Connect with the author: peter.serene@curinos.com
What consumers are saying across all segments—Paycheck-to-Paycheck, Stable Mass Market, HENRYs and Affluent—is increasingly clear: they expect financial guidance from their bank. But fewer and fewer see value in what they’re currently receiving.
For example, banking is increasingly going digital, yet only 25% of current customers use their bank’s digital advice tools. Only one in five affluent customers feel that whoever is providing them in-person interaction knows them personally. And bank customers are 2.2x more likely to seek financial advice elsewhere (see chart).
Customers’ Expectations of Advice From Bank vs. the Reality
Source(s): US 2025 Multi-Channel Study (N=4652) | Please indicate how strongly you agree or disagree with each of the following statements: I expect my bank to provide financial advice or guidance | Which of the following banks do you associatewith each of these services and benefits? | What resources do you leverage to guide financial decisions today?
Note(s): P2P: Paycheck to Paycheck consumers with less than 1 month of income in liquidity | SMM: Stable Mass Market: Consumers with less than $100K income who are not within the Paycheck to Paycheck segment | HENRY: Younger than 35years old, have $100K+ income, and are not part of the Paycheck to Paycheck segment; AFF: Affluent consumers 35 or over, have $100K+ income, and are not part of the Paycheck to Paycheck segment
This kind of disconnect has grown to be a competitive risk. Fintechs continue to innovate in automated guidance and personalized alerts. National banks are investing heavily in goals-based journeys. Meanwhile, many regionals continue to rely on frontline-delivered advice that is inconsistent and difficult to scale.
Advice can’t be a messaging strategy. It need to be a core pillar of the value proposition. Closing the gap requires:
- Advice that is embedded, not implied
- Tools that are contextual, not generic
- Experiences that are test-and-learn driven, not static
- Proof points that customers can see, not just hear about
Advice isn’t an add-on or a nice-to-have. It needs to be embedded in the fabric of what a bank delivers, and Curinos can help. Our Multi-Channel Study insights can help banks identify gaps that may exist between, on the one hand, what customers expect and the channels they prefer and, on the other, the actual advice experience that they’re delivering.
