CUSN Survey Explores Offering Convenience Via Shared Branching
DENVER, Colo.-A shared branching survey conducted by the Credit Union Service Network (CUSN) revealed many facts about CU members who utilize shared branching as a delivery channel for CU services.
CUSN said the results point to several conclusions: shared branching is an important delivery channel as evidenced by the frequency of use, members continue to utilize shared branching as a delivery channel once they have discovered its convenience, and users of shared branching are profitable members as evidenced by the number of accounts they hold with their credit union.
Among the findings:
* 32% of members visited shared branching service centers four or more times per month, 27% said twice per month.
* 53% reported they had been using service centers for one to five years and only 25% of members said they had been using shared branching service for less than one year.
* 25% of the dollars that passed through shared branching were withdrawals; 69% were deposit dollars.
* 80% of the members surveyed reported having two or more accounts with their credit unions; 46% of members reported three or more accounts with their CUs.
* 89% of members surveyed reported that the service received was excellent; the remaining 11% reported that good service was received.
* 56% of those surveyed were women, 44% were men.
For info: www.cusn.com
Few FIs Use Secure Delivery System To Transmit Confidential Documents
MINNEAPOLIS-Only one-third of financial institutions using the Internet to send confidential documents are doing so using a secure electronic document delivery solution, according to a recent survey by Wolters Kluwer Financial Services.
Nearly 62% of the 347 credit unions, banks and mortgage companies responding to the survey said they are using the Internet to transmit confidential documents. Of those institutions, however, only one-third said they are using a secure electronic delivery solution. Approximately another third are using traditional e-mail, which does not encrypt customer data. The remainder use less secure document delivery methods such as password protected e-mail and websites, regular or overnight mail, or are not sure of the method they use. The increase in awareness among consumers related to identity theft means having a secure method of transmitting such documents could be an important point of differentiation, the company said.
For info: www.wolterskluwerfs.com
Survey Finds ATM Security A Big Concern Among U.S. Consumers
CHARLOTTE, N.C.-A recent study found 67% of U.S. adults who have a primary financial institution with ATMs would be at least somewhat likely to switch financial institutions if their primary institution suffered an instance of ATM fraud or data breach.
Further, nearly one in four (24%) would be likely or very likely to consider switching primary financial institutions in the case of an ATM security compromise.
The study, conducted by Harris Interactive on behalf of Level Four Americas LLC, suggests financial institutions are in jeopardy of eroding consumer loyalty with each instance of fraud at an ATM. "Because consumers rely on financial institutions to safeguard their privacy, allowing fraud to occur at any level is unacceptable. Investments in technology solutions that assist financial institutions in the elimination of security breaches pay for themselves many times over," said Level Four Americas President Steven Lund.
For info: www.levelfour.com or www.harrisinteractive.com
