A new report released by global digital transformation company GFT shows that US banking customers increasingly accept integrating artificial intelligence (AI) into their banking experiences, with a few caveats.
44% of American Consumers Are Accepting AI in Banking
According to the Banking Disruption Index, 44% of American consumers express contentment with using AI in personal banking, especially when banks provide transparency regarding its implementation.
The report also highlights specific preferences among consumers regarding the types of banking functions they believe AI should assist with. While fintechs and neobanks continue to lead in rolling out AI solutions, traditional banks are strategically positioning themselves to capitalize on high-value use cases identified by the study.
Enhancing everyday banking experiences and bolstering cybersecurity measures are among the applications consumers are more inclined to embrace, contingent on their age. GFT's comprehensive survey of 2,002 US consumers underscores the boundaries and expectations surrounding AI in personal banking.
By analyzing these findings, GFT determines critical areas banks should prioritize to effectively cater to consumer needs and maintain a competitive edge in the market.
The report reveals a notable openness among US consumers towards AI adoption in banking yet emphasizes a cautious approach to its expansion beyond simplifying and automating routine banking operations.
Specifically, consumers prioritize AI applications in fraud monitoring, a priority highlighted after a surge in fraudulent activities in 2023. Real-time fraud detection emerged as the top choice, resonating with 35% of respondents who value the proactive security measures AI can offer to safeguard their finances.
Financial planning and savings guidance also rank prominently among consumer preferences for AI integration in banking. Thirty-two percent of respondents express readiness to utilize AI-driven tools to manage their finances, including short-term budgeting and long-term investment strategies.
This underscores a growing consumer reliance on AI to achieve financial goals and navigate economic uncertainties.
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Generational Divide
The report also found a clear generational divide in attitudes towards AI adoption in banking. While younger demographics, such as Gen Z, exhibit greater openness towards AI applications, older generations remain skeptical, particularly those aged 55 and above.
This demographic contrast highlights varying comfort levels and expectations regarding the role of AI in financial services. Marco Santos, CEO of GFT Americas, emphasized the pivotal role of AI implementation in banking's digital evolution.
He underscored the importance of banks aligning their AI strategies with consumer priorities to foster trust and satisfaction over the long term. Santos added that traditional banks can enhance consumer experiences through AI-driven solutions, leveraging established security protocols to ensure robust service delivery.
"While it may seem that digitally native competitors would have a leg up in the AI-race, consumers' banking wishlist 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," Santos said in a press release.
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