Are customers craving a more human touch in digital banking?

A recent study by experience services firm Foolproof has emphasised customers’ desire for a more human interaction in their banking experiences.

This sentiment is thought to be a result of banks closing branches and adopting more impersonal solutions such as telephone banking, automation, and chatbots. Key findings from the study reveal that 46% of banking customers seek human interaction, and 29% prefer an increased number of high street branches. This figure rises to 45% among customers aged over 55, a demographic typically associated with lower digital access or capability.

According to the study, 47% of customers find chatbots unhelpful in answering their queries, while 23% feel that their banking experience has worsened over the past year, a sentiment reflected across all age groups. While 19% of customers over 55 believe their banking experience has improved, 31.5% of under 35s share the same sentiment. The study concludes with the finding that 74% of customers think banking is not personal enough.

The study also highlighted potential ways to enhance the experience. Foolproof suggests banks need to carefully consider and understand what customers want from AI-powered experiences to avoid causing further frustration. A blend of human and digital experiences could be the solution to meet customers’ needs, especially during financially challenging times. The research also calls for a radical overhaul of digital experiences, such as help, support, and chat functions, to bring a more human edge to banking.

Foolproof Chief Business Officer, Integrated Studios, Anup Rege said, “As the data shows, customers are rightfully expecting some kind of change in their relationship with their bank. What is required now is a step change rather than the optimisation of existing tools, systems or even digital products themselves, this means releasing these next-generation automations and the experiences which house them.


continue reading »