Four-fifths of people value having access to a physical bank or building society branch, despite many having been shut in recent years, a survey has indicated.
The research, commissioned by Newcastle Building Society, found that around 60% of people regard their local branch as the go-to location for an open conversation about their money.
Some 80% of people said they have reason to visit a physical branch.
Having somewhere to deposit and withdraw money, talk to staff about scams, have conversations about more in-depth financial matters, and develop trust from meeting someone face-to-face were among the reasons people valued branches.
Many sites across the banking industry have been shut amid the shift towards online banking.
But younger adults were particularly likely to say they valued their branch for an honest conversation about finances, with around three-quarters (74%) of those aged 25 to 34 agreeing, compared with around 55% of people aged 55-plus, according to the survey of more than 2,700 people across the UK in June, carried out by Opinion Matters.
Ben Smith, head of commercial and product development at Newcastle Building Society, said: “Clearly consumers still see value in their local branch, and crave human interaction when it comes to their money.
“Our members tell us they trust face-to-face conversations for financial planning, advice, reassurance and real-time problem-solving in ways that digital channels can’t fully replicate.
“And that applies to everyone – young people setting out on their financial journey, families planning for the future, and those who simply prefer a friendly, in-person conversation.”
Newcastle Building Society, which recently announced the opening of its Monument branch in Newcastle, said the society’s strong growth in branch savings balances between January and April indicates a “clear demand” for in-person access to financial services.
The society added that its recent branch investments include a new site in Pickering, North Yorkshire, and a community partnership branch in North Shields, Tyne and Wear.
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Mr Smith added: “There’s still a clear demand among customers for in-person access to financial services and conversations about their money with a friendly face.”
On Wednesday, it emerged that 11 new banking hubs have been recommended by cash access network Link, after Lloyds Banking Group announced a further 49 branches will close.
A banking hub is similar to a traditional branch, but the space is shared by multiple banks and they have a counter service operated by Post Office employees, where customers can withdraw and deposit cash, make bill payments and carry out regular transactions.
Banks work on a rotating basis, so staff from different providers are available on different days. Link has recommended 244 hubs so far, with 186 up and running.
The Government has committed to delivering 350 banking hubs over the course of this parliament.
Since 2022, Link has assessed 2,209 bank branch closures, and continues to receive community requests for better cash access.
The Post Office helps to plug gaps left by branch closures, with customers of many banks able to do their everyday banking over its counters.
