Financial Services Intelligence Update

How can banks and credit card issuers better protect their customers from fraud while building trust and satisfaction? In this episode of the J.D. Power Financial Services Intelligence Update, Miles Tullo is joined by Jennifer White, the architect of J.D. Power’s newest research on bank and credit card fraud.

Jennifer shares:

Key findings on fraud trends, including higher risks for younger consumers

-The importance of proactive measures and guided "security center" experiences

-How banks can strengthen customer trust through timely fraud notifications

Watch now to discover how financial institutions can turn challenges into opportunities to enhance customer experiences.

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In this month's J.D. Power Financial Services Intelligence Update, Paul McAdam, Senior Director of Banking and Payments Intelligence, and Miles Tullo, Managing Director of Financial Services, share key insights from the 2024 Small Business Satisfaction Study. They examine the latest trends in small business banking satisfaction and discuss how banks can effectively sustain it.

Key highlights include:

- A surge in client-centric service and its impact on satisfaction

- The crucial role of improved credit access for small businesses

- Insights into high retention rates among satisfied clients

We’ll also share the top-performing banks that excel in meeting the needs of small business clients.

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As elevated interest rates reduce transaction volumes, the mortgage market is undergoing rapid changes.

In this month’s update, Bruce Gehrke, Senior Director of Lending Intelligence, and Miles Tullo, Managing Director, discuss the latest insights from the Mortgage Origination Satisfaction Study and Mortgage Servicer Satisfaction Study.

Looking for more insights?

Read the lending intelligence: https://www.jdpower.com/business/lending-research-data-and-analyticsSign up to receive insights in your inbox: https://hub.jdpower.com/fs-insights-list-opt-in

Want to know the key trends shaping the credit card industry?

We’ve got exclusive insights from over 39,000 cardholders in the J.D. Power 2024 U.S. Credit Card Satisfaction Study. In this video, we explore the growing satisfaction gap between credit card revolvers and transactors with expert insights from Miles Tullo and John Cabel.

Read the latest press release: https://www.jdpower.com/business/press-releases/2024-us-credit-card-satisfaction-studySign up to receive insights in your inbox: https://hub.jdpower.com/fs-insights-list-opt-in

Tune in to the July 2024 Financial Services Intelligence Update with Kapil Vora and Miles Tullo to refine your advisor retention strategies and stay ahead in the industry. The J.D. Power Financial Advisor Satisfaction Study provides crucial insights into what drives advisor contentment and retention, offering valuable guidance for wealth management firms.

Key Insights:

Employee Advisors: Satisfaction has surged by 49 points this year, thanks to better compensation, advanced technology, and enhanced support systems.

Independent Advisors: Satisfaction has declined by 15 points, primarily due to leadership issues. Only 46% of independent advisors feel their firm is heading in the right direction, a drop from 54% last year.

Important Takeaways:

Attrition Trends: Advisors who signal they might leave often do. Conversely, those committed to staying are likely to remain, underscoring the need for early intervention and resolution of concerns.

Culture and Leadership: Effective firm culture and leadership are critical for retention. Advisors planning to stay rate these factors much higher than those considering leaving. Professional development is also key for less tenured advisors.

For More:

Financial Advisor Satisfaction Study: https://www.jdpower.com/business/financial-advisor-satisfaction-study

Read the latest Press Release: https://www.jdpower.com/business/press-releases/2024-us-financial-advisor-satisfaction-study

Sign up to receive J.D. Power Financial Services Insights: https://hub.jdpower.com/fs-insights-list-opt-in

By embracing innovation and prioritizing personalized experiences, banks and credit card providers can redefine their role in enhancing financial well-being. We unpack the latest insights from the 2024 U.S. Retail Banking Advice Satisfaction Study in the June 2024 J.D. Power Financial Services Intelligence.

Here are some key insights:

Youthful Engagement: Younger consumers are actively seeking personalized financial advice. While they act on the advice received, satisfaction levels indicate room for improvement. Delivering robust tools and services alongside advice is crucial.

Industry Standard Setters: Leaders like Citi, Bank of America, Chase, and American Express set benchmarks with proactive financial guidance, defining satisfaction norms.

Frequency Optimization: Increasing interaction frequency across digital and traditional channels enhances satisfaction, engagement, and loyalty. A multichannel approach ensures comprehensive service accessibility.

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Over half of U.S. consumers are now using person-to-person (P2P) transfers. With an additional 10% rise in usage since Q3 2023, the landscape is evolving rapidly.

Listen in as Miles Tullo sits down with Sean Gelles, senior director of payment intelligence at J.D. Power, to uncover what drives customer loyalty and authority in the P2P space and discuss surprising brand performance insights on Venmo, PayPal, Cash App and Zelle.

In the J.D. Power Financial Services Intelligence update for April 2024, we examine the J.D. Power 2024 U.S. Full-Service Satisfaction Study and the U.S. Self-Directed Satisfaction Study.

The discussion explores intersecting trends from both studies, examining how investor types and segments, such as financial health and generation, influence satisfaction levels.

In this session, Miles Tullo and Kapil Vora address key topics, including:

- Service Levels Impact Satisfaction

- Trends Over Time

- Segmentation Matters

- Trading Habits and Financial Health

- Brand Spotlight

- Differentiation Strategies

Featuring:

Kapil Vora, Senior Director, Wealth Intelligence, J.D. Power

Miles Tullo, Managing Director, Financial Services Intelligence, J.D. Power

In an ever-evolving financial landscape, banks are keenly interested in understanding how to appeal to younger generations, particularly millennials. The latest edition of our Financial Services Intelligence Update delves into the findings of the 2024 U.S. Retail Banking Satisfaction Study, offering critical insights into what millennials expect from their banking relationships.

This video unpacks key areas of focus for banks aiming to attract, retain, and deepen relationships with the millennial demographic before they commit to other financial institutions. From digital innovation to personalized customer service, find out what factors are pivotal in shaping the banking preferences and satisfaction of younger customers.

BONUS MATERIAL AVAILABLE: Enhance your understanding with our exclusive insights on the overall satisfaction (OSAT) rates of different generations with their primary retail banks. Additionally, gain access to in-depth analysis on the seven dimensions crucial to overall banking satisfaction.

Don’t miss out on these valuable insights. Watch now to ensure your bank is aligned with the needs and preferences of the millennial generation.

Download our exclusive report on satisfaction levels by generation here: https://hub.jdpower.com/download-satisfaction-levels-by-generation

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In this episode, we dive into the 2024 J.D. Power Buy Now, Pay Later Satisfaction Study to uncover what consumers really think about BNPL services. Who’s delivering the best experience? What drives trust and loyalty in this fast-growing space?

Tune in for data-backed insights, surprising trends, and what it all means for providers and the future of payments.

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