Retail banks looking to capture younger customers need to pay attention to how direct banks are gaining traction with both fee-sensitive and interest rate-sensitive customers by engaging them in services to help them improve their personal financial wellness. JD Power reported in the 2022 Direct Banking Study that direct banks are leading in NPS over neobanks and traditional banks. In the short video, Paul McAdam, Senior Director of Banking and Payment Intelligence, shares why more customers recommend Direct Banks to their friends and family. .
Why Does NPS Matter?
NPS is a widely used measurement of customer advocacy, engagement, and loyalty. Marrying NPS with the depth of JD Power’s customer experience metrics provides clients a significantly enhanced capability to understand where they stand relative to competitors and prioritize improvement opportunities more precisely.
Financial Health Matters to Clients
Whether it is implementing onboarding programs so customers can utilize digital tools or suggesting products that fit customers’ needs, financial institutions that build financial health strategies into their operations can expect to see increased customer engagement.
About JD Power Direct Banking Study
The JD Power Direct Banking Satisfaction StudySM evaluates consumers’ satisfaction and experience with online-only direct banks and neobanks. The analysis explores satisfaction among customers who hold checking or savings account with more than 40 of these online-only providers. Information regarding brands profiled and date of publish can be found at JD Power | Direct Banking Satisfaction Survey