Foolproof’s new research reveals a rising demand for more humanised banking experiences. Nearly half (46%) of banking customers surveyed crave human interaction, and 29% desire more high street branches.
With banks’ digitalisation drive leading to an increase in faceless solutions like automation and chatbots, customer frustration levels are on the rise. Around 47% of respondents stated that chatbots are failing to address their queries adequately.
For the demographic over 55 years, 45% would like more physical branches, and only 19% believe that their banking experience has improved. Across all age groups, 23% think their banking experience has deteriorated in the past year.
The younger cohort, under 35, views the situation more optimistically, with 31.5% stating their experience has improved.
According to Foolproof’s study, 74% of people find current banking practices impersonal. The research also highlights customers’ increased financial vulnerability due to the escalating cost of living. As a solution, Foolproof suggests banks to consider investing in temporary support experiences – digital or face-to-face, while enhancing their digital services.
Foolproof Integrated Studios’ Chief Business Officer, Anup Rege said, “As the data shows, customers are rightfully expecting some kind of change in their relationship with their bank.
“While it’s not realistic to expect a return to bricks and mortar branches, or to see an expansion of call centres given a focus on reducing cost to serve and large investments in offering a better digital experience, it is reasonable for customers to expect a better relationship with their bank. Especially during this time of economic precarity.”
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