Two thirds of bank customers expect their bank to replace any money that was taken via a scam, a comprehensive consumer study by consultancy Publicis Sapient has found.
“Our research found that almost all Australians (98 per cent) want their banks to help them if they were to fall victim to a scam” the Customer Banking Report 2024 observes.
“What was clear from the research was the emotive impact of scams on the respondents. To delve deeper into this matter, we explored the effectiveness of banks in responding to scams.
“Encouragingly, just over half (58 per cent) of those who were a victim of a scam found their banks to be helpful when providing them assistance during this challenging situation.
“Despite this, 42 per cent of customers expressed dissatisfaction with the support experience itself, particularly commenting on slow response times.”
Overall, most Australians are confident in their bank’s security and fraud prevention measures, the report finds.
“Customers trust their banks and their processes to avert potential cases of scams
or fraud, however 17 per cent of customers are either not confident or not at all confident.”
The Publicis Sapient shares extensive data on views around the use and future of cash.
The research found that more than three in four customers still carry cash on them, and this is higher amongst those who frequently visit banks and increases again among the elderly.
When asked whether branches should continue to offer cash services, 70 per cent opposed banks eliminating cash services from branches.
Publicis Sapient surveyed more than 5000 Australians.