A Newcastle Building Society survey highlights the importance of maintaining face-to-face financial services alongside digital, as customers across all age groups want greater freedom in how to manage their money.
The study challenges the idea that branches are ‘just for’ the elderly or technology shy and shows the need for fresh thinking on branches.
Top three words to describe in-person banking across all generations:
Trustworthy
33%
Friendly
31%
Reassuring
31%
Over a fifth (21%) of Gen Z (aged 16-26) and over a third (35%) of the Silent Generation (78+) also described in-person banking as ‘essential’.
Half of Millennials (aged 27-42) prefer being able to speak to someone face-to-face rather than managing their finances entirely online. Amid the rise in fraud and cybercrime, 29% of Millennials, 28% of Gen X (aged 44-59), 40% of Baby Boomers (aged 59-77), and 60% of the Silent Generation also agreed that they trust someone more if they can talk to them in person.
Our findings come as more bank branches close across the UK, continuing to further limit people's access to cash and face-to-face financial services in our communities.
Sarah Burch, 34 (Millennial), from Northumberland, regularly visits our Ashington branch.
“Being within walking distance from the high street, I know trustworthy financial services and advice from a friendly face is never far away. It’s really handy to be able to quickly speak to a human being when I need support with my account or to discuss the best savings rate for my money."
Having saved with Newcastle Building Society for 11 years, Sarah values the face-to-face service she receives from her local branch: “Hearing about all these bank branch closures is a bit worrying. Personally, I like to have the option of visiting a branch and speaking directly with the staff. It makes me feel like I’m important to Newcastle Building Society and as though my money is safer."
Across the UK, more than 6,000 bank branches have closed since 2015, at a rate of around 53 each month, according to Which?, forcing customers to travel miles to get to their nearest branch and making it harder for some to speak to their financial services provider in-person and ensure their money is working hard for them.
Michael Conville, our Chief Customer Officer, said: “Our research clearly shows that the public still see value in the local branch on their high street. Branches have an important role alongside digital services in fostering trust that their money is safe and working hard for them, but also in providing reassurance to those who may require face-to-face support or have concerns about how they manage their money and need to speak to their financial services provider in-person.
“We believe high streets are always better with branches. It’s important our members know that they are not on their own when it comes to their mortgages, savings and investments and we’re here to stay both online and on high streets across the North East, Cumbria and North Yorkshire.”
Download the press release (PDF, 178kB).
Research conducted by Opinion Matters for Newcastle Building Society among 2,445 nationally-representative UK adults from 22.11.2023 – 27.11.2023. Opinion Matters abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
Generations categorised as: The Silent Generation, aged 78+; Baby Boomers, aged 59-77; Gen X, aged 43-58; Millennials, aged 27-42; Gen Z, aged 16-26.
