Survey identifies barriers to banking loyalty

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By: Wise Marketer Staff |

Posted on October 31, 2008

A survey from Secure Identity Systems and Harris Interactive reveals that more than half of bank customers who are worried about the current state of their bank are concerned that their money and identity are not safe.

According to the survey, bank customers with concerns regarding financial institutions are more worried about identity theft than other banking issues, such as bank fees or financial reimbursement if their bank fails.

Among adults who have worries about their bank or financial institution:

  • 40% are worried that they might be subject to identity theft.
  • 39% are worried that their bank might fail given the current financial crisis.
  • 32% feel their bank charges fees that are too high.
  • 31% are concerned that they will not be reimbursed should their bank fail.
  • 35% of bank customers are only "somewhat" or "not at all" confident that their personal information is secure at their bank or financial institution.

When it comes to customer loyalty to their bank:

  • 57% of bank customers surveyed would be at least somewhat likely to switch to another bank if it offered free identity theft protection services.
  • 52% would switch for lower account fees.
  • 26% of bank customers said that they would likely make the switch for free identity theft protection.
  • 28% would switch banks for a US$100 deposit made into their account.
  • 23% would switch for lower account fees.
  • 2% would switch for a digital camera.
  • 6% would switch for an entry into a raffle for a free vacation.

According to Bryan Ansley, CEO of Secure Identity Systems, "This is a tumultuous time for many financial institutions throughout the country, but it's important for banks to recognise the concerns of their customers. The results of our research show that identity theft continues to be an important issue for consumers, even during the strain of the current economic conditions. Bank customers want security for their money and their personal information."

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