Data analytics and consumer intelligence firm J.D. Power on Friday (March 4) launched a financial health certification program that recognizes retail banks and credit card issuers “that deliver a high level of satisfaction” through personalized products and services for their customers.

The J.D. Power Financial Health Support Certification program “draws on the company’s deep data and real-world analytics to evaluate financial institutions on two criteria: 1) their ability to support customers striving to improve their own financial health, and 2) adherence to industry best practices for building and maintaining sustainable consumer financial health programs,” the announcement said.

“Financial institutions that proactively recognize the growing importance of financial health are well positioned for differentiation and to ultimately improve their customers’ lives, and the J.D. Power Financial Health Support Certification introduces critical metrics for evaluating and benchmarking performance against these goals each year,” said Bob Neuhaus, executive managing director of banking and payment intelligence at J.D. Power.

Bank of America is the first organization to get the J.D. Power Financial Health Support Certification, according to the company press release.

“We play a critical role in our clients’ lives, and it is imperative that we honor that position by providing the resources to help them achieve financial wellness in their everyday lives,” said Holly O’Neill, president of retail banking at Bank of America, in the announcement.

“Receiving this J.D. Power certification is a testament to our commitment, and we’re pleased to be the first company to achieve this important milestone,” she said.

Brands must rank among top banks and credit card issuers in the J.D. Power Financial Health Study to qualify for the certification. Qualifying brands must also pass an evaluation of operational best practices, collateral review and leadership validation interviews conducted by a collaboration between J.D. Power and Financial Health Network.

Related: Car Dealers Use Data to Optimize Buying and Selling in Today’s Volatile Market

J.D. Power tends to be used for vehicle loan underwriting by banks east of the Rockies, while Kelley Blue Book is used by those on the West Coast. In the middle of the U.S., there’s overlap between the two data sources.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICING IN THE DIGITAL ENVIRONMENT

PYMNTS Study Feb 2022

About: Forty-two percent of U.S. consumers are more likely to open accounts with FIs that make it easy to auto-share their banking details during sign-up. The PYMNTS study Account Opening And Loan Servicing In The Digital Environment, surveyed 2,300 consumers to examine how FIs can leverage open banking to engage customers and create a better account opening experience.



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