While bank customers are using generative artificial intelligence, they hesitate to share personal information with the technology or trust its recommendations, according to a new survey by Deloitte.
The survey found that 72% of bank customers hesitate to share information about their financial situation with gen AI tools. Sixty-four percent worry that gen AI may contain biases toward certain banks’ services and products.
Only 49% said they trust the accuracy of banking information from gen AI, compared to 79% who said they trusted information from bank websites.
“This difference between bank websites and gen AI tools reflects trust built by banks over years of regulations and customer experiences,” Deloitte said. “Institutions should sustain this influence by ensuring their information and products are visible as gen AI tools become more popular gateways to financial research.”
Still, 58% of respondents said they have used gen AI to research bank products, compared to 84% who used search engines to do that research. A majority of Gen Z, millennials and Gen X respondents said they have used gen AI to research bank products, with baby boomers the only generation where fewer than half said they have.
