80% of US consumers will remain digital banking customers post-pandemic: FICO study

FICO released its Digital Consumer Banking and Fraud Survey on Wednesday, which showed the majority of U.S. consumers intend to remain digital bankers post-pandemic. As the number of digital bankers increases, so does the number of potential scams.

The study found that 72% of US consumers feel adequately protected by their banks against fraud, despite the US having the highest reported fraud rate among global respondents. Consumers’ overconfidence in banks could harm their financial health, according to FICO.

The global portion of the survey – conducted with 12,028 participants in 12 countries – found that 46.3% of US respondents reported real or suspected bank fraud.

“Research suggests that consumers around the world and in the United States may be too complacent about the risk posed by some fraudsters, with only 5% worrying about real-time payment fraud and few willing to accept new fraud management measures if it creates too much friction in the buying process and affects the customer experience,” the company said in the statement.

Banks will need to continue to promote financial literacy and best practices as they increasingly emphasize digital banking. JD Power has found that how competent consumers feel about technology and the transparency of banks are directly related to customer satisfaction.

FICO found that 28% of US consumers will switch banks if they are unhappy with how their bank responds to fraud. How banks implement anti-fraud measures and respond to instances of fraud will continue to be of great importance as the number of digital banking customers grows.

“Even if consumers are not overly concerned, financial institutions must always be on their behalf. Organizations will need to continue to adapt and evolve to combat existing and emerging fraud threats. At the same time, they must balance carefully managing fraud with maintaining customer trust and delivering frictionless digital and in-person customer experiences,” FICO Chief Marketing Officer Nikhil Behl said in the press release.

The study found that 28% of US consumers are worried about their identity being stolen and used to open new accounts, 26% are worried about account takeover, and 22% are worried about credit card fraud. credit. 46% of consumers said they had been victims of fraud in the past.

“The survey reinforces that banks need to strike the right balance between implementing security measures to prevent and manage fraud, without disrupting customers’ online experience,” the company said.

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