Banks Struggle to Communicate Help to Worried Consumers

As coronavirus fears grip the nation consumers are increasingly worried about their finances; J.D. Power found that 83 percent of people are somewhat or very concerned, that number is up from 68 percent two weeks ago; customers are not yet finding bank communication very helpful and are not sure what will happen next; “This is a moment of truth for the industry to step up communication and start showing tangible concern,” said Bob Neuhaus, VP of Global Financial Services at J.D. Power. “It goes way beyond the standard email most companies are sending out. It has to be more tangible in terms of what customers can and should be doing.”; 13 percent have heard from their bank but did not find it helpful and 25 percent did not hear from their bank at all; people are looking for piece of mind on fees, service disruptions and more as the virus makes more of their lives uncertain. American Banker

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