Canada Banking Sales Practices & Advice Study

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The study's results provide a compelling business case for increased resource allocation to provide customers with targeted advice and guidance. The study provides benchmark metrics to help banks refine their advisory and account opening initiatives with insights regarding priority customer segments, prominent customer financial-advisory needs, and methods of customer engagement that build trust. 

The study measures two important customer experiences with their primary retail banking provider:

  1. Receiving financial advice and guidance from in-person and digital channels
  2. Opening a new account through in-person and digital channels

Banks that provide advice or guidance that fully meets the needs of their customers convert 5% more customers to open new banking accounts/services than banks that provide advice or guidance that doesn't meet their customers' needs. 

What You'll Learn From the Study

  • The types of advice and frequency of advice that customers seek from their bank
  • The types of advice received and whether customers acted upon the advice provided
  • How customers rate their satisfaction with key aspects of the advice provided to them
  • The distinct preferences of a variety of customer segments
  • Details about the steps customers took during the account opening process
  • Whether customers felt pressured to open a new account with the bank and whether the account met their needs
  • How customers rate their satisfaction with key aspects of the account opening process

What You'll Get From a Subscription

Analyst Briefing 

  • Executive summary of study results-the industry-level drivers of customer experience
  • Provides a broad understanding of customer needs and preferences and the steps retail banks can take to improve customer satisfaction with two critical moments of truth-receiving advice/guidance and opening a new account

Personalized Competitive Data

  • Know how your bank stacks up against the competition; where your bank  stands within the industry; and how your bank ranks, compared with the highest performers
  • Study data set delivered in SPSS format 

Performance Report + Executive Presentation

  • J.D. Power experts meet with your executive team face-to-face to provide an in-depth understanding of where your bank currently stands and how to get where you want to be (overall and within target customer segments) 
  • Identify areas where your bank is performing well and those that are priorities for action and improvement

The Study Can Help You Design Programs To:

  • Target advice and guidance initiatives to the right customer segments 
  • Focus on the right customer needs 
  • Communicate with customers with the right frequency through the right channels 
  • Deploy the right messaging and recommendations through the right customer interaction points 
  • Encourage customers to act on the advice/guidance received and open new products and services with the bank

One in four customers open a new product/service as a result of advice received from their bank.

New for 2018: VoX 3.0

  • This study is available on web-based, interactive interface, which has been upgraded with new features and cross-tabulation tools, allowing you to analyze the entire study data set, analyze results by customer segment, and compare your bank to the competition
  • Key Performance Indicator analysis examines the actions with the greatest impact on customer satisfaction, enabling you to target and prioritize your bank's improvement initiatives
  • J.D. Power Analyst Access included with study subscription