Skipton Building Society has opened a new flagship branch in Cheapside, London, as research shows a growing appetite for in-person banking advice despite the rise of digital services.
In-person support for finances has risen by 33%, according to research. In the past decade, 69% said their local bank or building society branch has closed.
Demand for Human Support
Despite the push towards digital services, appetite for a high-street presence remains strong. A poll of 2,000 adults found 58% said they find it easier to discuss their financial options with a person, whether in person or via video call.
The research from Skipton Building Society found 40% of people would love to see more physical bank or building society branches opening near them.
The figures come as the building society, which has 82 branches nationwide, opened a new flagship branch in Cheapside, London, as part of its commitment to maintaining a presence on the high street.
CEO Comments on Branch Opening
Jasvinder Gakhal, CEO Money at Skipton Building Society, said: "Digital services have transformed how people manage their money, making many everyday financial decisions quicker and easier, but our research shows there is still a real appetite for human support."
"When people are making important decisions about their finances, they often want the reassurance of being able to talk through their options with someone and get support that's tailored to them."
"That's why we believe there is still an important role for branches on our high streets. The opening of our new Cheapside branch is about giving people that choice, whether they want to manage their money digitally or come in and have a conversation face-to-face."
Young People and AI Usage
This appetite for a physical presence isn't confined to older generations, as 67% of 18 to 24-year-olds prefer to discuss their financial options face-to-face.
However, while young people want human conversations about their financial options, they are still heavy users of AI for money questions, with 81% using the tool for money, savings and mortgage queries.
Four in ten use AI tools weekly, with a further 15% using AI to answer financial questions every day. But when it comes to more complex financial questions, human interaction remains important.
Just 13% would choose an AI tool providing instant answers, compared with 39% who would rather speak to someone face-to-face. Another 27% would prefer speaking to someone on the phone, showing further requirement for inter-personal conversations.
Trust remains an important factor, with 39% saying they don't trust AI very much, or at all, when making significant financial decisions.
Jasvinder Gakhal from Skipton Building Society added: "People are increasingly comfortable using technology and AI to help manage their money, but that doesn't mean they want human support to disappear."
"It's about giving people choice and making sure they can speak to someone when they need to, particularly when making bigger or more complex decisions about their finances."
"We're looking forward to welcoming new and existing members into our new Cheapside branch, as well as continuing to be there for people across all of our 82 branches when they need us."
