Survey results also show that a continued focus on the customer experience remains critical for banks and credit unions when it comes to retention. One in 5 respondents confirmed that they had switched banks in the past year because of poor in-branch service. Further, 70% said they would consider switching banks if their local branch did not appear clean and tidy – with that number rising to 77% for consumers living in households with children.

In addition, consumers' banking choices are influenced by how secure they feel when conducting transactions, either in their local branch, at an ATM or online. A majority of consumers (98%) felt most secure when conducting transactions at their local banking branch, compared with 93% when conducting transactions online and 83% using a mobile application.

Further, half of consumers reported that they did not conduct an ATM transaction at least once in 2017 because someone was loitering nearby, putting the onus on banks and credit unions to increase monitoring capabilities around their ATMs or risk losing business.

Other key findings from the survey reveal that:

• While consumers are banking online and via mobile apps, nearly three quarters also banked at their local retail branch, similar to the year previous. More Millennials –72% – reported visiting their local branch in 2017, versus 61% in 2016.

• 63% of consumers noticed fraudulent activity on their account themselves, while 37% were notified proactively by their bank or credit union.

• 46% of consumers said waiting more than 5 minutes for service in retail branch is unreasonable.

• The vast majority of consumers support visible video surveillance in their bank or credit union. More than 90% feel that surveillance cameras deter crime, and 96% agree that video surveillance is an important contributor to solving crimes quickly.

"Consumers today are engaging digitally with their financial institutions more often, but are also frequently turning to in-person services, and have high expectations when it comes to service and security," said Peter Strom, President and CEO, March Networks.

"Understanding consumer perceptions and how they influence where consumers choose to bank is important for all financial institutions – especially when it comes to strategic planning and the dramatic transformation many institutions are currently undertaking to increase their competitive position."

For nearly two decades, March Networks' intelligent video solutions have helped many of the world's leading banks and credit unions address real-world business challenges efficiently and cost-effectively. More than 500 financial institutions rely on the company's solutions to enhance security in their banking branches, corporate facilities and at ATMs; proactively identify and reduce losses from theft and fraud; and improve operations and corporate policy compliance. Financial institutions are also realizing significant improvements in customer service, workforce management and operations using March Networks' video-based business intelligence software, which integrates video with transaction data and highly-accurate analytics.