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The Trust Factor: Turning Fraud Challenges into Customer Loyalty Opportunities
Trust is the foundation of customer relationships, but as fraud incidents rise, financial institutions must do more than just resolve disputes—they must actively build confidence throughout the process. Quavo’s Trust in Banking Consumer Study surveyed 1,000 fraud victims to understand how financial institutions’ handling of fraud impacts trust, loyalty, and long-term customer value.
The findings reveal key opportunities for banks to turn fraud resolution into a competitive advantage.
- 73% of consumers say their loyalty is heavily influenced by how their bank handles fraud disputes.
- Transparent fraud resolution processes foster confidence, increasing retention and engagement.
- 71% report losing trust in their institution when dispute resolution timelines are lengthy.
- Financial institutions can improve customer assurance with automated solutions, clear communication, and fair, efficient dispute handling.
