People ‘still prefer human connections’ over tech

People favour face-to-face and over-the-phone contact, despite the increasing amount of digital communication channels available to them, according to new research.

The study of 2,166 UK adults conducted by YouGov in April, on behalf of Getty Images, revealed that in-branch contact is preferred by those aged 45-54 (39 per cent) and over 55 (43 per cent) however, the youngest of the generations surveyed still value direct human contact. For those aged between 18 and 34, telephone and then branch contact followed closely behind smartphone app communication.

Additionally, while technology and innovation are widely considered to be drivers for financial service brand or product adoption, just five per cent of people said a company with ‘technology and innovation at its heart’ would be worth considering on that basis alone.

The study also showed that while 35 per cent chose a provider due to price, 31 per cent said they considered choosing a new financial services product because they thought the provider was trustworthy – 21 per cent have actually chosen one for this reason, 11 per cent have considered switching providers, and six per cent have gone on to switch as a result.

Finally, the survey found that ‘recommendations from friends and family’ is no longer the single most important factor in financial services decisions, with 35 per cent stating that personal recommendations help them make a decision on which financial services provider to use, while 35 per cent favoured online comparison sites and a third said went for money advice sites.

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