Skipton Building Society has opened a new flagship branch in Cheapside, London, as part of its commitment to maintaining a high-street presence. The move comes as research commissioned by the building society shows growing demand for in-person banking services despite the wider shift towards digital.
Research shows rising demand for face-to-face support
The research found that in-person support for finances has risen by 33%. Over the past decade, 69% of people said their local bank or building society branch has closed, yet appetite for a physical presence remains strong.
In a poll of 2,000 adults, 58% said they find it easier to discuss their financial options with a person, whether in person or via video call. Meanwhile, 40% of people said they would love to see more physical bank or building society branches opening near them.
Younger customers also value human interaction
The appetite for a physical presence is not confined to older generations. Among 18 to 24-year-olds, 67% prefer to discuss their financial options face-to-face. However, younger people remain heavy users of AI for money questions, with 81% using the tool for money, savings and mortgage queries.
Four in ten continue to use AI tools on a weekly basis, and a further 15% use AI to answer financial questions every day. But when it comes to more complex financial questions, human interaction remains important. Only 13% would choose an AI tool providing instant answers, compared with 39% who would rather speak to someone face-to-face and 27% who would prefer speaking to someone on the phone.
Trust remains a key factor
Trust is an important factor, with 39% saying they do not trust AI very much, or at all, when making significant financial decisions.
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.”
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.
“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.”
