BANKS' RESPONSE TO THE 'CHOICE' SURVEY ON ONLINE BANKING

While there are many positive results for banks, the ‘Choice Money and Rights’ survey itself and the ACA media release does not provide an accurate representation of internet banking safety and customer experience.

The survey methodology is not disclosed, however the survey form issued to Choice readers reveals some significant methodological shortcomings.

The survey questions did not specify timeframes, ask whether problems were resolved or even enquire into the nature of the transaction. All of this is essential information to provide an accurate representation of online banking safety and customer experience.  Only ‘Choice’ readers were surveyed and, within this group, self-selection is likely to  have biased results. In surveys of this nature, self-selection is often known to bias results towards those who have bad experiences compared to those that have only had good experiences. 

Confidence in the integrity of the banking system, particularly the payments system, is essential to the economy. Researchers should take care to ensure their statements and conclusions are based on rigorous analytical and statistical methods.

David Bell, Chief Executive of the ABA, said: “Banks and the ABA have been communicating with their customers on how they can protect themselves from Internet fraud attempts perpetrated by criminals. More information on how you can protect your home computer can be found in your banks’ security guide which is usually published on their websites.”

“In addition, if a fraudulent transaction does occur, consumers have important protections  through the Electronic Funds Transfer (EFT) Code with which ABA member banks comply.”