February 28, 2008

Customer Relationship Snapshot: Banks

How Relationships Differ Across Generations Of US Consumers

This is the second document in the "Value Of Customer Relationships" series.

by Bruce D. Temkin

with Olga Melnikova, Steven Geller

Executive Summary (This is a document excerpt)

Forrester asked nearly 5,000 US consumers about many aspects of their relationships with banks. We examined their feedback on overall customer experience and their satisfaction with Web, branch, and phone interactions, along with their plans to stay loyal to their current banks. To understand the dynamics of these relationships, we analyzed the data across five generations of consumers: Gen Y, Gen X, Younger Boomers, Older Boomers, and Seniors. Some of our findings: Seniors are getting their basic needs met, Gen Xers are the least satisfied with bank interactions, and Gen Yers are the most likely to switch banks.

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