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Stuck in our ways: Over a third of people in North West would still rather do all banking in person

  • 38% now have a digital-only bank account, but only 13% use it as their main bank
  • Over three-quarters (76%) say the cost-of-living crisis has impacted how they manage their money, with early signs of people taking on more debt

Banking customers in the North West are resistant to change when it comes to managing their money, according to new research by Accenture.

A recent survey of more than 2,400 UK customers found that 36% of banking customers in the North West would still rather do their banking person, and while 38% of consumers have a digital-only bank only 13% are using it as their main bank.

The main reasons for those in the North West sticking with their physical bank seemed to be based around social aspects. Around one in three (33%) respondents in the region said that they liked being able to visit a branch, while 37% said they liked being able to speak with a member of staff for support and interaction when in need of help with something. Around one in six (15%) also said they liked being able to speak to an expert to get financial advice.

Cost of living driving some to take on quick fix debt

The cost-of-living crisis has clearly impacted customer behaviour in the North West, with three-quarters (76%) agreeing it had impacted the way they manage their money.

Although two-thirds (66%) of these had not taken action with their banks, there are signs some in the North West are taking on more debt in response to rising costs. One in ten (10%) respondents said they had taken on more credit card debt to cope with the squeeze, while 4% said they had taken out a new loan or an additional line of credit.

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