Bank of America Becomes First Financial Institution Certified by J.D. Power for Customer Satisfaction with Financial Health Support
Bank of America has achieved a significant milestone by becoming the first financial institution certified by J.D. Power for financial health support. This certification underscores their commitment to helping clients improve their financial wellness through tailored advice and robust tools. J.D. Power's assessment evaluated 96 best practices of banks, focusing on customer satisfaction. Bank of America's approach includes a holistic framework addressing five key financial health pillars, aiming to enhance customer experiences and satisfaction.
- First financial institution certified by J.D. Power for financial health support.
- Recognition received for outstanding customer satisfaction in financial health support offerings.
- Holistic framework addressing five key pillars of financial health aimed at improving customer experiences.
- None.
CHARLOTTE, N.C., March 3, 2022 /PRNewswire/ -- 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 CertificationSM is based on exceeding customer experience benchmarks using client surveys and a best practices verification. For more information, visit jdpower.com/awards.
Bank of America
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,200 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 33 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters May Contact:
Susan Atran, Bank of America
Phone: 646.743.0791
Susan.atran@bofa.com
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SOURCE Bank of America Corporation
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