CYBG study finds personal touch is key in future of banking

Mark Curran, director of payments and open banking at CYBG, said banks must promote inclusion as technology evolves. Picture: Contributed
Mark Curran, director of payments and open banking at CYBG, said banks must promote inclusion as technology evolves. Picture: Contributed
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The banking industry must work to maintain trust and ensure customers are not left behind as the sector embraces technological advances, new research suggests.

The Bank of the Future report from CYBG – the owner of Clydesdale and Yorkshire banks, Virgin Money and digital banking service B – found that human interaction remains “critically important” to the banking experience. It found 81 per cent of customers would still want to speak to someone, or visit a branch, no matter how advanced technology becomes.

The importance of human interaction, either face-to-face or on the phone, increases with more complicated transactions, and 80 per cent of more than 2,000 respondents would value the human touch when taking out a mortgage.

This figure rises if something goes wrong, such as detecting fraudulent activity on their account (87 per cent). Only dealings with health professionals matched money matters in digitalisation fears.

Mark Curran, director of payments and open banking at CYBG, said: “Wearables will revolutionise payments, customers will adopt budgeting technology making them much more aware of their finances, and biometrics will help reduce fraud.

“This will help customers but banks must raise their game to improve financial inclusion, maintain trust and make sure they don’t lose the human touch.”