Most bank customers are hesitant to use artificial intelligence to help manage their money, according to the most recent bank customer satisfaction survey by J.D. Power. The survey found that more than half of customers surveyed would be hesitant or opposed to using AI in facial recognition technology at ATMs and AI-powered tools that help them find the best loans or update their investment portfolios. However, customers were more open to using AI tools for analyzing their spending, making recommendations to save money, and avoiding fraud, or when using a virtual assistant or chatbot for customer service. However, there remained a significant amount of hesitancy in each category.
Asked how much AI in financial services puts them at greater risk for fraud or security breaches, 64% of respondents said “somewhat,” according to J.D. Power. One in five (20%) thought it put them at extreme risk, while 16% said not at all. “Key to financial institutions encouraging AI-driven tool adoption will be reassuring customers about tool security,” the firm concluded.
The survey also found customers’ financial health remained at a standstill in January. Nearly one-third (30%) of respondents were financially healthy while 46% fell into the vulnerable category, which was comparable to recent months. One “silver lining” was the percentage of customers that are extremely worried that the prices for common goods will continue to rise dropped to 37% from 40% in January, according to J.D. Power.
