Fintech PR

Brits not letting apprehension put them off AI banking

Published

1 year ago

September 4, 2023

LONDON, Sept. 4, 2023 /PRNewswire/ — Despite customers’ concern about banks using AI, they still want to make the most of opportunities the technology offers the banking sector, new research from GFT finds.

Nervous, concerned and untrustworthy are the three most common feelings British consumers associate with their bank using artificial intelligence (AI), according to a new survey out today.

This nervousness is likely due to a lack of understanding, with the research showing an even split of consumers who claim to understand (41%) and not understand (41%) how the technology works.

Despite this only 27% of consumers say they would not want their bank using the technology at all, with 61% of consumers happy with their banks using AI to support them, and 13% excited about AI’s potential in banking.

The data comes from GFT’s latest Banking Disruption Index, a quarterly assessment of consumer sentiment towards digital banking.

Young people feel they have a better grasp of AI, however, with 58% of 25-34-year-olds confident they know what the technology is, compared with only 26% of over 55-year-olds.

In line with consumers’ nervousness and lack of understanding, few are happy with their bank using AI to support their everyday banking needs. Only 33% would want the technology being used to support with fraud prevention, followed by its use in helping customers avoid financial difficulty (20%), providing personalised advice on a customer’s finances (15%) and supporting credit decisions such as mortgages and bank loan approval (14%).

Richard Kalas, Client Solutions Director, Retail Banking at GFT UK, said: “There is a huge buzz currently around AI; both its benefits and visions of apocalyptic futures. It is important that banks adopting AI take their customers on the journey with them, to demonstrate they are using the technology safely, securely and in the best interest of the customer.”

The research was part of a wider global survey, which questioned 12,000 people across the UK, Italy, Germany, US, Poland and Japan. The UK Banking Disruption Index report including further detailed analysis is available here.