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.

One in five respondents, on the other hand, switched financial institutions in the past year due to poor branch service, and 70% said they would consider switching financial institutions if their local branches did not appear clean and tidy. For consumers in households with children, that number was 77%.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?

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 and

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

Copyright © 2023 ALM Global, LLC. All Rights Reserved.