Report: Consumers desire blend of digital, in-person banking

Consumers want access to both digital and in-branch banking services, according to an Aug. 11 report from global financial services provider Santander..Eighty-three percent had more confidence in a digital bank with physical branches than one without. Ninety percent preferred speaking to a knowledgeable person over artificial intelligence for significant financial decisions.When choosing a banking provider, customers listed the top five considerations as stability and security; having 24/7 access to digital banking; easy-to-understand products; exceptional customer service; and competitive loan rates/interest on savings. Roughly half used digital banking for most or all of their services, with 34 percent equally splitting between in-person and digital. Customers cited strong security features, ease of use with understandable information and the ability to easily move money as benefits of digital banking. The report also touched on the economy and housing. Three-in-four consumers reported being financially resilient despite inflation and affordability challenges. Two-thirds of households prioritized affordable monthly housing payments or living in a desirable area over owning a home. More than 40 percent of consumers used artificial intelligence for a financial task or decision, with that rate higher for younger generations. AI was most frequently used to find ways to save money or cut down on expenses, make savings and investment decisions, and understand rates, fees, terms or financial documents.