Innovation

Majority of consumers want GenAI in banking with oversight

Photo: Adobe Stock

December 12, 2023

A majority (71%) of American customers are nervous about generative AI, but 58% of them would be comfortable with their banks using the technology under certain conditions, according to a survey from FIS.

In particular, 82% said that they would need regulations and legislation to feel more confident in the technology and 86% said they would need transparency about how AI accesses and uses their data, according to a press release.

Other findings of the survey include:

• 85% would trust GenAI more if a human oversaw it.
• 79% said the brand's reputation offering the tech matters.
• 54% are concerned about age bias, while 48% and 49% are concerned about gender and racial bias, respectively.
• 60% of Millennials and Gen Z are comfortable with bank using AI while only 38% of Baby Boomers said the same.

"It's no surprise that GenAI has captured the imagination of Americans — and the world —with its ability to produce near human-like texts as well as surprising and often funny images. But past the initial delight people experience from AI-generated content, we do see high levels (of) consternation among consumers," Nasser Khodri, capital markets president at FIS, said in the release. "Transparency, human oversight and regulation are going to be critical to bridging the GenAI trust gap, which is necessary for any significant adoption of these technologies by financial services providers. Some of this comes to the newness of GenAI, but the organizations interested in deploying AI-power services and solutions will need to be proactive communicators to ensure their consumers of its security and benefits. This is why FIS has been committed to the responsible use of GenAI as we look to be a force for building trust when using this transformative technology."