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Home Newsbytes

Survey finds bank customers lack trust in AI, chatbots for financial advice

September 6, 2024
Reading Time: 1 min read
FCC rules that consent is required for AI-generated voices in outbound calls

While financial services customers are largely optimistic about the ability of artificial intelligence to improve their lives, they are concerned the technology isn’t trustworthy, according to a new survey by J.D. Power.

More than half of respondents (54%) said they had used a generative AI tool, according to J.D. Power. That level was significantly higher among national bank customers (66%) than regional banks (42%). Chatbot usage also was higher among respondents under the age of 40 (72%).  However, only 27% of all respondents said they trust AI for financial information and advice. When compared with other categories of advice, financial information ranked lower than travel information (37%) but slightly ahead of medical information (25%).

The survey also found that respondents believe that AI will increase convenience but not their financial situation. Seventy-two percent of respondents “agree” or “strongly agree” that AI tools will provide easy, convenient self-service in the near future. However, only 42% said AI will improve personal finances.

Respondents were most likely to be receptive to personalized alerts and recommendations that could help them. Nearly two-thirds (62%) said they would immediately try AI-driven personalized account alerts to help avoid service charges and fees, 44% would use automated phone voice assistants to resolve a customer service problem, and 42% would take personalized product recommendations from an AI agent.

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