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New research reveals Britons still prefer the bank branch for complex transactions, despite rise in online and mobile banking

New research reveals Britons still prefer the bank branch for complex transactions, despite rise in online and mobile banking

New research from the Social Market Foundation (SMF, reveals that high street bank branches remain essential to Britons in the management of their money, with nearly two-thirds of consumers (63%) preferring to talk to someone face-to-face when making a big financial decision.

The new report, Balancing Bricks and Clicks: Understanding how consumers manage their money, reveals the complex nature with which people balance their use of technology and branch-based banking services.

When it comes to everyday money management, such as checking their balance or paying bills, most people (70%) are comfortable to do so online. The same applies for the management of more familiar financial products such as credit cards (62%).

However, when it comes to more significant and long-term financial decisions, like seeking financial advice (57%) or taking out a mortgage (50%), a majority of people visit a branch. In addition to this only a third (32%) of UK consumers would consider using a bank which had no branches as their main financial services provider.

The report reveals differences in banking preferences between different groups of the population:

  • women are more likely to manage all of their finances face-to-face
  • people unemployed or aren't working are also slightly more likely to be reliant on branches
  • younger people are particularly keen on the support they find in branches when they're faced with big decisions

Sample: On-line survey of 2,003 UK adults aged 18 and over carried out by Opinium Research.

Source: SMF.co.uk

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