30% of UK consumers said they do not trust Gen AI at all. This sentiment increases for older age groups, with 44% of Boomers expressing a total lack of trust, compared to 30% of Gen X, 21% of Millennials, and just 12% of the Gen Z consumers.
That is according to FIS’ Trust in Generative AI research. FIS conducted new consumer research into the extent to which people understand and trust generative artificial intelligence (Gen AI), as well as their attitudes towards the emerging technology’s role in personal finance and banking.
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For those respondents with little or no trust in the technology, the most important factor in increasing their trust is more transparency into how data is used (66%), the introduction of regulation or legislation at government level (62%), as well as knowing there is a human overseeing the technology (61%).
On the other hand, 39% of UK consumers expressed curiosity about Gen AI, signalling an openness to learn more. The research suggests that more education is needed, with 42% of consumers admitting they do not currently know how to use this technology. Nearly half (48%) of consumers in the study said they are learning about Gen AI through social media, compared to just 23% saying they have personal experience through their online activities.
Gen AI in financial services
The study also asked participants about the role of Gen AI in financial services. It found that 74% of UK consumers have no idea if their bank uses the technology within its operations. Half of the respondents in the study expressed that they would be either somewhat, very, or extremely comfortable with their bank using Gen AI, while the other half expressed varying levels of discomfort. However, a quarter would be less likely to continue to use their bank if they knew it was deploying the technology.
Silvia Mensdorff-Pouilly, Senior Vice President and General Manager of Banking and Payments EMEA at FIS commented: “Although still in its infancy, Gen AI is already being deployed across a number of use cases in financial services, for example, to power customer service chatbots and to detect fraud. In fact, around half of financial institutions in the UK are already using some form of Gen AI in their operations, showing that consumers may be unaware of how Gen AI is embedded in many of the financial services they’re already using.”
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