Consumers may be AI-curious, but the emerging technology has yet to gain their trust when used in particular applications like finance and banking, new research has found.
According to FIS‘s Trust in Generative AI research, almost one third (30%) of UK consumers say that they do not trust GenAI at all.
This sentiment only increases for older age groups, with 44% of Boomers expressing a total lack of trust, compared to 30% of Gen X, 21% of Millennials, and just 12% of GenZ consumers in the study.
For those respondents with little or no trust in the technology, the most important factor in increasing their trust is more transparency into how data is used (66%), the introduction of regulation or legislation at government level 62%, as well as knowing there is a human overseeing the technology (61%).
On the other hand, 39% of UK consumers expressed curiosity about AI, signalling an openness to learn more.
The research suggests that more education is needed, with 42% of consumers admitting they do not currently know how to use this technology.
Nearly half (48%) of consumers in the study said they are learning about GenAI through social media, compared to just 23% saying they have personal experience through their online activities.
A Banking Blindspot
The study also probed participant’s perspectives on the role of GenAI in financial services. It found that almost three quarters (74%) of UK consumers have no idea if their bank uses the technology within its operations.
Half of the respondents in the study expressed that they would be either somewhat, very, or extremely comfortable with their bank using GenAI, while the other half expressed varying levels of discomfort.
However, a quarter would be less likely to continue to use their bank if they knew it was deploying the technology.
Silvia Mensdorff-Pouilly, senior vice president and general manager of banking and payments EMEA at FIS commented, “Although still in its infancy, GenAI is already being deployed across a number of use cases in financial services—for example, to power customer service chatbots and to detect fraud.
“In fact, around half of financial institutions in the UK are already using some form of GenAI in their operations, showing that consumers may be unaware of how GenAI is embedded in many of the financial services they’re already using.”
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Turning the Tide on Trust
The research also found that more than half (57%) of UK consumers surveyed would not be interested in using a GenAI-powered application or service for financial tasks such as completing their tax return or planning their finances if one became available in the future.
Of the remaining 43% of respondents who would be interested in using such an application or service for financial tasks, the most compelling factors are that the technology would save them time (53%) and that it would be more cost-effective than using a human financial service professional (40%).
Mensdorff-Pouilly concluded, “When mobile phones were first introduced, many consumers thought they didn’t want or need one. If we fast forward to today, that technology has not only been accepted, but it’s transformed our society—we now couldn’t imagine life without these devices.
“We will likely see the same with GenAI over the next few years as the technology matures and more use cases are identified. Financial institutions have an opportunity to educate their customers on how they are embracing innovation with this new technology.
“Crucially, they must be transparent about how they are using data if they are to succeed in winning trust.”
