Top 5 This Week

Related Posts

More than 44% of American consumers adopt AI in banking, focusing on fraud detection–with some reservations

By Puja Sharma

U.S. Consumers Embrace AI in Banking with Caution, Survey Finds

A recent report by global digital transformation company GFT has revealed that 44% of U.S. consumers are open to the idea of artificial intelligence (AI) being used in their personal banking experience. However, this acceptance comes with certain conditions, as consumers want transparency and visibility into how AI is being utilized by banks.

The report, titled the Banking Disruption Index, highlights that consumers are particularly receptive to AI applications that enhance everyday banking tasks and provide protection against cyber threats. Features such as real-time fraud monitoring and automated saving advice are among the top priorities for consumers when it comes to AI in banking.

According to the survey of 2,002 U.S. consumers, there is a clear preference for practical applications of AI in banking, with a focus on simplifying and automating day-to-day banking operations. Consumers are looking for AI solutions that can help them with tasks like fraud detection, saving money, and managing their finances more efficiently.

Interestingly, the report also found a generational divide in attitudes towards AI in banking, with younger consumers more open to AI applications compared to older generations. While Gen Z consumers are willing to embrace AI for various banking functions, Baby Boomers are more skeptical and hesitant about its use.

In response to the survey findings, Marco Santos, CEO Americas at GFT, emphasized the importance of understanding consumer priorities and building trust through AI implementation. He highlighted the opportunity for traditional banks to enhance their services with AI capabilities that align with consumer preferences, such as fraud detection and personalized banking advice.

Overall, the report suggests that while consumers are increasingly open to AI in banking, banks must prioritize the development of AI solutions that address consumer needs and concerns. By focusing on practical and value-added AI applications, banks can not only retain market share but also build stronger relationships with their customers in the long run.


Please enter your comment!
Please enter your name here

Popular Articles