The data, taken from a study of 1,010 adults and their preferences for getting a mortgage - choosing between in-branch, robo advice, or self-led research - revealed that 68% would rather go in branch to get their mortgage advice. In opposition to the rising popularity of AI programmes, only 2% of respondents would prefer to get robo advice.
A good proportion of those surveyed were more likely to trust their own internet research, with 21% of those polled preferring to find their own information from trusted sources online.
Chris Hunter, deputy chief executive at Darlington Building Society said:
“For a time when chatbot financial advice was first introduced, it was heralded as being a solution to speeding up the process. Whilst that might be a possibility in the future, and it certainly has its uses in some areas, changing the habits and trust of the public will be a slow and steady process to get right. Purchasing a home is still one of the most pivotal financial decisions that someone can make in their lifetime and it’s not surprising that people want to talk that through with an expert. It has been a challenging time financially for a lot of people and so it makes sense that people want a human touch to these conversations, which can be emotional.”
Darlington Building Society says that the number of people conducting their own internet research presents its own challenge, citing the rise of ‘finfluencers’ and unchecked advice online.
Hunter added: “It’s great that more people are taking an interest in their finances and looking to make informed decisions. It’s just about knowing the right places to look, who to trust and verifying that information with an expert. Ultimately, people trust people with the big decisions in their life."
