Skipton Building Society opens new flagship branch in Cheapside, London

Mixed · 2Skipton Building Society has opened a new flagship branch in Cheapside, London, which it says is part of its commitment to maintaining a presence on the high street. 1 2 Mixed · 2The society has 82 branches nationwide. 1 2 Mixed · 2The opening came with research commissioned by the society, which reported that in-person support for finances has risen by 33% and that 69% of respondents said their local bank or building society branch had closed in the past decade. 1 2

Right · 1In a poll of 2,000 adults, 58% said they find it easier to discuss their financial options with a person, whether in person or by video call, and 40% said they would like to see more physical bank or building society branches open near them. 1 Mixed · 2The preference is not limited to older people: 67% of 18 to 24-year-olds said they prefer to discuss their financial options face-to-face. 1 2 Mixed · 2Young people are also heavy users of AI for money questions: 81% use it for money, savings and mortgage queries, four in ten use AI tools weekly and a further 15% use AI daily to answer financial questions. 1 2

Mixed · 2For complex questions, only 13% would choose an AI tool giving instant answers, compared with 39% who would rather speak to someone face-to-face and 27% who would prefer a phone conversation; 39% said they do not trust AI very much, or at all, for significant financial decisions. 1 2 Mixed · 2Jasvinder Gakhal, CEO Money at Skipton, said digital services have made everyday decisions quicker and easier but that there is still a real appetite for human support, and that the Cheapside branch is about giving people the choice of managing money digitally or face-to-face. 1 2 Mixed · 2Gakhal added that people are increasingly comfortable using technology and AI to manage their money, but that does not mean they want human support to disappear. 1 2