Banking Poor Service And Security Issues


If you’re not making your people feel valued and safe — whether online or at a physical branch — you could lose them to a competitor.

Consumers have high standards when it comes to account security and fraud prevention. According to a study by March Networks, nearly one in ten of those surveyed switched banks due to security concerns, and half of consumers say they have abandoned an ATM transaction because someone was hovering nearby. One in five U.S. consumers also say they have changed banks due to a negative customer service experience.

According to the survey, three in five consumers spotted a fraudulent transaction on their account before their bank. With the prevalence of account fraud in the Digital Age, today’s consumer expects their institution to notify them, not the other way around. People expect real-time notifications when fraud is suspected, and once recognized, they expect to have the situation resolved promptly. Fall short in any way, and they will be primed to switch.   MORE

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