Latest news with #JenniferWhite
Hamilton Spectator
2 days ago
- Business
- Hamilton Spectator
Customer satisfaction with banks up slightly from last year: J.D. Power survey
Consumers appear to be slightly more satisfied with the financial advice and guidance they received from their banks compared with last year, a new J.D. Power survey shows. The findings showed overall customer satisfaction with their bank improved slightly by 13 points to 579 on a 1,000-point scale. The report, published Thursday, cited several improvements including the frequency, quality and relevance of the advice which helped boost the satisfaction score. RBC ranked the highest in customer satisfaction for a fifth consecutive year, scoring 595 points. CIBC ranked second with 590 points, followed by Scotiabank with a score of 580 points. TD ranked last out of the Big Five banks with a score of 563. The survey said more Canadians turned to their bank for help in navigating day-to-day financial hardships amid growing economic pressures. 'The eroding financial health of customers and their fear that economic conditions may worsen are driving customers — especially younger ones with growing deposits — to seek financial advice from their retail bank at an accelerated pace,' said Jennifer White, senior director for banking and payments intelligence at J.D. Power, in a release. She said customers are also shifting focus from longer-term goals such as investment and retirement planning to more immediate needs such as paying bills, reducing debt and sticking to a budget. Among those who turned to their bank for advice, 71 per cent were concerned about the high cost of living while 36 per cent were struggling to manage housing costs such as mortgage payments and electricity bills. Forty-four per cent of bank customers are considered financially vulnerable, significantly up from 36 per cent five years ago, the study, which surveyed 2,582 retail bank customers between January and March of this year, showed. This report by The Canadian Press was first published June 26, 2025. Companies in this story: (TSX: BNS, TSX: RY, TSX: CM, TSX: TD)
National Post
2 days ago
- Business
- National Post
Customers in Canada Increasingly Turning to Retail Banks for Advice, J.D. Power Finds
Article content RBC Ranks Highest in Retail Banking Advice Satisfaction Article content TORONTO — The financial health of bank customers in Canada—who are pressured by inflation, the rising cost of living and growing personal debt—has been worsening during the past few years. Currently, more than 44% of bank customers are considered financially vulnerable, 1 a jump from 36% five years ago. According to the J.D. Power 2025 Canada Retail Banking Advice Satisfaction Study, SM released today, customers are increasingly turning to their banks for advice to help navigate daily financial challenges, with 71% expressing concern about the cost of living and 36% saying they're struggling to manage housing costs such as mortgage and utilities. Article content Article content 'The eroding financial health of customers and their fear that economic conditions may worsen are driving customers—especially younger ones with growing deposits—to seek financial advice from their retail bank at an accelerated pace,' said Jennifer White, senior director for banking and payments intelligence at J.D. Power. 'This combination presents a golden opportunity for retail banks to rise to the challenge and offer services and advice that go beyond the transactional. Customers are shifting their focus from longer-term goals such as investment and retirement planning to more immediate concerns like paying bills, reducing debt and sticking to a budget. Banks that are attuned to their customers' pain points and can provide relevant and frequent financial advice will be positioned to benefit from a loyal customer base.' Article content Below are additional key findings of the 2025 study: Article content Appetite for bank advice is growing: More than one-fourth (26%) of bank customers say they are 'very interested' in receiving bank advice or guidance, up from 19% in 2021. Interest in bank advice is particularly strong among immigrants who have lived in Canada less than two years (47%), as well as among affluent customers (32%) and young mass affluent customers (31%). Article content Shift in advice focus: While investment- and retirement-related advice continue to be the most sought-after topics, the study reveals a shift in customer priorities since 2021. Interest in advice addressing immediate needs such as ways to pay bills on time has increased 4 percentage points and borrowing/credit-related guidance has increased 2 percentage points. In contrast, demand for investment- and retirement-focused advice has declined 7 percentage points and 4 percentage points, respectively. Article content Rising satisfaction with advice: Banks seem prepared to meet demand as customer satisfaction with the financial advice they are getting from their bank has improved from 2024. Overall satisfaction is 579 (on a 1,000-point scale), 13 points higher than a year ago. Key drivers of this improvement include the frequency, quality and relevancy of the advice, as well as the level of concern financial institutions show for their customers' needs. Article content Advice recall stalls: Although 49% of customers say their bank has done a good job of making their interactions memorable, the trend has plateaued this year. This signals a need to find more effective engagement strategies. The study shows that strong marketing communications that affirm and reassure customers that the bank is there for them when needed (on demand) is the preferred approach. Article content Study