This report provides an in-depth analysis of the trends transforming the financial services industry, and explores how businesses can stay relevant and profitable.
Included are key findings from 5.9 billion financial services transactions protected by TransUnion, 1,604 consumer interviews both in the U.S. and the U.K. and the impact of fraud on consumers’ perceptions and buying decisions.
In this report, we address three market drivers in financial services:
- Consumer trust is a competitive differentiator.
39% of consumers surveyed have closed a financial services account due to security and fraud concerns. Meanwhile, 76% report the most important factor when choosing a financial services account is security and privacy.
- Fraud is going mobile, mirroring consumer behavior.
In the first half of 2019, we saw 50% of risky transactions originating from mobile devices, up from 41% in 2018, and 21% in 2017.
- Customer satisfaction is driven by mobile platforms.
Of the consumers surveyed, 60% were deterred from opening an account via a mobile device because of the hassle and slowness of filling in the application forms.