Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Almost one in five consumers experienced fraudulent bank activity in 2017, but poor branch service and poor branch cleanliness were bigger reasons consumers switch financial institutions, according to a new survey from video technology firm March Networks and market research company Ipsos. Certain technology strategies could help credit unions battle these issues and keep members loyal, one industry pro noted.

The survey found that fraudulent bank account activity hit 17% of consumers in 2017, up from 15% in 2016. About two-thirds of the time, consumers noticed the activity before their credit unions or financial institutions did. However, just 9% of respondents said they switched financial institutions in response to fraud during the past year.

Tina Orem

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.