Security

Survey reveals fraud protection the top concern for customers selecting financial service provider

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March 11, 2024

A FICO survey revealed that 69% of consumers say fraud protection is one of their top three considerations when selecting a financial service provider. In addition, 65% of customers say branches provides good information and service, according to a press release.

Only 28% of customers said that finding information and advice is a major advantage of using an app to open a financial account. Other findings include:

• Approximately a quarter will abandon opening an account if identity verification is too difficult.
• 32% said strong fraud protection is the most important consideration when opening a new account.
• 76% say they prefer to open an account in a branch.

"Financial institutions must work harder to meet customers where they are – whether in person or through digital and in-app interactions. By deploying an intelligent, multi-channel communication approach to support customers, banks can deliver personalized, timely services while increasing consumer trust," Adam Davies, VP of product management at FICO, said in the release.