Banking Customers in UK Split on Employing Generative AI - Yet Over Two-Thirds Believe Regulation Could Boost Trust, Suggests Recent Study by FIS
In the realm of artificial intelligence (AI), generative AI (GenAI) has been making waves in the UK's financial sector. According to a recent study, around half of financial institutions in the UK are already utilising some form of GenAI in their operations. However, the UK population's exposure and experience with AI, compared to other countries, have been relatively limited. This lack of familiarity seems to have an impact on the level of trust people have in GenAI technology. In fact, almost one-third of UK consumers do not trust GenAI at all. The study also revealed that older age groups, such as Boomers, express a higher lack of trust in GenAI compared to younger generations. Conversely, 39% of UK consumers express curiosity about GenAI, indicating a potential for increased acceptance in the future. Deloitte, a renowned consultancy firm, conducted research on consumer understanding and trust of GenAI. Banks such as Barclays and HSBC are already supporting part of their operations with this technology. FIS, a global financial services technology company, also contributed to this research. The findings suggest that transparency about how data is used is crucial for winning trust in GenAI technology. More than half of the respondents in the study would be comfortable with their bank using GenAI, while the other half expresses varying levels of discomfort. Silvia Mensdorff-Pouilly, Senior Vice President and General Manager of Banking and Payments EMEA at FIS, emphasised the responsible use of GenAI and building trust in these advancements. She highlighted the opportunity for financial institutions to educate their customers on how they are embracing innovation with GenAI. The use of GenAI in financial services is already being deployed for customer service chatbots and fraud detection. More education is needed about GenAI, as 42% of consumers admit they do not currently know how to use this technology. Interestingly, more than half (57%) of UK consumers would not be interested in using a GenAI-powered application or service for financial tasks. However, the most compelling factors for UK consumers to use a GenAI application for financial tasks are time-saving (53%) and cost-effectiveness (40%). As global spending on AI-centric systems is expected to surpass $300 billion USD in 2026, with banking being one of the industries with the largest AI investments, it seems that the UK's financial sector will continue to explore and integrate GenAI into its operations. The key to success will lie in fostering trust and transparency with consumers. In conclusion, while there is a mixed reaction towards GenAI in the UK, the potential benefits, such as increased efficiency and cost-effectiveness, cannot be ignored. The onus is on financial institutions to educate their customers, ensure transparency, and build trust in this innovative technology.
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