AI Improves Banking Services, But Customers Still Desire Human Interaction
A European study reveals 46% of consumers find AI has improved bank communication, yet 60% miss the human touch.
HAMBURG, Germany – The use of artificial intelligence (AI) in banking has improved customer communication for many Europeans, according to the EOS Banking AI Barometer study. 46 percent of surveyed consumers report that their communication with their bank has become better thanks to AI, while only 11 percent perceive a deterioration.
The study, however, also highlights AI's limitations when it comes to sensitive financial matters. Nearly one-third (29 percent) of European consumers would prefer to discuss sensitive banking issues with AI rather than a human, a figure that rises to 38 percent among younger respondents (aged 18-34).
The technology's potential is particularly recognized in information retrieval, faster communication, and 24/7 availability. 54 percent value AI's assistance in finding information. Despite these benefits, 60 percent of respondents miss the human element in their interactions with AI.
Marwin Ramcke, CEO of EOS Group, emphasizes that AI should be a tool to enhance services, not replace human interaction. "The best banks use AI for better service, not as a substitute for the personal customer relationship," Ramcke stated. Consumers are looking for proactive AI features, such as alerts for potential overdrafts (61 percent) and suggestions for installment plans (51 percent).