The JD Power National Banking Satisfaction Study recently reported that satisfaction levels among banking customers aged 40 and under have seen a steep decline, whereas customers with an older age group have seen only marginal change. Paul McAdam, Senior Banking and Payments sheds light on the issues on these findings to allow banks the opportunity to remedy them.
Fraud Issues Are on the Rise
A trend we are watching is rising incidents of fraud. Across our most detailed studies, fraud seems to be a widespread issue:
- 1 in 4 had experienced, or a close relative experienced fraud via a peer-to-peer service | Financial Health and Advice Platform
- Fraud is the second most common reason customers contact their bank with a problem | Retail Banking Satisfaction Study
- Customers’ confidence in protecting their account from fraud has the most impact on Customer Satisfaction | National Banking Satisfaction Study
Customers Look to Banks for Advice
Customers tell JD Power that they want their bank to be proactive when it comes to providing advice on how to navigate this difficult economy. Banks should also think about providing educational programs and webinars to help customers gain more understanding of their finances. The topics covered can range from investments, retirement planning, and other financial strategies to practical tips on managing debt. This can help build relationships with customers, as well as enhance their trust in the bank
At the end of the day, the goal is to make sure all banking customers feel supported and valued, no matter their age. This video is an eye-opening take on the banking industry’s customer satisfaction needs. Discuss these insights and with JD Power’s Banking and Payments Intelligence Team.