Posts Tagged ‘financial institution’

PNC Has the Edge in Bank Customer Satisfaction

Posted on October 12, 2017 by Laura Lam

National retail banks have invested heavily in digital transformation and marketing initiatives designed to position themselves as the best one-stop shops for all consumer banking, credit card, loan and investment needs. When it comes to real-world customer satisfaction, though, the biggest drivers of success are low problem incidence and consistency across all lines of bank business, according to the inaugural J.D. Power 2017 National Bank Satisfaction Study. In the complex field of competition among the nation’s biggest banks, Pittsburgh-based PNC just edged out New York behemoth Chase Bank – the nation’s largest bank with more than $2 trillion in assets…

Banks Design Apps for Non-Customers

Posted on July 26, 2016 by Laura Lam

A couple of financial institutions have recently created mobile apps available to anyone as a way of engaging with people through their phones. The institutions are hoping that the apps will build trust with their users and those users will eventually become customers. Assuming they have credit scores, any consumer can get their 3-digit numbers using the CreditWise app from Capital One.  Ally Bank has been testing a financial health app called Splurge Alert that anyone could sign up to try. The general apps follow a slew of fintech apps that have entered the market to crunch financial data and…

Most Consumers Will Take Business Elsewhere if Hacked

Posted on June 30, 2016 by Laura Lam

A recent study commissioned by Centrify found that 66% of adults in the U.S. are at least somewhat likely to stop doing business with a company that has suffered a cyberbreach. Less than half of Americans are very satisfied with how corporations handle cyberbreaches. The study surveyed people across the U.S., UK, and Germany and also found that most consumers believe businesses are almost entirely to blame for corporate hacks: 41% of adults in the U.S. hold corporations fully accountable and feel they are not taking enough responsibility when data breaches do occur. To some degree, most adults accept hacking…

Bank Reputation: Regionals Score Tops; Big Banks Improve

Posted on June 29, 2016 by Laura Lam

The reputation of the banking industry as a whole nudged up to 67.1 on a 100-point scale, helped by an improving economy. The score is just average, by the Reputation Institute’s reckoning, but that is not so bad for an industry devastated by the financial crisis in recent memory. “We’ve seen some improvements broadly around financial services, but there’s still a hangover effect from the Great Recession,” said Stephen Hahn-Griffiths, a vice president at the Reputation Institute.  To put things in perspective, banking is still below other industries the Reputation Institute tracks, including health care and energy.  But it has…

The Rebirth of Big Banks

Posted on November 13, 2014 by Saldutti

It’s been nearly six years since the bankruptcy of financial giant Lehman Brothers, an event that triggered a chain reaction of Chapter 11 filings from some of the biggest banks on Wall Street and pulled the country into the Great Recession. More than half a decade out, as the country limps to recovery, it’s understandable that many are still wary of big banks. In spite of this, public opinion is shifting – particularly among the wealthy as we learned in yesterday’s post.  A recent Nielsen survey found that the reputation of big banks has improved significantly in the last several…

Mobile Check Deposit May Carry High Fraud Risk

Posted on June 17, 2014 by Saldutti

For consumers, snapping a smartphone photo of a paper check is a fast and convenient way to make a deposit. But it’s also a common way to commit fraud. That’s according to a new report on check cashing by the Center for Financial Services Innovation. Fully 10% of people who used their cell phone to deposit a check had it returned to the originating institution due to fraud, the research found. Moreover, returned check rates were more than twice as high for checks deposited using mobile phones as they were for other check-cashing methods, such as going to a store…

Visa & MasterCard Announce Payment Security Working Group

Posted on March 18, 2014 by Saldutti

MasterCard and Visa have announced the formation of a new cross-industry group focused on enhancing payment system security to keep pace with the expectations of consumers, retailers and financial institutions. The group will initially focus on the adoption of EMV chip technology in the United States, in addition to addressing other security-related topics, including tokenization, point-to-point encryption and broader needs of the region. “One of the critical roles we play is to protect consumers and businesses against criminals and fraudsters,” said Chris McWilton, president of North American Markets, MasterCard. This new group will include a diverse group of participants in…

Safer to Swipe? Debit vs. Credit Cards

Posted on February 05, 2014 by Saldutti

Not all plastic is the same when it comes to safeguarding consumers. Both debit and credit cards offer solid protection to account holders. But credit cards provide an extra layer of defense because they’re not directly tied to your checking or savings account. In the event of theft or fraud, you’ve also got a better chance at getting your money back if you paid with a credit card than if you paid with cash. An added bonus: you can bank valuable rewards points for yourself. Fraudulent charges on a credit card can be reversed in 24 hours or less, but…