Building society opens new flagship branch after demand for in-person services rises

Detailed summary

Skipton Building Society has opened a new flagship branch as research shows a growing appetite for in-person banking advice despite the rise of digital services

Research shows growing demand for in-person banking services despite digital shifts. In-person support for finances has risen by 33%, according to research. In the past decade, 69% said their local bank or building society branch has closed.

But despite this push towards digital services, appetite for a high-street presence remains strong. Whether in person or via video call, a poll of 2,000 adults found 58% said they find it easier to discuss their financial options with a person. The research from Skipton Building Society found 40% of people would love to see more physical bank or building society branches opening near them.

The figures come as the building society, which has 82 branches nationwide, opened a new flagship branch in Cheapside, London, as part of its commitment to maintaining a presence on high street.

Jasvinder Gakhal, CEO Money at Skipton Building Society said: "Digital services have transformed how people manage their money, making many everyday financial decisions quicker and easier, but our research shows there is still a real appetite for human support.

"When people are making important decisions about their finances, they often want the reassurance of being able to talk through their options with someone and get support that's tailored to them.

"That's why we believe there is still an important role for branches on our high streets. The opening of our new Cheapside branch is about giving people that choice, whether they want to manage their money digitally or come in and have a conversation face-to-face."

This appetite for a physical presence isn't confined to older generations, as 67% of 18 to 24-year-olds prefer to discuss their financial options face-to-face.

However, while young people want human conversations about their financial options, they are still heavy users of AI for money questions, with 81% using the tool for money, savings and mortgage queries.

Four in ten use AI tools weekly, with a further 15% using AI to answer financial questions…

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