The majority of UK banking customers prefer day-to-day assistance with existing personal financial management (PFM) tasks like simple balance alerts, rather than more sophisticated financial planning tools such as robo-advisors or AI-driven virtual assistants, according to GlobalData, a leading data and analytics company.

Image for publication: Click link for UK banking heat map

The company’s latest UK banking heat map, which analyses 14 leading UK bank customers interest in nine PFM tools, reveals that respondents are more likely to use tools to help them manage their day-to-day finance requirements like ‘predictive balance alerts of insufficient funds’, ‘real-time balance alerts’, ‘assisted savings tools’ and ‘data visualization of spending’ rather than longer term financial planning tools like ‘automated investment portfolio suggestions’ or ‘virtual assistance providing insight on personal finances’.

Sean Harrison, Retail Banking Analyst at GloblaData, commented, ‘‘Despite the overall reduction in overdraft charges in recent years UK customers are still looking for simple ways to avoid them, with predictive and real-time balance alerts proving most popular with banking customers.’’
Interest in using PFM tools is highest among customers of the Bank of Scotland, Clydesdale Bank, and Royal Bank of Scotland and lowest at Yorkshire Bank, TSB and Santander.

Harrison added, ‘‘GlobalData’s survey highlights some good opportunities for banks to raise customer awareness of their tools and services. Our survey shows that 35% of Nationwide customers are interested in a no-login saving functionality, illustrating the lack of customer awareness of Impulse saver . Impulse saver is a no-login saving functionality currently available on Nationwide’s mobile banking app.’’