Consumers feel more protected from fraud, identify theft with physical banks: survey

No one likes to get scammed, and financial institutions and companies across the board need to make sure their customers won't.

When it comes to physical spaces, mixed-use developments are increasingly popular, and it turns out management companies might benefit from ensuring IRL banks are part of the picture when constructing their portfolios.

FICO released new survey data from 1,000 Americans on how their banking experiences need to be managed and improved, and things like fraud and identity protection came out on top when it comes to maintaining trust with customers.

• A majority of consumers (69%) said fraud protection ranks among the top three considerations when selecting a financial services company.
• Nearly the same number (65%) said services from brick-and-mortar banks are still valuable.

The world is increasingly more digital, but when it comes to banking and finances, consumers are less willing to take risks: 28% of respondents said that apps are useful in finding information and advice. That figure is 24% for websites. On the other hand, 65% said face-to-face interaction when seeking advice is one of the main perks of banking at a branch.

• And although 37% are more likely to open a digital account, according to FICO, roughly 25% said they’d ax plans to open an account if identification took too long or was too cumbersome.

“Financial institutions must work harder to meet customers where they are—whether in person or through digital and in-app interactions,” Adam Davies, VP of product management at FICO, said in a statement.