- Many new customers currently have to direct their questions to an online chatbot
Savers opening a new bank account cannot speak to a real human being at seven in ten British banks and building societies, The Mail on Sunday has revealed.
According to research for Investec Bank, most banks do not have customer service staff available to support those opening a new checking or savings account.
Instead, new customers must ask their questions to an online chatbot – or worse, rely on the information available on the bank’s website.
Frustrating: Savers opening a new bank account can’t speak to a real human at seven in 10 UK banks and building societies
Eleven major banks and building societies, including HSBC, Nationwide, Barclays, Monzo and Starling Bank, have not offered chatbot or customer helpline services to support new customers who need immediate assistance.
Depositors may have to make appointments at bank branches and wait weeks before they can speak to a real person.
Only six providers – Coventry Building Society, Investec, Lloyds, Halifax, Zopa and Yorkshire Building Society – have live chat or customer service staff who can answer new savers’ questions online.
Leading banks NatWest, Santander and Virgin Money only offer a live chat that uses an artificial intelligence chatbot.
Despite their increasing use, AI chatbots are not popular with savers as they are often unable to answer complex or specific questions. They can provide general or unclear information.
Nearly four in 10 savers say they would move their account if a chatbot was the only option to request more information, Investec found.
Meanwhile, only 2 percent of respondents said they would be happy with a chatbot-only service.
Many telephone services are increasingly being cut back as banks and building societies introduce new AI chatbots, which can be cheaper to use.
This comes as part of a wider shift away from face-to-face support as banks continue to close hundreds of High Street branches every year.
David Hunt, head of retail savings at Investec, said: ‘Technology has transformed the savings market, but AI chatbots can’t do everything.
‘The human touch is clearly still very much appreciated by savers, especially if they have questions that chatbots do not understand and cannot handle.
‘Offering competitive rates is very important in the savings market, but providers must ensure that opening an account is smooth and easy.’