DIGITAL LIFE

European banking customers want technology, but also human interaction

European banking customers—including those surveyed in Portugal—are increasingly open to financial advice powered by artificial intelligence, yet they still insist on having a human involved in the management of their finances, according to a study by the consultancy firm Oliver Wyman released today.

The study, based on a survey of 6,878 individuals across nine European countries (including 756 in Portugal), finds that "despite the accelerated adoption of new technologies, the expertise of professionals remains highly valued by customers, especially in complex or high-risk situations."

The research indicates that 79% of respondents are open to receiving financial advice via artificial intelligence, provided that a human is also involved in managing their finances.

When faced with a banking issue, 86% of the customers surveyed would turn to a bank representative in person, and 67% would reach out to a human agent via chat. Only 33% indicated they would use an application like ChatGPT.

Residents of Portugal appear to be the most receptive to artificial intelligence (AI) in banking. On average, 49% of European customers are willing to use AI to receive personalized financial advice—a 10-percentage-point increase from a year ago—with that figure rising to 55% in Portugal.

In Portugal, 15% of respondents already use artificial intelligence for financial advice, which is above the 11% average and represents the highest proportion among the nine European countries surveyed (France, Germany, Greece, Ireland, Italy, Portugal, Spain, Sweden, and the United Kingdom).

When researching products such as loans, savings accounts, or credit cards, 24% of respondents in Portugal already rely on AI-powered assistants, a figure that surpasses the use of product comparison websites (19%). On the other hand, the Portuguese are the most concerned about fraud. Among those surveyed, 39% cited this fear—the highest percentage in the study (the European average is 29%).

As for the penetration of digital banks, it is significant in Portugal; however, respondents still prefer traditional banks for core banking functions.

While nearly half of the respondents in Portugal hold an account with an exclusively digital bank—surpassing the European average (45%)—traditional banks remain the preferred choice for receiving salaries (73%), paying daily expenses (53%), and obtaining credit (58%).

In Portugal (as in Spain), access to physical bank branches is valued more highly than in other European countries.

Among those surveyed in Portugal, 93% consider it important to have access to a physical branch (compared to a European average of 87% and 78% in Germany), and only 38% would be willing to use a bank without branches in exchange for better fees or rates (compared to 50% in Germany).

This study was based on a survey of 6,878 individuals across nine European countries (France, Germany, Greece, Ireland, Italy, Portugal, Spain, Sweden, and the United Kingdom). In Portugal, 756 people participated in the survey.

Artificial intelligence is becoming more accepted in banking customer service, but European consumers are not yet convinced that automated systems can replace human relationships. The latest EOS Banking AI Barometer suggests that customers value AI for its speed and accessibility while remaining less confident in its ability to understand their needs and resolve problems effectively.

According to the study, 46% of respondents say AI has improved customer communication, while 11% perceive a decline in service quality. The findings indicate that acceptance depends partly on whether the technology delivers practical benefits rather than simply automating existing interactions.

Consumers also appear increasingly comfortable discussing sensitive financial matters with AI. Nearly 29% of respondents would prefer speaking with an AI system rather than a human employee about sensitive banking issues. Among people aged 18 to 34, the proportion rises to 38%.

However, willingness to interact with AI does not necessarily translate into confidence in its decision-making. Only 35% to 36% of respondents trust AI to understand their needs, act accurately and solve problems effectively, according to the supplied study findings.

Convenience outpaces confidence in AI services...The strongest acceptance of banking AI centers on straightforward service functions. More than half of respondents, 54%, value AI for helping them find information. Another 51% appreciate faster communication and the availability of support around the clock.

These use cases offer banks a relatively clear starting point for automation. AI assistants can help customers navigate services, retrieve information and obtain responses outside traditional support hours. Such capabilities may also allow human employees to concentrate on complex cases that require judgment, empathy or individualized assistance.

Yet the findings reveal a significant limitation: 60% of respondents miss the human element in AI-powered communication.

Marwin Ramcke, CEO of EOS Group, interprets the results as evidence that banks should use AI to improve service rather than replace customer relationships. The challenge for financial institutions is to combine automated assistance with meaningful access to human employees when customers need more than a quick answer.

