Relationships between banks and customers are on the decline, with the reliance of lenders on big data making people feel like numbers, a new survey of Australians has revealed.

The Pepper money survey of 1,002 adults found 44 per cent did not feel their bank had their interests at heart, while 42 per cent said their bank did not understand their financial goals. A worrying 63 per cent withhold information from financial institutions.

The top reasons for customer alienation were fees, the bank’s focus on business profits, a lack of understanding about real life situations, a sense banks are out of touch and a feeling that customers were not valued.