Financial technology leader FIS conducted research shedding light on consumer perceptions of generative artificial intelligence (GenAI) in banking, revealing a divided sentiment. The study encompassed respondents in the UK, US, India, Australia, and Singapore, with UK participants exhibiting the least exposure to GenAI. Among the findings, 62% of UK consumers believed that regulation would enhance trust in GenAI. Approximately 30% expressed no trust in GenAI, but factors like data transparency, regulation, and human oversight were identified as reassuring elements.
The survey unveiled that 74% of respondents were unaware if their banks utilized GenAI, with a 50-50 split on comfort levels if banks did. Despite increased GenAI adoption in 2023 promising efficiency gains, a quarter of respondents would consider discontinuing their banking services if their bank deployed GenAI. Notably, 57% expressed disinterest in using GenAI-powered applications or services for financial tasks. However, among those interested (43%), saving time and cost-effectiveness were cited as compelling factors.
Silvia Mensdorff-Pouilly, Senior Vice President and General Manager of Banking and Payments EMEA at FIS, emphasized the need for financial institutions to educate customers on GenAI adoption transparently. She highlighted the parallels with the initial skepticism surrounding mobile phones, suggesting that over time, as GenAI matures, its acceptance and transformative impact on society may become more evident.
BizClik, a global B2B digital media platform, provided insights into the research, emphasizing FIS’s commitment to responsible GenAI use in financial services. The study underscored the importance of transparency, data usage clarification, and regulatory frameworks in building trust as financial institutions integrate GenAI into their operations.
