OTTAWA, Canada –Consumers may be deeply bothered by all the identity theft and fraudulent activity taking place on a daily basis, but most financial consumers are happy with how their financial institution has handled fraudulent activity.
While 15% of U.S. consumers spotted fraudulent activity on their accounts last year, banks and credit unions responded successfully, with 85% of those consumers saying they were satisfied with how their financial institution handled the incident, according to a survey commissioned by the Ottawa, Canada-based March Networks.
The survey found that a continued focus on consumer experience remains critical for banks and credit unions when it comes to retention, with one-in-five respondents (and a higher one-in-four Millennials) confirming they have switched FIs in the past because of poor in-branch service.
Other findings:
- 98% of consumers felt most secure when conducting transactions at their local banking branch, compared with 92% when conducting transactions online and 85% using a mobile phone app
- 90% of consumers said they feel safer when they can see video surveillance cameras, and would choose a financial institution with surveillance over one without, all other things being equal
- Nearly half of consumers said waiting more than five minutes for service is unreasonable
- While poor service was the top reason consumers switched to a new FI, other drivers included the branch nearest them closing (14%), fraudulent bank account activity (9%) and safety concerns (9%)
- Half of consumers walked away from an ATM without conducting their intended transaction because someone was loitering in the vestibule
- 90% of consumers think that visible surveillance cameras help deter crimes
- 60% of consumers noticed a fraudulent transaction before their financial institution, leaving plenty of opportunity for banks and credit unions to be more proactive when it comes to identifying and notifying consumers about potential fraud