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Three Ways Banks Support Consumers’ Financial Well-Being
Throughout Financial Literacy Month, the Consumer Bankers Association (CBA) is highlighting how America’s leading banks are making banking easier and safer for consumers through digital banking innovations, real-time alerts, and security features to help combat scams and fraud.
“During a time of economic uncertainty, we’re especially proud Americans value the convenience and security features bank are developing and improving each and every day,” said CBA President & CEO Lindsey Johnson. “America’s leading banks are working hard to ensure the banking experience constantly evolves to meet consumer’s needs. You can count on us to continue to innovate and lead the financial services industry in this space.”
Here are three ways banks are working to support consumers’ financial well-being:
- Mobile applications. Banks are investing in technology to make banking more convenient and to provide consumers with tools to take greater control of their personal finances. In fact, a recent CBA survey found 80 percent of Americans believe mobile banking is an important tool – including to conveniently transfer money between accounts, deposit checks, and pay bills online.
- Email and text notifications. Banks offer a variety of tools to help you make informed financial choices, for example low-balance alerts or deposit alerts. The CBA survey found nearly three quarters of Americans (71 percent) find these tools “extremely” or “very” important services provided by their bank – especially warning notifications before completing a transaction and fraud alerts.
- Security features to help combat online scams and fraud. Banks invest billions every year and take significant steps to prevent, detect, and mitigate scams, including offering two-factor authentication. The CBA survey found an overwhelming majority – 8 in 10 Americans (83 percent) – believe banks are doing a good job helping them avoid scams.
The full survey results were released by CBA on March 27, 2023. The survey was conducted by ClearPath Strategies from February 24 – 28, 2023 and included 1,197 adults across the U.S., representative by geography, age, gender, education level, and race.