# Nearly half of banking customers say they are missing the human connection in banking Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-07-12 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Banking Customers Crave Human Connection Amidst Digital Meta Description: Discover the latest research findings on banking customers' frustration with faceless solutions and the desire for human interaction in their interactions URL: https://financedigest.com/nearly-half-of-banking-customers-say-they-are-missing-the-human-connection-in-bankinghtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1413764598-1736813768036-compressed.webp) # **Nearly half of banking customers say they are missing the human connection in banking** Research released today shows that banking customers are frustrated with their banking experience and are craving a more human connection from their interactions with their bank. The research has been commissioned by experience services business – Foolproof, a Zensar company. Findings show that – as a consequence of banks closing branches and making a move towards more faceless solutions (such as telephone banking, automation and chatbots) – customers are frustrated with these services as they are falling short of being useful, especially in the current climate where many customers are more financially vulnerable due to rising costs. ## **Highlights from the research showed:** - Human interaction is what nearly half (46%) of banking customers want. - Nearly a third of people (29%) stated that they want more high street branches. - This [number rises](https://www.financedigest.com/ryanair-passenger-numbers-rise-in-august-to-11-1-million.html "Ryanair passenger numbers rise in August to 11.1 million") to 45% for over 55s, a demographic that may typically be viewed as having lower levels of digital capability or access. - 47% say chatbots are not answering their questions. - 23% believe their banking experience has gotten worse in the last 12 months, across all age groups. - Only 19% of over 55s think their banking experience has improved. However, 31.5% of under 35s think it has improved. - 74% of people don’t think [banking is personal](https://www.financedigest.com/gen-z-finance-banking-on-success-with-personalized-outreach.html "Gen Z & Finance – Banking on success with personalized outreach ") enough. Foolproof has distilled the following [insight from the research:](https://www.financedigest.com/packaging-machinery-market-trends-and-research-insights-by-2027-tmr.html "Packaging Machinery Market Trends and Research Insights by 2027 | TMR") - [**Customers missing the human connection**:](https://www.financedigest.com/new-enhancements-to-fico-platform-power-customer-connections-enable-enterprise-wide-transformation-and-drive-strategic-business-outcomes.html "New Enhancements to FICO Platform Power Customer Connections, Enable Enterprise-Wide Transformation and Drive Strategic Business Outcomes") Banks have evolved to a large percentage of their customer interactions being faceless, for convenience and facilitating an ‘always on’ offering. However, many digital systems need work to avoid frustrating [customers](https://www.financedigest.com/limited-support-for-central-bank-digital-currencies-in-global-investment-industry-survey.html "Limited support for central bank digital currencies in global investment industry survey") at a time when they could conceivably need communication with their bank more, due to rising costs. If banks can’t solve the frustrations for customers quickly, consideration should be given to what temporary [experiences could be put in place to provide support – albeit digital or face-to-face – while work happens on aligning and designing digital experiences that fit with current customers](https://www.financedigest.com/revolutionising-finance-exploring-the-impact-of-omnichannel-insurance-on-customer-experience.html "Revolutionising Finance: Exploring the Impact of Omnichannel Insurance on Customer Experience"). Short-term [investment](https://www.financedigest.com/growth-vs-value-investing-comparing-investment-approaches.html "Growth vs. Value Investing: Comparing Investment Approaches") could create a lot of value and minimise the potential risk while generating brand good-will and value for customers in the process. - **AI experiences need a next-generation look & feel**: [Banks should be careful not to roll out generative](https://www.financedigest.com/how-can-banks-defend-the-latest-generation-of-scam-victims.html "How can banks defend the latest generation of scam victims?") AI solutions to customers, without doing the work to understand what customers want from AI-powered experiences. Many of the current solutions are causing more pain than good. However, next-generation technologies could bridge this gap, going deeper into solving customer requests and eliminating the need for human interaction by better meeting customer needs with the right level of design to aid [successful implementation](https://www.financedigest.com/a-roadmap-to-success-overcoming-challenges-in-multi-cloud-implementation.html "A roadmap to success: Overcoming challenges in multi-cloud implementation"). - **Blend of human + digital experiences is the support [customers](https://www.financedigest.com/why-challenger-banks-need-to-capture-the-hearts-and-minds-of-todays-consumers-to-become-the-number-one-choice-in-the-retail-banking-sector.html "Why challenger banks need to capture the hearts and minds of today’s consumers to become the number one choice in the retail banking sector") desire**: With something as sensitive as money matters, Foolproof’s experience of interviewing banking customers has shown that they crave the right balance of digital