category ofadvice not to see a decline is borrowing and housing.

•Bank customers feeling financially vulnerable: Using respondent-cited data on spending/savings
ratio, credit worthiness and safety-net items such as insurance coverage, J.D. Power creates ameasure of customer financial health, placing customers on a continuum from healthy tovulnerable. Just 47% of bank consumers who have received advice fall into the financially healthy
category. The remaining 53% are categorized as either vulnerable (28%), overextended (16%) orstressed (9%).

•Moving forward: Retail bank customers want advice and guidance. When two or more instances ofadvice are recalled by customers, overall satisfaction increases 52 points. But a cookie-cutter
approach will not suffice. Advice and guidance must be personalized to the specific customer,
delivered to the right person at the right time. When advice is tailored to meet customers’ specificneeds, satisfaction is even higher. Customers who receive advice just once that is personalized

jdpower.com/businesshave higher satisfaction (697) than those who receive advice on five or more topics that is not
personalized (583).
Study Ranking
Capital One ranks highest in customer satisfaction with retail banking advice with a score of629. Citibank (620) ranks second and Bank of America (618) ranks third.
The 2022 U.S. Retail Banking Advice Satisfaction Study includes responses of 5,177 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. The study was fielded in January-February
2022. In addition to bank financial advice ratings, the study also provides financial health support index
benchmarking data evaluating banks’ and credit card issuers’ proficiency in delivering financial support tocustomers.
Top-performing banks in the banking financial health support index are (in alphabetical order): Bank ofAmerica, Capital One, Chase, Huntington 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, Discover, Fifth
Third Bank, PNC and U.S. Bank.
For more information about the U.S. Retail Banking Advice Satisfaction Study, visit
https://www.jdpower.com/business/financial-services/us-retail-banking-advice-satisfaction-study.
See the online press release at http://www.jdpower.com/pr-id/2022069.
About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. A pioneer inthe use of big data, artificial intelligence (AI) and algorithmic modeling capabilities to understandconsumer behavior, J.D. Power has been delivering incisive industry intelligence on customer interactions
with brands and products for more than 50 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’sbusiness offerings, visit JDPower.com/business. The J.D. Power auto shopping tool can be found atJDPower.com.
Media Relations Contacts
Geno Effler, J.D. Power; West Coast; 714-621-6224; media.relations@jdpa.com
John Roderick; East Coast; 631-584-2200; john@jroderick.com
About J.D. Power and Advertising/Promotional Rules: www.jdpower.com/business/about-us/pressrelease-info###NOTE: One chart follows.

Year / Project / Study Name

J.D. Power
2022 U.S. Retail Banking Advice Satisfaction StudySM
Overall Customer Satisfaction Index Ranking(Based on a 1,000-point scale)

Capital One629

Citibank620

Bank of America618

Fifth Third Bank

615

KeyBank608

Regions Bank607

Citizens Bank

602

Industry Average

601

Chase598

Wells Fargo

590

Truist587

U.S. Bank

586

PNC

585

Huntington

580

TD Bank

572

Source: J.D. Power 2022 U.S. Retail Banking Advice Satisfaction Study SM
Charts and graphs extracted from this press release for use by the media must be accompanied by a statement identifying
J.D. Power as the publisher and the study from which it originated as the source. Rankings are based on numerical scores,and not necessarily on statistical significance. No advertising or other promotional use can be made of the information in th isrelease or J.D. Power survey results without the express prior written consent of J.D. Power.