Retail banks have earned the trust of their customers who believe banks help them find the right product based on their financial needs, according to the J.D. Power 2017 U.S. Banking Sales Practices and Advice Study.

The inaugural study gauges the effect of retail bank sales practices and financial advice on overall customer satisfaction across the 23 largest banks in the United States. While unauthorized accounts opened by banks are a serious issue, the study finds such occurrences to be rare. More common issues that destroy trust are customers feeling pressured to open an account and being surprised by fees after opening an account.

“When it comes to the most fundamental issues in a retail banking relationship – customers trusting their bank to do the right thing and to act ethically – U.S. retail banks get a clean bill of health,” Jim Miller in a statement, senior director of retail banking services at J.D. Power, said in a statement. “But there are still areas where the perception of overly aggressive sales practices and surprise fees are having a negative influence on overall customer satisfaction. This creates a unique opportunity for retail banks to stop selling so hard and to start offering tailored financial advice, which can improve customer satisfaction and solidify the strong trust base that has already been built.”

Highlights of the study include:

• When opening a new account, 9 percent of bank customers indicate they felt sales pressure from bank representatives. Overall satisfaction scores are 71 index points higher (on a 1,000-point scale) among customers who did not feel pressured by a representative when opening a new account, compared with those who did feel pressured.
• Customers surprised by fees are less satisfied: When it comes to fees, 13 percent of bank customers indicate being surprised by fees associated with a new account. Overall satisfaction scores are 110 index points higher among customers who were not surprised by fees when opening a new account vs. those who were surprised.
• Fee surprises also destroy trust. Among customers who were not surprised by a fee, 56 percent say they “strongly agree” that they trust their bank to do the right thing, but drops to 31 percent among those who were surprised by a fee.
• When bank representatives completely explain fees up front, the frequency of fee-related surprises drops to 7 percent.
• When representatives ask questions before suggesting a new account, overall satisfaction increases 75 index points and overall levels of trust increase by 17 percentage points.
• Advice – not sales – may be key to greater satisfaction and loyalty: Among customers who received financial advice from their retail bank, 60 percent indicate they acted on it and roughly 60 percent of those customers say they opened a new account as a result of the advice.

The full report can be read here.