Global: FIS Study Reveals UK Consumers Exhibit Divergent Views on the Adoption of Generative AI in Banking

Financial technology leader FIS has delved into consumer sentiments regarding generative artificial intelligence (GenAI) through its recent research. The study explored the public’s understanding, trust, and perceptions of GenAI, particularly in the context of personal finance and banking.

Consumer Curiosity and Skepticism

The findings of FIS’ “Trust in Generative AI” research reveal that around 30% of UK consumers express complete distrust in GenAI. This skepticism intensifies among older age groups, with 44% of Boomers expressing a lack of trust, compared to 30% of Gen X, 21% of Millennials, and only 12% of Gen Z respondents.

For those harboring distrust in GenAI, increased transparency in data usage (66%), governmental regulation or legislation (62%), and the assurance of human oversight (61%) are identified as crucial factors to build trust.

Contrastingly, 39% of UK consumers display curiosity about GenAI, indicating an openness to learning more. The study underscores the need for increased education, as 42% of consumers admit to lacking current knowledge on using this technology.

Banking Blindspot

In the realm of financial services, the study reveals a notable blindspot among UK consumers. A staggering 74% have no idea whether their bank employs GenAI in its operations. Meanwhile, 50% of respondents express varying degrees of comfort with their bank using GenAI, while the remaining 50% exhibit discomfort. Intriguingly, 25% would be less inclined to continue using their bank if it deploys GenAI.

Silvia Mensdorff-Pouilly, Senior Vice President and General Manager of Banking and Payments EMEA at FIS, notes that while GenAI is in its early stages, it is already deployed across various financial services. Despite this, consumer awareness about GenAI’s integration into financial operations remains limited.

Trust Challenges and Future Prospects

Over half (57%) of UK consumers would not be interested in utilizing a GenAI-powered application or service for financial tasks, such as tax returns or financial planning. Among the remaining 43% expressing interest, factors like time savings (53%) and cost-effectiveness compared to human financial professionals (40%) are deemed compelling.

Mensdorff-Pouilly emphasizes the importance of financial institutions educating customers on their adoption of GenAI and maintaining transparency about data usage to foster trust. She draws parallels with the initial skepticism surrounding mobile phones, highlighting the transformative potential of GenAI as understanding and use cases evolve.

Research Overview

Conducted by Savanta in October 2023, FIS’ research involved 2,000 UK consumers across different age groups, including Gen Z, Millennials, Gen X, and Boomers.