U.S. consumers want digital banking convenience but also want to maintain access to bank branches and people for complex issues and personalized financial guidance, according to a new survey by Santander.
The survey found that 83% of respondents said they had more confidence in a digital banking provider that maintained physical bank branches. Ninety percent of respondents said they preferred speaking to a knowledgeable person over AI for major financial decisions, with 89% saying they want to maintain access to a branch with people who can help.
As for banking matters that consumers would rather not handle online, the top three reasons cited were resolving complex issues, speaking with a knowledgeable banker, and discussing financial decisions.
The survey also found that more than four in 10 consumers have turned to AI for a financial task or decision, with usage higher among younger generations. The top uses for AI were finding ways to save money or reduce expenses, making savings and investment decisions, and understanding rates, fees, terms or financial documents.
