Survey: Customers prefer security over service when choosing banks

More Americans value fraud protection over customer service when choosing to open a new banking account, according to a new survey by analytics firm FICO. Thirty-three percent of respondents ranked “good fraud protection” as their top consideration when opening an account, with 71% placing it in the top three. A close second was “ease of use,” with slightly more than 30% listing it as their top consideration. Less than 10% of respondents listed “good customer service” as a top priority. A financial institution’s environmental policies ranked last in customer concerns.

Respondents also were polled on their attitudes toward different identity verification measures. A quarter of respondents said they would abandon opening a checking account if identity checks were too difficult or time-consuming. Biometrics were a favorite security choice for respondents, with 67% either liking or having a strong preference to use fingerprints. Respondents also expressed strong preferences for face scans, usernames and passwords, and passcodes sent via text messages.