Ranking Article content RBC Article content ranks highest in customer satisfaction for a fifth consecutive year, with a score of 595. Article content CIBC Article content (590) ranks second and Article content Scotiabank Article content (580) ranks third. Article content The Canada Retail Banking Advice Satisfaction Study includes responses of retail bank customers in Canada 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): clarity of advice; concern for customer needs; relevancy; quality; and frequency of advice. This year's study, which includes responses of 2,582 retail bank customers, was fielded from January through March 2025. Article content In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates the proficiency of banks and credit card issuers in delivering financial health support to customers and includes such services as helping customers make better financial decisions or helping them meet savings, creditworthiness or budgeting goals. Article content Top-performing banks in the banking financial health support index are (in alphabetical order): CIBC and RBC. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): Desjardins, RBC, Scotiabank and TD. Article content For more information about the Canada Retail Banking Advice Satisfaction Study, visit Article content J.D. Power Article content 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 behaviour, 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. Article content Article content Article content Article content Article content Contacts Article content Media Relations Contacts Article content Gal Wilder, NATIONAL; 416-602-4092; Article content gwilder@ Article content Article content Geno Effler, J.D. Power; West Coast; 714-621-6224; Article content Article content
Winnipeg Free Press
2 days ago
- Business
- Winnipeg Free Press
Customer satisfaction with banks up slightly from last year: J.D. Power survey
Consumers appear to be slightly more satisfied with the financial advice and guidance they received from their banks compared with last year, a new J.D. Power survey shows. The findings showed overall customer satisfaction with their bank improved slightly by 13 points to 579 on a 1,000-point scale. The report, published Thursday, cited several improvements including the frequency, quality and relevance of the advice which helped boost the satisfaction score. RBC ranked the highest in customer satisfaction for a fifth consecutive year, scoring 595 points. CIBC ranked second with 590 points, followed by Scotiabank with a score of 580 points. TD ranked last out of the Big Five banks with a score of 563. The survey said more Canadians turned to their bank for help in navigating day-to-day financial hardships amid growing economic pressures. 'The eroding financial health of customers and their fear that economic conditions may worsen are driving customers — especially younger ones with growing deposits — to seek financial advice from their retail bank at an accelerated pace,' said Jennifer White, senior director for banking and payments intelligence at J.D. Power, in a release. Monday Mornings The latest local business news and a lookahead to the coming week. She said customers are also shifting focus from longer-term goals such as investment and retirement planning to more immediate needs such as paying bills, reducing debt and sticking to a budget. Among those who turned to their bank for advice, 71 per cent were concerned about the high cost of living while 36 per cent were struggling to manage housing costs such as mortgage payments and electricity bills. Forty-four per cent of bank customers are considered financially vulnerable, significantly up from 36 per cent five years ago, the study, which surveyed 2,582 retail bank customers between January and March of this year, showed. This report by The Canadian Press was first published June 26, 2025. Companies in this story: (TSX: BNS, TSX: RY, TSX: CM, TSX: TD)
Business Wire
2 days ago
- Business
- Business Wire
Customers in Canada Increasingly Turning to Retail Banks for Advice, J.D. Power Finds
TORONTO--(BUSINESS WIRE)--The financial health of bank customers in Canada—who are pressured by inflation, the rising cost of living and growing personal debt—has been worsening during the past few years. Currently, more than 44% of bank customers are considered financially vulnerable, 1 a jump from 36% five years ago. According to the J.D. Power 2025 Canada Retail Banking Advice Satisfaction Study, SM released today, customers are increasingly turning to their banks for advice to help navigate daily financial challenges, with 71% expressing concern about the cost of living and 36% saying they're struggling to manage housing costs such as mortgage and utilities. 'The eroding financial health of customers and their fear that economic conditions may worsen are driving customers—especially younger ones with growing deposits—to seek financial advice from their retail bank at an accelerated pace,' said Jennifer White, senior director for banking and payments intelligence at J.D. Power. 