A third of Britons still prefer to do their banking in person, survey finds [Boss Insurance]

A Third Of Britons Still Prefer To Do Their Banking In Person, Survey Finds

A third of people in the UK would prefer to do all their banking in person, a survey has found, amid a series of closures of new branches of high street lenders who say in-person services are not being used.

People still want to visit their local bank branch to seek human advice amid cost-of-living pressures, although increasingly they can do so digitally, the survey found.

While 44% of over-55s said they would prefer to go to a branch, the survey found that it’s not just older generations who are reluctant to switch to mobile banking altogether.

A fifth of 18- to 34-year-olds said they prefer to do all their banking in person, according to a survey of more than 2,400 banking customers by professional services firm Accenture.

Meanwhile, more cash was processed through the Post Office in March than any month since last September, with the exception of Christmas, when withdrawals are typically at their highest.

New figures from the company showed that over-the-counter cash deposits and withdrawals reached £3.29bn during the month, across its 11,500 branches.

People are increasingly using their local post office to manage their money as banks close branches, often making it “the only place consumers and businesses can bank”, said he declared.

It comes as two of Britain’s biggest banks, NatWest Group and Lloyds Banking Group, last month revealed plans to close more than 80 branches between them across the country.

Lloyds Banking Group closes more branches (PA)

The latest plans mean that in the first three months of this year, banks have already scheduled 213 sites to close, with NatWest closing the most, followed by Barclays.

Nationwide, TSB and Virgin Money also announced a smaller number of closures each.

Banks say they’re cutting branches because they’ve seen big drops in the number of customers visiting as people choose to use their cellphones or computers to manage their money instead.

Many now offer services such as mortgage calculators, mortgage offers before credit checks and online information centers, as well as the ability to switch checking accounts, freeze a card or sign up for new insurance products. savings via mobile applications.

But Accenture research found that a significant proportion of people still want to visit their bank for human advice, from setting up a savings account to taking out a mortgage or loan. life insurance.

Moreover, while 38% of Britons now have a digital-only bank account, only a tenth use it as their primary bank, he found.

People still want the option to visit a branch or speak to staff, or have concerns about data security and financial stability of digital banks, Accenture found.

Tom Merry, managing director of banking strategy at Accenture, stressed that the desire for human interaction and reassurance during branch visits does not come “at the expense” of digital banking.

He said: “Big banks need to balance a fantastic digital experience with human interventions that really matter.

“For some, these can be easily delivered through enhanced branchless remote video and voice experiences.

“But right now, for some, nothing beats being in the room when it comes to complex and confusing financial matters.”

He added that finding the right role for branches in the digital age will be key rather than being “left to wither”.