MUNICH (dpa-AFX) - Bank customers in Germany are increasingly willing to contact their financial institution digitally and seek advice with the help of artificial intelligence applications. This is the finding of a study by the consulting firm Oliver Wyman, which was published in Munich. "Trust in AI-supported recommendations is growing noticeably," said René Fischer, partner at Oliver Wyman and co-author of the study.
Already today, one in three customers uses such AI offerings or would like to try them out in the near future. "AI-supported tools are thus increasingly becoming the first port of call for product searches, comparisons, and initial recommendations," said Fischer.
The study surveyed 4,816 consumers in nine European countries (Germany, Italy, France, Spain, Portugal, Greece, the UK, Ireland, and Sweden). In Germany, 609 people took part in the representative survey.
Skepticism toward autonomous AI agents
According to the study, the majority of bank customers are still skeptical when it comes to allowing an automated online tool or AI agent from their bank to carry out transactions on their behalf. Only 4 percent of respondents in Germany can imagine a banking tool automatically transferring money from a savings account to a checking account when the balance is low and the account needs to be replenished from reserves.
However, one in four respondents can imagine this happening in the future. Thirty-one percent do not consider this a possibility, and an additional 19 percent even strictly reject autonomous AI agents. This means that consumer acceptance of independently active AI agents in Germany is below the average in other European countries.
Branches are desired, but not visited
Twenty percent of consumers in Germany no longer have their account with a traditional bank with branches. Another 31 percent can imagine setting up their main account with a digital bank. Co-author Isabel Matheja, Principal at Oliver Wyman, said: "Digital banks are becoming significantly more important."
According to the study, the relationship between bank customers in Germany and their branches is ambivalent. "Although almost 80 percent of customers no longer visit branches at all or only do so for cash transactions, at the same time, half of them consider it important that their bank has a branch. Branches therefore remain an important tool for brand loyalty."
However, bank branches also come into play when it comes to complex financial decisions – even among young people: "Around 40 percent of those under 35 still want personal advice on topics such as retirement planning or construction financing," said Fischer. Across all age groups, one in two consumers in Germany (49 percent) considers a personal consultation at a branch to be necessary when it comes to major issues such as construction financing, asset investment, or large transactions. Fischer emphasized that branch banks must therefore create high-quality consultation locations.
