Skipton Building Society has opened a new flagship branch in Cheapside, London, following research that found most people still prefer discussing their finances face-to-face despite the rise of digital banking.
The building society, which operates 82 branches across the country, said demand for in-person financial support has increased by 33%. Over the past decade, 69% of people reported that their local bank or building society branch has closed.
Research shows strong appetite for human support
A poll of 2,000 adults found that 58% feel more comfortable discussing their financial options with another person, whether face-to-face or via video call. Research conducted by Skipton Building Society also revealed that 40% of people would welcome more physical bank or building society branches opening in their area.
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."
Younger generations also value in-person advice
The desire for a physical presence extends beyond older generations, with 67% of 18 to 24-year-olds preferring to discuss their financial options in person. However, young people remain heavy users of AI for money questions, with 81% using AI tools 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 for more complex financial questions, human interaction remains important. Just 13% would use an AI tool to provide instant answers, compared with 39% who would rather speak to someone face-to-face. Another 27% would prefer speaking to someone on the phone.
Trust remains key in financial decisions
Trust remains an important factor, with 39% saying they do not trust AI very much, or at all, when making significant financial decisions.
Gakhal 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."
The new flagship branch on Cheapside is part of Skipton Building Society's ongoing commitment to maintaining a high-street presence, with the society saying it looks forward to welcoming new and existing members across all of its 82 branches.
