Consumer finances today largely exist online. More than 60% of consumers reported using a banking website and mobile app, according to The Psychology of Waiting survey, commissioned by Volt Active Data and conducted by VansonBourne. 19% reported using an investment app as well. However, the survey reveals that as finances become digital, consumers expect their banks to be as fast as the web. 94% of respondents want access to all of their transaction and investment performance information 24/7. While this expectation is not surprising, this is only a prelude to more stringent requirements. Over 80% expect transactions to appear on their app in under 2 hours — 50% expect transactions to appear immediately. Consumers want their accounts to be available and correct at all times, and expect them to keep up with the speed of ecommerce.
Fraud is another area where consumers just can’t seem to wait. Over 60% of consumers expect to be notified of a potentially fraudulent transaction the instant it is caught. Similar to having all their information available at all times, consumers want to know everything related to their account at all times. How quickly do they expect banks catch potentially fraudulent transactions? For 73% of respondents, the answer is “immediately when one occurs.” Both of these statistics point towards the need to move to real-time fraud detection.
With consumers expecting their financial services to move at real-time, there are very real risks of falling behind. 60% of consumers say that they would think about changing banks if they caught fraud before their banks did — with 30% of those saying they’ve already done so in the past. The infrastructure of yesterday simply cannot meet the demands of today’s consumers, and financial institutions will actively lose customers if they fail to meet the instantaneous expectations of consumers.
Learn more by downloading the full survey report, reading our infographic, or watching our pre-recorded webinar, Fast Data in FinServ – Key Trends to Maintain a Competitive Edge. Also, check out how Huawei is using Volt Active Data to stop fraud in its tracks.