Bank of America Becomes First Financial Institution Certified by J.D. Power for Customer Satisfaction with Financial Health Support
Bank of America is the first financial institution to be certified by J.D. Power for financial health support, according to the J.D. Power Financial Health Support Certification Program. Bank of America is committed to helping clients make better financial decisions.
The J.D. Power Financial Health Support Certification Program, developed in collaboration with Financial Health Network, a leading authority on financial health, focuses on measuring and understanding customer experiences through the lens of financial health. Drawing on data and insights collected as part of the J.D. Power Financial Health and Advice Program, the J.D. Power Financial Health Support Certification recognized Bank of America for outstanding levels of customer satisfaction with financial health support offerings.
“At Bank of America, we have centered our entire client experience around the goal of financial health. We listen to our clients and respond with the personalized advice and tools they need to achieve financial wellness,” said Holly O’Neill, President of Retail Banking at Bank of America. “This certification recognizes our commitment to supporting financial health using a multifaceted approach. We provide educational resources and financial solutions that help clients build sound financial habits, manage their cashflow and pursue their goals.”
In its analysis, J.D. Power compared 96 best practices among banks, assessing vision, performance, infrastructure, and solutions. They looked at leadership commitment and strategic direction to support customers’ financial health and assessed internal capabilities, collaborative tools, and product development processes that can lead to it.
Bank of America uses a holistic framework for supporting the financial health of its clients, providing advice and guidance to address five key pillars of financial health:
- Simplify your finances – seek basic, transparent products and services
- Manage your money – access digital tools that help set goals, track spending, and enhance financial security
- Leverage experts – tap resources for advice about the right solutions
- Build knowledge – obtain credible financial education and resources
- Get help when needed – be able to access assistance when significant events occur
In the J.D. Power Financial Health and Advice study, released in June 2021, Bank of America ranked number one nationally for retail banking customer satisfaction with the advice and guidance provided by national and regional banks in the United States.
J.D. Power 2021 Financial Health Support Certification℠ is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.
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