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.