'This combination presents a golden opportunity for retail banks to rise to the challenge and offer services and advice that go beyond the transactional. Customers are shifting their focus from longer-term goals such as investment and retirement planning to more immediate concerns like paying bills, reducing debt and sticking to a budget. Banks that are attuned to their customers' pain points and can provide relevant and frequent financial advice will be positioned to benefit from a loyal customer base.' Below are additional key findings of the 2025 study: Appetite for bank advice is growing: More than one-fourth (26%) of bank customers say they are 'very interested' in receiving bank advice or guidance, up from 19% in 2021. Interest in bank advice is particularly strong among immigrants who have lived in Canada less than two years (47%), as well as among affluent customers (32%) and young mass affluent customers (31%). Shift in advice focus: While investment- and retirement-related advice continue to be the most sought-after topics, the study reveals a shift in customer priorities since 2021. Interest in advice addressing immediate needs such as ways to pay bills on time has increased 4 percentage points and borrowing/credit-related guidance has increased 2 percentage points. In contrast, demand for investment- and retirement-focused advice has declined 7 percentage points and 4 percentage points, respectively. Rising satisfaction with advice: Banks seem prepared to meet demand as customer satisfaction with the financial advice they are getting from their bank has improved from 2024. Overall satisfaction is 579 (on a 1,000-point scale), 13 points higher than a year ago. Key drivers of this improvement include the frequency, quality and relevancy of the advice, as well as the level of concern financial institutions show for their customers' needs. Advice recall stalls: Although 49% of customers say their bank has done a good job of making their interactions memorable, the trend has plateaued this year. This signals a need to find more effective engagement strategies. The study shows that strong marketing communications that affirm and reassure customers that the bank is there for them when needed (on demand) is the preferred approach. Study Ranking RBC ranks highest in customer satisfaction for a fifth consecutive year, with a score of 595. CIBC (590) ranks second and Scotiabank (580) ranks third. The Canada Retail Banking Advice Satisfaction Study includes responses of retail bank customers in Canada 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): clarity of advice; concern for customer needs; relevancy; quality; and frequency of advice. This year's study, which includes responses of 2,582 retail bank customers, was fielded from January through March 2025. In addition to bank financial advice ratings, the study also provides financial health support index benchmarking data that evaluates the proficiency of banks and credit card issuers in delivering financial health support to customers and includes 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): CIBC and RBC. Top-performing credit card providers in the credit card financial support index are (in alphabetical order): Desjardins, RBC, Scotiabank and TD. For more information about the Canada 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 behaviour, 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
Yahoo
07-06-2025
- Business
- Yahoo
Advice emerges as a key aspect of bank customers' experience
This story was originally published on CX Dive. To receive daily news and insights, subscribe to our free daily CX Dive newsletter. More consumers are looking to their banks for advice as their overall financial health deteriorates, according to a J.D. Power report released Thursday. More than one-quarter of bank customers are 'very interested' in bank advice or guidance. That number is particularly pronounced among younger generations. More than one-third of customers under the age of 40 are currently seeking advice. Customers are most interested in short-term solutions, according to Jennifer White, senior director for banking and payments intelligence at J.D. Power. 'We see a shift in consumer thirst for content that is around short-term solutions, things like, 'Ways to help pay my bills on time?'' As consumers become more anxious about the economy, they're looking to their financial institutions for guidance, creating an opportunity for banks to build lasting relationships. Providing financial advice drives trust and in turn satisfaction, according White. 'There's many factors that influence satisfaction, but the factor that has the highest weight in driving customer satisfaction is the level of trust that a customer has in their financial institution,' she told CX Dive. Trust is driven by several key factors, including a bank's ability to resolve a customer's problem, a customer's confidence they have the account right for their situation, and a bank providing a customer support and guidance during a challenging time. Customers' thirst for short-term solutions reflect that increase in vulnerable customers, White said. More than 2 in 5 bank customers are considered financially vulnerable, meaning they have trouble paying their bills on time, are unable to cover living expenses for a minimum of six months and are seeing their credit deteriorate. The best banks don't treat guidance as an afterthought and make it available beyond branch locations, according to J.D. Power. Customers are most satisfied with retail banking advice from Bank of America, followed by U.S. Bank and Chase. 'Most of the institutions that are at the top of the list have embedded advice or guidance throughout their ecosystem,' White said. 'They're combining in-person experiences with digital engagement.' Perhaps that's offering a personal financial management tool or even a banner interruption that educates customers on scams, White said. But even if customers don't follow bank advice, the act of offering it grows customer satisfaction. 'No advice results in the lowest overall customer satisfaction,' White said. 'Advice that isn't acted on is still higher than that, but advice that is acted on is the highest.' Recommended Reading Lyft boosts bottom line with premium rides, economy options Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
