Banks’ most loyal customers are their oldest customers, while Gens Y and X are the retail banking customers of the future.  They're also the least loyal and hardest to please, according to a recent Maritz Poll.  The results revealed more than half of Gen Y (61 percent) and Gen X (53 percent) respondents have considered changing or actually have changed their primary banking institutions in the past two years, compared with 20 percent of the Silent Generation and 37 percent of Baby Boomer customers.

In general, the survey results show that younger people can be more impatient, less tolerant and just plain harder to please than their Baby Boomer and Silent Generation cohorts.  The survey, which looked at customer satisfaction and loyalty among retail banks, found that younger customers also are more likely than older customers to find fault or have problems with their primary banking institutions.

Gen X and Gen Y Less Loyal to Banks (MarketWatch 7/22/08)

August 5, 2008