This distinction is particularly important in banking, where interactions can involve financial vulnerability, personal circumstances and consequential decisions. A system that retrieves information efficiently may not necessarily provide the reassurance or nuanced judgment required in a difficult situation.

The EOS Banking AI Barometer also points to opportunities for more proactive, AI-powered financial support.

According to the study, 61% of respondents want alerts warning them about potential overdrafts. Meanwhile, 51% value AI-generated payment-plan suggestions when dealing with outstanding receivables.

These preferences suggest that consumers may welcome systems that identify potential problems before they escalate. Rather than waiting for customers to contact support, banks could use AI-enabled services to flag financial risks, explain available options and help customers consider appropriate next steps.

Such capabilities could extend digital banking beyond transactional assistance into personalized financial guidance. Early warnings about possible overdrafts, for example, could help customers review their balances and upcoming payments before incurring additional costs.

However, proactive financial assistance introduces responsibilities beyond those associated with basic chatbots. Banks would need to ensure that alerts are timely, recommendations are appropriate, customer information is handled securely and automated suggestions do not misrepresent a customer’s financial options.

The study also reports that people who have previously experienced payment difficulties are more receptive to AI-powered banking support than the general population. This suggests that customers facing financial challenges may value accessible, nonjudgmental assistance, although the supplied findings do not quantify the difference between these groups.

The findings point toward a hybrid approach in which AI handles routine inquiries and early warnings while human employees remain available for sensitive or complex situations.

For banks, the competitive opportunity lies not simply in deploying AI but in making it useful, trustworthy and appropriately integrated into customer service. Accuracy, transparency, privacy and clear escalation paths will be essential to sustaining adoption.

The EOS Banking AI Barometer suggests that consumers are open to more intelligent banking services, including proactive financial support. But the 60% who miss human interaction provide an important counterpoint: convenience alone may not deliver a satisfying banking relationship.

For financial institutions, the next phase of AI adoption will depend on balancing automation with human judgment. The objective is not necessarily to eliminate personal advice, but to make support more accessible while preserving the human connection customers continue to value.

Market landscape...Banks are expanding their use of AI to improve customer support, automate routine interactions and personalize digital services. The EOS Banking AI Barometer suggests that consumers are receptive to these applications when they improve speed and access to information.

The next opportunity is proactive financial assistance, including overdraft alerts and payment-plan suggestions. However, consumer confidence remains a constraint: the reported trust levels for AI’s ability to understand needs and resolve problems are substantially more limited than acceptance of basic information services.

Financial institutions will need to balance automation with privacy safeguards, reliable recommendations and human escalation options. The results are based on the supplied study summary; sample size, fieldwork dates, country breakdowns and methodology were not provided, limiting conclusions about representativeness across Europe.

Banking customers in Europe seek a balanced combination of technological convenience and the personal touch of human interaction, as both approaches address distinct psychological and operational needs within their financial lives.

Why customers want technology (Digital and AI):

• Daily agility and convenience: Digital channels and mobile apps allow for quick, functional tasks—such as checking balances, making payments, and tracking transactions—at any time and with minimal effort.

• Efficiency and automation: Technology reduces the red tape involved in repetitive processes, such as filling out credit applications or receiving proactive alerts about the risk of a negative balance.

• Access to immediate answers: Industry research shows that many customers use artificial intelligence to address initial or sensitive questions privately, avoiding the sense of being judged that might arise in a direct, face-to-face conversation.

Why customers still require human interaction (see below):

• Complexity and critical life moments: High-impact financial decisions—such as securing a mortgage, retirement planning, debt restructuring, or resolving fraud—are often fraught with emotion, uncertainty, and real-world risk.

• The need for empathy and deep listening: When a genuine or unusual problem arises, customers want to be heard by someone capable of demonstrating emotional intelligence, creative problem-solving, and a supportive attitude—qualities that algorithms cannot truly replicate.

• The "5% rule": While the vast majority of routine interactions (95%) can be handled digitally, that remaining 5%—comprising critical moments or exceptions—requires robust human support to solidify trust in the institution. How the sector is responding

Major financial institutions are joining forces through a hybrid strategy: they leverage artificial intelligence and technological copilots to handle high volumes and routine tasks, freeing up frontline professionals to focus on personalized advisory services and the human touch when it is needed most.

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