convenience with opportunities for human interaction if digital experiences aren’t meeting their needs. Especially during this period when financial worries may be heightened for many. However, with banking businesses [driving for cost-savings and increased efficiencies](https://www.financedigest.com/shifting-your-cultural-mindset-to-drive-resiliency-and-efficiency.html "Shifting your cultural mindset to drive resiliency and efficiency"), digital teams should be looking at how to utilise next-generation technologies and design to improve digital experiences in a way that brings human interactions to life in more sophisticated ways. Foolproof, a Zensar company, has a long history of working with many of the largest [banks](https://www.financedigest.com/is-the-world-ready-for-the-greatest-wealth-transfer-in-history.html "Is the world ready for the greatest wealth transfer in history?") in the world, helping them define their digital offerings. These findings fall under a wider initiative to garner more understanding of how [customers](https://www.financedigest.com/why-mlops-will-boost-the-wider-adoption-of-ai-in-financial-services.html "Why MLOps will boost the wider adoption of AI in financial services") are interacting with digital products and services within the sector today. When discussing the research, Anup Rege, [Chief Business](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") Officer, Integrated Studios at Foolproof 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](https://www.financedigest.com/complaints-from-cost-centre-to-marketing-discipline.html "Complaints: From Cost-centre to Marketing Discipline") 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. There are technological advancements being made inside banks to evolve chatbots and other automated process functions to take them to the next level because they recognise the opportunity for innovation and the ability to improve experiences and self-service at a lower cost, without a loss of service. Moreover, with the rise of LLMs, creating chat and automated functions which solve customer problems at a deeper [level would be incredibly timely](https://www.financedigest.com/data-time-for-some-levelling-up.html "Data – Time for some “Levelling Up”") and useful. What is required now is a step change rather than the optimisation of existing tools, systems or even [digital products](https://www.financedigest.com/digitization-to-take-the-neurosurgical-product-market-to-the-exponential-curve.html "Digitization to take the Neurosurgical Product Market to the exponential curve") themselves, this means releasing these next-generation automations and the experiences which house them. It is also crucial for banks to understand the pains customers are experiencing, especially at a time when people’s relationships with all [financial products and services](https://www.financedigest.com/striking-the-balance-between-consistent-creative-and-compliant-content-for-financial-services-on-social.html "Striking the balance between consistent, creative, and compliant content for financial services on social ") particularly mortgages, loans and other credit products, are under increased strain. This means designing and radically overhauling help, support, chat and other [digital experiences to offer](https://www.financedigest.com/digitization-to-offer-stewardship-to-the-robotic-surgery-market.html "Digitization to offer stewardship to the Robotic Surgery Market") more of a human edge to banking to meet the need of the hour. This might also mean putting touchpoints which are high touch under the microscope, this could enhance systems that support a call centre or online advisor, increase [efficiency and drive](https://www.financedigest.com/seenthis-anz-announces-partnership-with-adform-apac-in-its-continuous-drive-towards-more-carbon-efficient-campaigns.html "SeenThis ANZ announces partnership with Adform APAC in its continuous drive towards more carbon-efficient campaigns") down cost while still offering a more human connection if they were designed better, with a grounding in employee and customer needs. Solving this desire for a more human connection is not about some great outpouring of emotion from [banks in marketing or digital](https://www.financedigest.com/digital-inclination-to-drive-the-mammalian-cell-banking-market.html "Digital Inclination to drive the Mammalian Cell Banking Market") design but rather connecting with and understanding customers better. This work should facilitate understanding and comprehension through content and design as well as being fundamentally usable and useful. While this may mean a short-term incursion of cost, it will give banks a better chance of maintaining customers and projecting a strong brand when customers need someone to trust. The end goal of this work should be creating [banks or financial](https://www.financedigest.com/new-research-indicates-confusing-bank-jargon-could-be-fuelling-financial-vulnerability.html "New research indicates confusing bank jargon could be fuelling financial vulnerability") products that are as dynamic as people’s lives. What we could see coming to the fore is Open [Banking powered financial](https://www.financedigest.com/the-transformative-power-of-technology-in-banking-and-finance.html "The Transformative Power of Technology in Banking and Finance") products which meet more specific needs through more targeted design and service. [Banks need](https://www.financedigest.com/banks-need-better-model-risk-management-heres-how-to-build-a-robust-framework.html "Banks need better model risk management – Here’s how to build a robust framework") to wise up now to respond to this threat.” --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---