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Younger customers still require a human touch

Martin Greenland | 16:58 Wednesday 22nd August 2018

Over half of 25-34-year olds (53%) are comfortable using an online service to manage their personal finances, according to a recent survey.

Research by Altus – which surveyed 1,000 UK working adults across the country – also revealed that 51% of 35-44-year olds were comfortable using an online service to manage their personal finances, while just 47% of 45-54-year olds and 38% of over 55s felt the same.

In addition, 54% of 25-34-year olds who were comfortable with using an online service were also happy to share information on all of, or a combination of, their savings, investments, pensions, other assets and their debts.

This dropped to 49% of 35-44-year olds and 44% of 45-54-year olds, while just 35% of over 55s said that they would be happy sharing this information.

Despite this, 85% of millennials who were comfortable with using a digital/robo savings and investment service want it to provide access to a person via webchat or phone during and/or after they had made the decision to invest.

This figure was higher than all other age groups.

“It’s interesting to see that, while the younger generation is open to managing their personal finances online, they are more likely to expect, and want, a human interaction as part of this offering,” said Simon Bussy, domain director of wealth at Altus Consulting.

“We still live in a world where many people still like the reassurance of speaking to a human during the decision making process, and I don’t expect that to change any time soon.

“Organisations need to focus on developing a hybrid service, augmenting the undoubted benefits of technology with the empathy and understanding that people bring.

“We’re already seeing forward thinking organisations working hard to combine human interaction with best-in-class technology solutions at different points in the process, meeting consumer demands and lowering costs, making them more accessible to all.”

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