August 29, 2007

Consumers Don't Enjoy Financial Services

Problems With Banks, Credit Card Providers, And Investment Firms

This is the fourth document in the "The Enjoyability Factor" series.

by Bruce D. Temkin

with Olga Melnikova, Steven Geller

Executive Summary (This is a document excerpt)

We asked consumers how much they enjoyed doing business with their banks, credit card providers, and investment firms. The data highlighted significant problems for each institution to work on: Banks need better sales support; credit card providers need better sales and service support; and investment firms need less complicated offerings. When looking across generations of consumers, Gen Y females identified the most problems with each of these firms. Our analysis also looked at which consumers enjoy (or don't enjoy) doing business with these institutions. The consumers that are most at-risk to shift their business are young, affluent consumers.

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