IBS Journal June 2017
21
and they are less likely to expect full compensation if they were to be the victim of a scam (75% vs 82%).
As customer centricity continues to be a key focus for many financial institutions, our research has also revealed priorities which people have in mind when choosing an account. Almost 50% of respondents viewed security as one of the top three most important factors in the decision-making process. This came in third behind a recommendation from family or friends (53%), and good interest rates (58%), but also above perks such as insurance (9%) and size of the overdraft facility (11%). Banks therefore need to ensure that their offer covers as many of the leading priorities as possible, in order to appeal to their current and potential customers.
While consumers continue to worry about the security in place from their bank or building society, our research has also shown that this is not fully in tune with their sense of personal responsibility. 19% say that their bank details aren’t secure enough, with 29% admitting they use the same password for multiple accounts, and a further 13% sharing their full account details in texts and instant messages. This behaviour, which conflicts with the concern that consumers have shown regarding cyber security earlier on, brings us on to a bigger issue of consumer education.
Our research has shown there is a clear gap in consumer understanding. While customers view the banks and financial institutions as the gate-keepers to their security details, they are underestimating the impact their own behaviour has on their safety. This behaviour not only puts customers at higher risk of online and offline fraud, but puts pressure on the banks to handle fraud cases that could have been prevented.
Understanding what consumers view as safe and unsafe is the first step for banks and financial institutions to improve the education of their customers. By pinpointing the exact activities, such as texting account details, or recycling passwords across accounts, banks can tailor their information for those actions, and keep their customers informed of ways to stay safe.
Finally, the financial sector shouldn’t underestimate the importance of their cyber security to their customers. As our research has shown, consumers won’t hesitate to switch providers should their accounts be compromised, and they value a good security reputation as part of their top three priorities when looking at new accounts. Financial institutions should then use this insight to help them treat cyber security as a positive asset for their business, rather than a ‘behind the scenes’ operation.
www.ibsintelligence.com
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