By: Joe Gillen
When it comes to their most trusted and secure banking products, consumers choose to rely on ATM transactions and online banking over mobile platforms and alternative services, new research shows.
Bank and Systems Technology recently cited the findings of a BT Global Services study, which revealed that consumers trust ATM's, self-service kiosks and online banking more so than mobile banking technology. In fact, only 13 percent of respondents said that they have more confidence in mobile banking than other channels. Similar results were given for social media, with only 17 percent of users saying they prefer to interact with their bank through this method.
The results underscore the need for banks and credit unions to highlight the security measures they are taking when developing mobile applications. Studies have shown that concerns over mobile security are a contributing factor to many consumers' hesitancy in using these services. Some financial institutions are combating these fears by implementing new innovative security measures. For example, one bank is piloting a security program that uses facial recognition and voice technology to allow users to log in to their accounts, according to American Banker. The institution will market this program as another security layer to preventing fraud and identity theft.
Banks and credit unions should follow suit by implementing strategies - whether it's new technology or a security pamphlet - that demonstrate to consumers the high level security of mobile technology.
Study also demonstrates importance of in-branch communication
As consumers listed kiosks and other in-person banking modes as their list of top-trusted communication methods, it's important that banks focus on providing a positive customer service experience to increase retention and satisfaction.
"Banks must be careful not to lose sight of the need for human contact in either the branch or via a local call center agent," said Tom Regent, BT Global Service's president of global banking and financial markets, according to Bank Systems and Technology. "Our research shows that these continue to be customers' most trusted and preferred channels."
Banks and credit unions can achieve this in a number of small ways, such as greeting customers at the door and by name, offering complimentary coffee and donuts and sitting down with customers and members to discuss their needs. Customer satisfaction studies show that it's typically these small gestures that have the largest impact on a person's customer service experience.