News

Survey explores impact of service, fraud, security on banking decisions of US consumers

October 26, 2017

March Networks, a provider of intelligent IP video solutions, has published an independent survey exploring how customer service, fraud and security perceptions influence the banking decisions of U.S. consumers.

Results of the survey commissioned by March Networks and conducted by Ipsos show that a continued focus on customer experience remains critical for banks and credit unions when it comes to retention.

One in 5 survey respondents overall — and 1 in 4 millennials — said they have switched banks in the past because of poor in-branch service.

Other findings from the survey:

• Nearly half of consumers said waiting more than five minutes for service was unreasonable.
• Poor customer service was the top reason consumers switched to a new bank; others included closure of the branch nearest them (14 percent), fraudulent bank account activity (9 percent) and safety concerns (9 percent).
• A majority of consumers (98 percent) felt most secure when conducting transactions at their local banking branch, compared with 92 percent when conducting transactions online and 85 percent using a mobile phone app.
• Half of consumers said they had walked away from an ATM without conducting their intended transaction because someone was loitering in the vestibule.
• Fifteen percent of consumers experienced fraudulent bank account activity in 2016; 85 percent of these consumers were satisfied with the response by their financial institution.
• Sixty percent of consumers noticed a fraudulent transaction before their financial institution did, indicating an opportunity for banks and credit unions to be more proactive when it comes to identifying potential fraud and notifying customers about it.

See additional survey results and relatedinfographics.