RECENT STORIES:

Addressing digital sovereignty in a data-driven world
Crisis as Catalyst: How Some Businesses Transformed Pain into Power
U.S. Exhibitors at 2025 CISCE Grow by 15%, Highlighting Strengthened S...
TROOPS, Inc. (NASDAQ: TROO) Intends to Bolster Shareholder Value with ...
LA Landing Taiwan Bridges US-Taiwan Startup Ecosystems with Billion-Do...
Vietnam Launches NDAChain, the National Blockchain Platform to Acceler...
LOGIN REGISTER
DigiconAsia
  • Features
    • Featured

      Digital innovation for food safety and sustainability in S E Asia

      Digital innovation for food safety and sustainability in S E Asia

      Wednesday, July 23, 2025, 1:29 PM Asia/Singapore | Features
    • Featured

      Asia the true testbed for AI agents

      Asia the true testbed for AI agents

      Wednesday, July 16, 2025, 2:42 PM Asia/Singapore | Customer Experience, Features
    • Featured

      Appreciating AI means honoring accountability and integrity, beyond commercial hype

      Appreciating AI means honoring accountability and integrity, beyond commercial hype

      Tuesday, July 15, 2025, 2:23 PM Asia/Singapore | Features, Newsletter
  • News
    • Featured

      Europe’s voluntary AI code faces industry pushback as implementation of sweeping new law nears

      Europe’s voluntary AI code faces industry pushback as implementation of sweeping new law nears

      Wednesday, July 23, 2025, 3:02 PM Asia/Singapore | News, Newsletter
    • Featured

      Operationalizing sustainability in cybersecurity: Group-IB’s approach

      Operationalizing sustainability in cybersecurity: Group-IB’s approach

      Monday, July 21, 2025, 11:31 AM Asia/Singapore | Case Studies, News, Newsletter
    • Featured

      Chatbot’s NAZI controversy prompts overhaul and new hallucinations features

      Chatbot’s NAZI controversy prompts overhaul and new hallucinations features

      Tuesday, July 15, 2025, 3:42 PM Asia/Singapore | News, Newsletter
  • Perspectives
  • Tips & Strategies
  • Whitepapers
  • Awards 2023
  • Directory
  • E-Learning

Select Page

News

Did the need for the human touch impact consumer banking in 2023?

By DigiconAsia Editors | Monday, March 4, 2024, 11:30 AM Asia/Singapore

Did the need for the human touch impact consumer banking in 2023?

Despite increased availability of AI and automated banking services, one international survey showed that manual interventions still appealed to many respondents.

Based on a survey of 9,000 adults aged 18+ in Australia, Canada, Germany, Hong Kong, Italy, Saudi Arabia, Singapore, the UK and the US in October 2023, a software technology firm has announced their findings on the state of consumer banking last year.

First, when it came to investing money, handling finances and keeping data safe, 79% of respondents cited trusting their banks. However, 30% (rising to 37% for those in the 18–34 age group) were still considering changing banks in the next 12 months, lured by better rates and rewards elsewhere. 

Second, 86% of respondents had visited their banks in the past 12 months, mainly for deposits and cash access despite awareness that most services are available digitally.

Three other findings

 Respondents deem two services as the most important over the next three years: Instant payments (78%) and digital access to a banker or concierge (64%). 

Also, 21% of respondents were taking up AI banking tools; of these adopters, 96% expressed high satisfaction with the results. Also, 57% would not feel comfortable acting on AI financial recommendations, with discomfort being the highest among the older age groups.

Finally, 74% of the consumers surveyed used an average of two to three financial providers in addition to their primary bank, especially for credit cards, savings and checking or withdrawals, with 25% using third-party money management apps.

According to Balazs Fejes, President (EU and APAC Markets), EPAM, the firm sharing its survey results and findings, in the face of rapidly changing market dynamics marked by high interest rates, inflationary pressures and market volatility, consumer banks in the survey had managed to uphold high levels of trust and customer satisfaction among the respondents: “To remain competitive in this evolving climate, banks must embrace automation for improved personalization and engagement across all customer channels, leveraging AI for operational efficiency and forging technology partnerships to drive innovation and cost reduction.”

