It’s well documented that businesses across the globe, operating in almost every industry, are racing to capitalise on the potential of generative AI.
But when it comes to financial services, how do consumers actually feel about the adoption of this exciting, emerging technology?
If fresh research from FIS is anything to go by, the reality is that financial institutions may very well be out of lockstep with a significant proportion of their customers.
FIS surveyed approximately 7,500 consumers across the five markets: the US, the UK, India, Singapore and Australia. Across all countries, almost two in five (38%) respondents don’t currently use GenAI themselves as they either don’t need to or don’t trust it.
People in Singapore are most worried by data privacy (43%), while 39% of Australians cited a lack of trust. Indian consumers show the highest level of trust, with just 3% stating they don’t trust GenAI at all.
Meanwhile, 71% of Americans surveyed say the technology makes them feel anxious.
“It’s no surprise that GenAI has captured the imagination of the world with its ability to produce near-human-like texts as well as surprising and often funny images," comments Nasser Khodri, Capital Markets President at FIS.
“But past the initial delight people experience from AI-generated content, we do see high levels of consternation among consumers."
Use of GenAI in banking
GenAI has captured the world’s attention over the past 18 months with its potential to transform how we live and work.
According to research from IDC, global spending on AI-centric systems is expected to surpass US$300 billion in 2026, with banking being one of the two industries that will deliver the largest AI investments.
FIS carried out its survey to explore consumers’ trust and understanding of GenAI and how it is used by financial services providers.
Researchers discovered consumers lack awareness of their banks’ use of the technology, with 74% of people in the UK and 71% of Australians admitting they don’t know whether their banks are currently using GenAI in their operations. On the flip side, half of Indians believe their banks are making use of generative AI.
Consumers in most countries are either somewhat comfortable or not very comfortable with their banks using GenAI, except for India, where 51% of respondents are extremely or very comfortable.
Consumers willing to stick with banks
What’s telling in FIS’ findings is that a significant majority of consumers across all nations say they would stick with their primary bank if they became aware it was using GenAI.
But, when asked whether they would consider using a GenAI-powered application for financial tasks such as doing taxes or planning your finances, less than half of respondents in the US, UK and Australia said they would, compared to 91% in India and 74% in Singapore.
“Transparency, human oversight and regulation are going to be critical to bridging the GenAI trust gap, which is necessary for any significant adoption of these technologies by financial services providers,” adds Khodri.
“Some of this comes to the newness of GenAI, but the organisations interested in deploying AI-powered services and solutions will need to be proactive communicators to ensure their consumers of its security and benefits.
“This is why FIS has been committed to the responsible use of GenAI as we look to be a force for building trust when using this transformative technology.”
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