More than two-thirds of wealthy UK bank customers have lost confidence in financial institutions, new research suggests.

The YouGov survey of 1,000 UK investors with more than £250,000 in investable assets, found 70% lacked confidence in the banking industry and wanted less focus on the introduction of new technologies in the way they bank.

The survey, commissioned by Duncan Lawrie Private Bank, reported that wealthy UK residents have less faith in financial institution than they did a year ago and many are asking to return to traditional ways of banking.

 

‘Sit down and talk to us’ – HNWI’s advice to bankers

Although they confirmed innovations and technologies have changed their approach to banking, 76% of the HNWI quizzed would prefer an old-fashion one to one personal care and service than a technology-led banking provider.

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"Given that banks are throwing all their innovation spend on mobile technologies, it’s surprising there is such a strong customer requirement to connect via more traditional means," said Matthew Parden, managing director for Duncan Lawrie Private Bank.

"It is a difficult time for the banking industry, but this survey highlights how important it is for banks not to lose sight of their customers’ real needs," he added.