For Customer Experience Professionals (Length: 13 pages)

February 1, 2007

Do Financial Institutions Meet Customer Needs?

It Depends On The Type Of Firm And A Consumer's Age And Gender

by Bruce D. Temkin

with Eric M. Dolan, Steven Geller

Executive Summary (This is a document excerpt)

We looked at the relationships consumers have with eight types of financial institutions. No surprise, banks are the most prevalent provider. Across all of the other institutions, Gen Yers are the least likely to have a relationship. When it comes to meeting customer needs, banks once again top the list; seven out of ten consumers feel that banks meet their current needs. At the other end of the spectrum, only about half of consumers think that their credit card providers meet their needs. We also found that credit card providers most often meet the needs of Seniors and life insurers meet the needs of females more often than they do males. Looking across the institutions, it's clear that Younger Boomers could use more attention.

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