Are Consumers Ready to Trust AI?

As financial providers embrace artificial intelligence to drive new efficiencies and innovation, our latest consumer research shows a general sense that consumers are not fully ready to trust AI. We asked 1,000+ consumers about using AI to help them manage finances.  While many consumers still distrust AI generally, our survey paints a more nuanced picture

On the whole, our research shows that 43% of consumers would not trust AI to help them manage and track their finances. However, the story changed when we broke apart the larger concept of “managing and tracking finances”, and asked about specific use cases. Many consumers expressed a willingness to trust AI to help them perform certain finance-related tasks.

Here’s how the results break down: 

Most Consumers Trust AI for Automated Reminders and Insights 

• 59% trust AI to deliver proactive reminders to pay bills, save money, etc. 
• 57% trust AI to provide a comprehensive breakdown of how they spend money
• 51% trust AI to personalized recommendations on where you can make changes to improve finances

Consumers Not Fully Ready to Give Up Human Interactions for Support, Investments, Loans, or Advice

• 51% trust AI to provide customer support when you need assistance
• 50% trust AI to automatic savings options, such as rounding up to the nearest dollar on purchases and depositing in savings
• 46% trust AI to provide basic financial advice, such as how much to put in savings or pay towards debt
• 42% trust AI to categorize transactions to help understand where money is going
• 42% trust AI to process a loan or credit application based on their financial data, including setting credit limits or approving/denying a loan
• 39% trust AI to provide investment-related financial advice, such as stocks to purchase, retirement planning, etc. 

All told, our latest research report shows that while consumers are not ready to hand the keys to their financial lives over to Skynet, they are ready for AI’s help in certain financial jobs-to-be-done.

Read more in our latest research report about consumers' feelings on AI in financial services as well as other insights into mobile banking, connectivity, and more.