Banks are too slow to react to reports of fraud, says Adeptra survey

When customers report suspicious activity on their account, the banks are worryingly relaxed about it, according to a recent survey of account holders commissioned by Adeptra, which develops automated customer contact and resolution.
 
The survey of 200 British account holders from various UK banks found that almost all respondents (98%) would like their bank to notify them of potentially suspicious or fraudulent behaviour on their account within one hour.
 
Adeptra conducted the survey in central London during August 2010 to understand the perception of communications between banks and their consumers, and how service expectations are changing in line with technology and consumers’ contact preferences.
 
The survey revealed some insight into consumers’ perceptions of effective communications: when asked if they would prefer to receive an automated message directly from their bank or a voice call from an outsourced agent, an overwhelming four out of five respondents (81%) said they would prefer to receive an automated message directly from their bank.
 
The majority (94%) said they would want to be contacted by an automated communication, including automated voice, SMS or email, if a live voice call from their bank was not possible.
 
Bill Brown, Director of Global Product Strategy for Adeptra said: “Technology is not about broadcasting to consumers or even ‘one touch’ communications to resolve a single problem.  It’s about building relationships and responding in a timely, personalised and relevant manner.  Consumers know this, and as this snapshot shows, they want their banks to use technology to communicate with them, resolve problems and to increase their service satisfaction.  It’s up to banks to understand this, and to seize the opportunity to deliver consistent customer service based on a full view of the customer.”
 
Of the 200 British consumers surveyed, more than one in ten (93%) said their bank had contacted them with regard to potentially fraudulent of suspicious activity on their debit or credit card.
 
With regard to resolution, only eight percent said their bank had resolved the issue that caused the fraudulent concern and notified them within one hour, with almost two thirds (62%) stating it had taken up to 12 hours, and almost a quarter (23%) saying it had taken between 12 and 24 hours.   Eight percent said it had taken their bank more than a day to resolve the situation.
 
Tony McGivern, CTO for Adeptra said: “Across industries – finance, utilities, retail – consumers are looking for quick, accurate and trustworthy communications, which is why automated solutions have gathered such popularity both with forward-thinking businesses and with consumers. Technologies such as real-time Auto-resolution solutions meet these requirements and play a key role in customer service strategy by not just resolving any customer problems but optimising the entire customer experience.” 
 
Adeptra is a leading provider of Auto-resolution services for companies engaged in consumer credit and risk management, including banks, retailers and utilities. Its technology is relied on by nine of the top 10 UK card issuers, eight of North America’s top 10 financial institutions, and three of the top four Australian banks.