Banks Need A Youthful Overhaul

In a post from late last year, Banks Have A Gen Y Blind Spot, I discussed that banks aren’t serving young consumers very well. Well, we found the same thing in a recent research effort, Customer Relationship Snapshot: Banks.

This analysis examined feedback from 5,000 consumers across 5 generations (Gen Y, Gen X, Younger Boomers, Older Boomers, and Seniors) on overall customer experience; satisfaction with Web, branch, and phone interactions; as well as consumer plans to stay loyal to their current banks. Here’s some of what we found:

  • Seniors have their needs met most frequently
  • Seniors are the most satisfied with phone and in-branch interactions
  • Gen X are the least satisfied with phone, in-branch, and Web interactions
  • Seniors are the least likely to switch banks
  • Gen Y are the most likely to switch banks; Gen X the next most likely

The bottom line: The battle for the next generation of banking customers is wide open (check here for some ideas: Gen Y Design Guide).

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I am a customer experience transformist, helping large organizations improve business results by changing how they deal with customers. As part of this focus, I examine strategy, culture, interaction design, customer service, branding and leadership practices. I am also a fanatical student of business, so this blog provides an outlet for sharing insights from my ongoing educational journey. Simply put, I am passionate about spotting emerging best practices and helping companies master them. And, as many people know, I love to speak about these topics in almost any forum. My “title” is Managing Partner of the Temkin Group, a customer experience research and consulting firm that helps organizations become more customer-centric. Our goal is simple: accelerate the path to delighting customers. I am also the co-founder and Emeritus Chair of the Customer Experience Professionals Association (CXPA.org), a non-profit organization dedicated to the success of CX professionals.

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