Published by linker 5
Posted on November 6, 2020
3 min readLast updated: January 21, 2026
Customer service challenges, preferences and pain points with financial institutions revealed by First Orion survey
Consumers value convenience and the ability to use technology to contact their bank, but when it comes to being contacted, a phone call is still preferred. According to a new study released today by First Orion, a leading provider of communication transparency solutions, 92% of the 2,000 respondents said it was extremely or very important to be able to speak with a live person at their primary financial institution. Ironically, a staggering 66% of survey respondents report missing calls from their financial institution because they didn’t recognize the phone number. The research report highlighting the findings of the survey “Financial Services Market Report” can be downloaded here.
Quite often, consumers ignore unidentified numbers because they assume they are from an unwanted caller or part of a scam. And despite the fact unidentified callers are sometimes wanted and pertinent, it doesn’t change how the call is (or is not) accepted. This behavior impacts both consumers and brands, and has a particular impact in the financial services industry.
As growing consumer demand for technology and digital innovation grows, an increase in security threats around banking and financial institutions follows. When asked to rank the most secure form of communication with their primary financial institution, more than one-third (34%) of respondents stated that they believe a phone call is the most secure, more than twice as secure as mobile banking (18%), email (18%) and text/SMS (12%). Given the security, it’s no surprise that this only increases when the bank is calling around an urgent matter, where 86% of respondents said they prefer to speak with a live person instead of text or an alternative message.
Not only did 92% agree it was very or extremely important that their bank clearly identified themselves by name when calling, but 70% also stated that with all other things being equal, they would leave their bank for one that could offer this service.
“Our research shows that the key competitive difference – the tipping point – between financial institutions is the sense of security and transparency,” said Viki Zabala, chief marketing officer at First Orion. “When it comes to their money, consumers want their bank to call to discuss sensitive matters, but without key information available when the phone rings, such as who is calling and why, consumers won’t even answer. The branded phone call gives customers peace of mind as to who is calling and that, oftentimes, is the deciding factor in customer satisfaction, retention and ultimately, loyalty.”
The top reasons consumers stated they would prefer a phone call over other forms of communication include:
Suspected fraud (36%)
Financial planning (36%)
Information about a new loan (32%)
Investment opportunities (31%)
Existing money transfer (30%)
Branded calling is a breakthrough marketing technology that enables companies to display their name, logo, and reason for calling prominently on the call recipient’s mobile device so the caller is instantly recognizable. It alerts the receiver as to the purpose of the call, so the interaction – and conversation – can begin before the call is even answered.
Explore more articles in the Banking category
