Consumers want financial advice delivered digitally from their retail banks, but financial institutions are missing the mark in delivering the service, according to a new survey from J.D. Power.

Fifty-eight percent of customers said they want to receive advice through their bank’s website and mobile app, but only 12 percent have received advice in this manner, the survey said.

If advisors could effectively communicate with clients digitally and provide the advice customers are seeking, they could have access to a large client base, said Paul McAdam, senior director of the banking practice at J.D. Power. 

"The challenge for banks is getting the advice formula right and delivering it in a personalized manner across all channels—not only at the branch, but also via the website and mobile app.” he said.

Forty-five percent of customers who actually received advice digitally believed their needs were met by the service, the survey said.

Customers who received advice via e-mail, however, aren't as satisfied. Only 33 percent of customers who received advice via e-mail said the advice met their needs, according to the survey.

Seventy-eight percent of customers want financial advice and the majority of those who did receive face-to-face consultation felt their needs had been met, according to the survey. 

Overall, 89 percent of respondents said they benefit from the advice they receive from their bank.

The 2018 U.S. Retail Banking Advice Study surveyed 3,841 U.S. retail bank customers in November and December.