Here’s what Britons are saying about AI's role in finance
July 1st, 2024, Kineree Shah

Here’s what Britons are saying about AI's role in finance

A recent YouGov survey of 2,097 British adults delved into their awareness, trust, and expectations regarding role of AI in finance. The findings offer a nuanced view of public opinion on this technology.

The term AI is widely recognized, with 91% of respondents indicating they understand it. However, awareness of AI in finance services is less widespread, with only 37% of adults knowing the extent of its usage in the sector. When it comes to trust, a significant 64% of British adults prefer a human touch over AI for managing their money, while just 11% are more likely to trust AI.

When it comes to integrating AI in banking services, opinions are divided. About 56% would not be happy using a bank that relied heavily on AI, while 86% still want the option to speak with a human for complex service needs. Despite this, 31% would trust an AI app if it promised better returns on investments, indicating some willingness to embrace AI in finance where the benefits are clear.

Interestingly, only 10% are actively seeking AI-driven financial products, suggesting that while there is curiosity, there is also significant hesitation. Trust remains a crucial factor, with just 28% trusting AI for managing day-to-day finances and even fewer, 21%, trusting it for long-term financial planning.

When asked to choose a statement that best describes their view, 47% of Britons believe AI is a tool for banks to save money without real benefits for customers. In contrast, 28% see AI as beneficial for both banks and customers, showing a split in perception of AI’s value.

These insights underline the importance of transparency and communication in adopting AI in finance services. For businesses, it’s clear that while AI offers promising opportunities, building trust and demonstrating tangible benefits to customers is paramount. Leveraging tools like YouGov Surveys: Serviced can help companies better understand and address these concerns, ensuring that AI implementation aligns with customer expectations and needs.

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