;

March Networks Survey: Fraudulent Bank Account Activity Ticked Higher in 2018

Survey results also show that a continued focus on the customer experience remains critical for banks and credit unions when it comes to retention.

OTTAWA, Ontario, Canada — March Networks, a global provider of intelligent video solutions, announces the results of a second annual survey exploring how fraud, customer service and security perceptions are impacting U.S. banking consumer decisions.

Key results from the 2018 survey, commissioned by March Networks and conducted by independent market research firm Ipsos, reveal that 17% of consumers experienced fraudulent bank account activity in 2017, up moderately from 15% the previous year.

More concerning, 15% of those respondents experienced five or more fraudulent incidents in the 12-month period, and 9% reported switching banks in response. Still, a large majority of consumers (92%) were satisfied with how their financial institution handled fraudulent activity. One in four respondents said surveillance video was used to help resolve the incident.

Survey results also show that a continued focus on the customer experience remains critical for banks and credit unions when it comes to retention. One in five respondents confirmed that they had switched banks in the past year because of poor in-branch service. Further, 70% said they would consider switching banks if their local branch did not appear clean and tidy — with that number rising to 77% for consumers living in households with children.

In addition, consumers’ banking choices are influenced by how secure they feel when conducting transactions, either in their local branch, at an ATM or online. A majority of consumers (98%) felt most secure when conducting transactions at their local banking branch, compared with 93% when conducting transactions online and 83% using a mobile application.

Further, half of consumers reported that they did not conduct an ATM transaction at least once in 2017 because someone was loitering nearby, putting the onus on banks and credit unions to increase monitoring capabilities around their ATMs or risk losing business.

Other key findings from the survey reveal that:

  • While consumers are banking online and via mobile apps, nearly three quarters also banked at their local retail branch, similar to the year previous. More Millennials (72%) reported visiting their local branch in 2017, vs. 61% in 2016.
  • 63% of consumers noticed fraudulent activity on their account themselves, while 37% were notified proactively by their bank or credit union.
  • 46% of consumers said waiting more than five minutes for service in retail branch is unreasonable.
  • The vast majority of consumers support visible video surveillance in their bank or credit union. More than 90% feel that surveillance cameras deter crime, and 96% agree that video surveillance is an important contributor to solving crimes quickly.

“Consumers today are engaging digitally with their financial institutions more often, but are also frequently turning to in-person services, and have high expectations when it comes to service and security,” states Peter Strom, president and CEO, March Networks.

“Understanding consumer perceptions and how they influence where consumers choose to bank is important for all financial institutions — especially when it comes to strategic planning and the dramatic transformation many institutions are currently undertaking to increase their competitive position,” Strom continues.

To view additional survey results and related infographics, go here.

Security Is Our Business, Too

For professionals who recommend, buy and install all types of electronic security equipment, a free subscription to Security Sales & Integration is like having a consultant on call. You’ll find an ideal balance of technology and business coverage, with installation tips and techniques for products and updates on how to add sales to your bottom line.

A free subscription to the #1 resource for the residential and commercial security industry will prove to be invaluable. Subscribe today!


Leave a Reply

Your email address will not be published. Required fields are marked *

Get Our Newsletters