Share:

PreviousE-Home Household Services Holdings Limited and Touch Digital Enter AI Intelligence Partnership to Enter AI Industry
NextCaravelle International Group Announces Major Milestone in Innovation: The Launch of Wood Drying Ship

Related Posts

5G SA technology turns a marina into a hyperconnected facility

5G SA technology turns a marina into a hyperconnected facility

August 26, 2021

When investing in CX is painful and risky, try customer journey mapping

When investing in CX is painful and risky, try customer journey mapping

October 10, 2022

Protecting workers’ safety and well-being with cobots

Protecting workers’ safety and well-being with cobots

July 5, 2022

Shopping in the sky an untapped Gen Z opportunity

Shopping in the sky an untapped Gen Z opportunity

November 14, 2019

Leave a reply Cancel reply

You must be logged in to post a comment.

Awards Nomination Banner

gamification list

PARTICIPATE NOW

top placement

Whitepapers

  • Achieve Modernization Without the Complexity

    Achieve Modernization Without the Complexity

    Transforming IT infrastructure is crucial …Download Whitepaper
  • 5 Steps to Boost IT Infrastructure Reliability

    5 Steps to Boost IT Infrastructure Reliability

    In today's fast-evolving tech landscape, …Download Whitepaper
  • Simplify Payroll Setup for Your Small Business

    Simplify Payroll Setup for Your Small Business

    In our free guide, "How …Download Whitepaper
  • Overcoming the Challenges of Cost & Complexity in the Cloud-first Era.

    Overcoming the Challenges of Cost & Complexity in the Cloud-first Era.

    Download Whitepaper

Middle Placement

Case Studies

  • Operationalizing sustainability in cybersecurity: Group-IB’s approach

    Operationalizing sustainability in cybersecurity: Group-IB’s approach

    See how the firm turned …Read More
  • Roojai Insurance (Thailand) doubles agent productivity through digital transformation

    Roojai Insurance (Thailand) doubles agent productivity through digital transformation

    Roojai Insurance (Thailand) doubles agent …Read More
  • Malayan Insurance achieves IFRS 17 readiness with SAS

    Malayan Insurance achieves IFRS 17 readiness with SAS

    A leading Philippines non-life insurer …Read More
  • How Iress is moving to EveryOps

    How Iress is moving to EveryOps

    Scaling compliance, security & efficiency …Read More

Bottom Sidebar

Other News

  • Crisis as Catalyst: How Some Businesses Transformed Pain into Power

    July 26, 2025
    KUALA LUMPUR, Malaysia, July 25, …Read More »
  • U.S. Exhibitors at 2025 CISCE Grow by 15%, Highlighting Strengthened Supply Chain Cooperation

    July 26, 2025
    BEIJING, July 25, 2025 /PRNewswire/ …Read More »
  • TROOPS, Inc. (NASDAQ: TROO) Intends to Bolster Shareholder Value with Strategic Stock Repurchase

    July 25, 2025
    HONG KONG, July 25, 2025 …Read More »
  • LA Landing Taiwan Bridges US-Taiwan Startup Ecosystems with Billion-Dollar Market Playbook

    July 25, 2025
    TAIPEI, July 25, 2025 /PRNewswire/ …Read More »
  • Vietnam Launches NDAChain, the National Blockchain Platform to Accelerate Digital Data Infrastructure by 2026

    July 25, 2025
    NDAChain, Vietnam’s National Blockchain Platform, …Read More »
  • Our Brands
  • CybersecAsia
  • MartechAsia
  • Home
  • About Us
  • Contact Us
  • Sitemap
  • Privacy & Cookies
  • Terms of Use
  • Advertising & Reprint Policy
  • Media Kit
  • Subscribe
  • Manage Subscriptions
  • Newsletter

Copyright © 2025 DigiconAsia All Rights Reserved.