Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Banking

New Study Finds 70% of Consumers Would Leave Their Bank For One That Properly Identifies Themselves When Calling

Published : , on

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.

Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post