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Nearly Half of Consumers Approve of AI in Banking

The majority of consumers identified real-time fraud monitoring as the AI capability they are happy for banks to implement

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  • Written by  Banking Exchange staff
 
 
Nearly Half of Consumers Approve of AI in Banking

US consumers have become more open to the use of AI in banking services to improve everyday banking tasks and enhance protection against cyber threats, according to GFT.

The GFT Banking Disruption Index found that 44% of consumers are happy with the use of AI in their personal banking experience, as long as banks provide visibility into how the technology is used.

Real-time fraud monitoring also emerged as the most accepted use of AI as 35% of consumers reported they were most open to using it in their day-to-day banking.

This was closely followed by saving advice — of the 90% of consumers who are focused on trying to save money in 2024, 32% want banking AI to help them reach their goals.

This included both everyday spending and savings as well as long-term investment and wealth management.

Consumers were also open to using AI for everyday banking tasks, as 28% wanted automation for tasks such as checking balances, transferring funds and receiving accounts.

However, the report also revealed there is a clear generational divide regarding AI in banking.

Even though respondents aged 18 to 24 were amenable to AI in banking, depending on the use case, those over 55 were three times more likely to shut down the idea of AI use at banks entirely.

Marco Santos, CEO of GFT Americas, said:  “While it may seem that digitally native competitors would have a leg up in the AI race, consumers’ banking wish-list of fraud detection, banking advice and other day-to-day tasks are all capabilities that traditional banks are more than capable of enhancing with AI.”

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