News and Announcements
Read our news releases, announcements and media coverage.
Second, annual survey reveals how consumer perceptions are influencing where they choose to bank
OTTAWA, ONTARIO – March Networks®, a global provider of intelligent video solutions, today announced 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 earlier this year, 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 5 or more fraudulent incidents in the 12-month period, and 9% reported switching banks in response. Still, a clear majority of consumers – 92% – were satisfied with how their financial institution handled fraudulent activity, and 25% 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 5 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:
“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,” said 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.”
For nearly two decades, March Networks’ intelligent video solutions have helped many of the world’s leading banks and credit unions address real-world business challenges efficiently and cost-effectively. More than 500 financial institutions rely on the company’s solutions to enhance security in their banking branches, corporate facilities and at ATMs; proactively identify and reduce losses from theft and fraud; and improve operations and corporate policy compliance. Financial institutions are also realizing significant improvements in customer service, workforce management and operations using March Networks’ video-based business intelligence software, which integrates video with transaction data and highly-accurate analytics.
See additional survey results online and view the Banking on Customer Service and Banks and Video Surveillance infographics.