- Today, many new customers must 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 can reveal.
Most banks do not have customer service staff available to help those opening a new checking or savings account, according to research by Investec Bank.
Instead, new customers must direct their questions to an online chatbot or, worse yet, rely on information available on the bank’s website.
Frustrating: Savers opening a new bank account can’t speak to a real human being at seven in ten British banks and building societies
Eleven major banks and building societies, including HSBC, Nationwide, Barclays, Monzo and Starling Bank, do not offer chatbot or customer helpline services to help new customers who need immediate help.
Savers may have to book appointments at bank branches and wait weeks to 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 live chat using an AI chatbot.
Despite their increasing use, AI chatbots are not popular among savers as they are often unable to address complicated or specific queries. They may offer general or unclear information.
Nearly four in ten savers say they would move their account if a chatbot were 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 being cut further as banks and building societies introduce new AI chatbots, which can be cheaper to run.
This is part of a wider move away from in-person support, as banks continue to close hundreds of High Street branches each year.
David Hunt, head of retail savings at Investec, says: “Technology has transformed the savings market, but AI chatbots can’t do it all.
“It is clear that savers still highly value the human touch, especially when they have queries that chatbots do not understand and cannot handle.
“Offering competitive rates is very important in the savings market, but providers need to ensure that opening an account is a simple and seamless process.”