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Customers still want high street branches


A recent survey by Newcastle Building Society has shown that 99% of consumers would still like to see financial branches on the high streets, and believe there is still a need for them.

The main reasons stated as why people still want branches on the high street included:
• Access to cash and financial products that are not online
• The belief that a machine would not be able to understand their circumstances as well a person
• Contact with knowledgeable and friendly staff
• Less stress
• More opportunities to ask questions

Also, over 75% of respondents said they would prefer face to face support when looking for financial advice, rather than using online based services, the survey found.
When visiting a branch, only 10% of people prefer using a self service kiosk, whereas 90% of people said they would still prefer to be dealt with in person by a member of staff. Out of all the people surveyed, over three quarters had visited a bank or building society branch in the past four weeks, and 84% had visited within the last eight weeks.
Steve Urwin, Managing Director, Sales and Marketing at Newcastle Building Society, said:
“The results of our research clearly back up our everyday experience that people still hugely value both the personal and friendly service, and the range of advice they can get face-to-face in High Street branches.

"The financial decisions that people make in branch are some of the most important of their lives, and the degree of trust that's developed from being able to fully engage with, question and gain the information required from a personal contact clearly remains paramount."

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