The Consumer Bankers Association has released the results of a national survey that looked at how consumers value banking services and innovation.  The survey was conducted in February 2023 and included 1,197 adults across the U.S., representative by geography, age, gender, education level, and race.

Key survey results included the following:

• 83% of respondents believe banks are doing a good job helping them avoid scams.

• Nearly three quarters of respondents (71%) indicated banks’ scam prevention and security tools are “extremely” or “very” important, including warning notifications before completing a transaction or email alerts about potential fraud.

• The vast majority (80%) of respondents indicated that “mobile banking for convenient transfer of money between accounts, depositing checks and paying bills online or with your smartphone” was extremely important (55%) or very important (25%).

• The most frequent-or-occasionally used tools include a mix of both convenience-related tools and innovation and security tools and features as follows:
  • 80% (58% frequently): Mobile banking for convenient transfer of money between accounts, depositing checks and paying bills online or with your phone
  • 67% (39% frequently): Enhanced account security like 2-factor authentication
  • 58% (31% frequently): Enhanced account activity alerts and monitoring such as texts to confirm and approve purchases
  • 56% (25% frequently): Scam prevention including warning notifications before completing a transaction or email alerts about potential fraud
  • 49% (29% frequently): Text or email notifications about your account balance if it runs too low

  • 39% (16% frequently): Online tools such a spending analyzers to track how you spend money each month, and financial planning and budgeting tools

The survey results show that consumers do not place responsibility on banks for fraud and instead view banks as proactive in combatting fraud.  Given consumers’ actual experiences with their banks, any regulatory actions to expand bank liability for fraudulent transactions would be unwarranted and unfair. 

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