Nearly two-thirds (65%) of bank customers are experiencing some level of financial distress1 and 80% indicate interest in receiving advice from their financial institution.
'Bank customers' appetites for financial advice is high and an increase in quality advice will only increase their customer satisfaction,' said
Following are some key findings of the 2024 study:
Advice recall high, especially among new immigrants and younger customers: More than half (52%) of all bank customers remember receiving financial advice from their bank. Specifically, immigrants who have lived in
Most bank customers act on advice: More than three-fourths (77%) of customers who receive financial advice follow through and act on it. The most frequent actions taken in response to advice include shifting funds between accounts (29%); updating account settings (21%); downloading the mobile app (20%) and scheduling a meeting with a bank rep (20%).
Satisfaction increases when customers take action: Overall satisfaction with retail banking advice increases 142 points (on a 1,000-point scale) when customers act based on specific advice from their bank.
Banks still miss the mark on advice topics: The study finds gaps exist in nearly every category and topic when it comes to the advice delivered by the bank and the advice that customers are most interested in. The widest gap exists in the financial planning category, as the difference between those who are currently receiving that type of advice and those who want more is 16 percentage points, specifically, looking for more advice around tax reduction.
Study Ranking
The Canada Retail Banking Advice Satisfaction Study was redesigned this year. The 2024 study includes responses from 2,822 retail bank customers across
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 doing such things as helping customers make better financial decisions or help customers meet savings, creditworthiness, or budgeting goals. The study also captures responses from customers about their satisfaction with the financial health support provided by their financial partners. Top-performing banks in the banking financial health support index are (in alphabetical order): BMO
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