Bad Branch Experience Drives More FI Switches Than Fraud

on 10:54 AM

Credit Union Times reports on a survey by March Networks that reveals that almost one in five consumers experienced fraudulent bank activity in 2017.  Still, according to the survey, poor service and branch cleanliness were bigger reasons for consumers to switch financial institutions than the amount of fraud they experience.

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.


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