Contact Demo

Press Release: 9 in 10 Say Branded Communication Very or Extremely Important from their Financial Institution

2022 Financial Services Report - Press Release

First Orion Financial Services Report Explores Consumer Preference and Experience with Bank Communication Strategies 

Nearly half of consumers prefer being called by their financial institution for urgent matters, but 63% have ignored calls from a financial institution because it was an unrecognized number

NORTH LITTLE ROCK, Ark., May 25, 2022 – First Orion, a leading provider of branded communication solutions for businesses, today announces the findings of its 2022 Financial Services Customer Communications Report. The survey explored more than 6,000 U.S. mobile subscribers’ experiences, preferences and overall sentiment toward their financial institution’s communication practices.

The survey results indicate that 48% of consumers prefer a phone call over an email for urgent financial matters, with email totaling under 14%. If the issue is due to suspected fraud, over half of those surveyed (54%) chose a phone call as their most preferred method of communication, a 14-point increase from 2020. Nearly one-third of people want phone calls for financial matters beyond fraud such as financial planning, information about loans and money transfers. Ultimately, ways that lead to financial service providers increasing their share of wallet with customers.

Despite these preferences, nearly two-thirds (63%) of respondents report having ignored calls from their financial institution because they didn’t recognize the number or it was not properly identified as a call from their financial institution. As a result, over 90% indicated that it is “extremely/very important” that the financial institutions clearly identify themselves when calling them. Moreover, nearly 60% of those surveyed said they would choose a different financial institution over their current one based on the ability to properly verify and identify themselves during an incoming call.

Another survey by First Orion found that 90% of people are uncomfortable answering an unidentified call, which can be attributed to consumers in the U.S. receiving around 110 billion scam calls in 2021 – many from fraudsters posing as financial service providers. As a result, 78% have missed an important call for this reason in the past month.

First Orion’s Branded Communication products, INFORM® and ENGAGE®, digitally enhance businesses’ phone communication by informing call recipients who is calling. With this technology businesses can brand calls with their logo, company name, department and reason for calling on the call recipient’s mobile device at the time of the call and in the call log afterward, increasing the likelihood the customer calls back. For financial services specifically, Branded Communication has helped a top national mortgage lender follow up on digital loan applications. They reported a 51% increase in long-call duration rates, which led to more completed applications when compared to connecting with a non-branded call.

“Financial services providers often need to connect with their customers for urgent matters, and the phone call continues to be the consumer’s preferred method in those situations,” said David Morgan, senior vice president of sales at First Orion. “However, another takeaway from our research is the value the phone call has in scenarios where financial institutions look to increase the share of wallet. For example, financial planning and loan offers. Branded communication allows these providers to rebuild trust in the phone during a time where scammers are targeting their customers with tactics such as illegal spoofing.”

For more information about First Orion and to access the 2022 Financial Services Customer Communications Report, visit firstorion.com/2022-financial-services-industry-report/

###

About First Orion

First Orion Corp. is one of the fastest-growing telecommunications companies and provides industry-leading branded communication and communication protection solutions to mobile carriers and businesses. Branded Communication solutions, INFORM® and ENGAGE®, empower consumers to connect over a branded and verified call and are used by hundreds of companies worldwide. First Orion’s Communication Protection suite offers scam, fraud, and spoof protection solutions to hundreds of millions of consumers and processes more than 100 billion calls annually for T-Mobile, Metro by T-Mobile and Boost Mobile Networks. For more information, visit firstorion.com.

Media Contact

Daniel Tummeley, Public Relations Manager

media@firstorion.com

Stay in the know!

Stay up to date with First Orion! We promise we will never sell your information and to only send you cool stuff to click on!

Related Posts