"AI is transforming UK financial services, but trust is an issue. To fully harness its potential, focus on how the technology can enhance the factors that really matter to users, convenience and service."
George Zaborowski, Senior Market Analyst
Advances in AI are reshaping the UK financial services industry, yet consumers remain cautious. Adoption of AI in personal financial management remains in a growth stage, with around a third of UK adults using AI to support financial decisions.
A lack of trust in AI is the biggest challenge facing the wider adoption of bank-led AI tools and services. Consumers are twice as likely to think AI will increase exposure to scams and deepfakes as they are to believe it will improve financial products and services. Declining access to humans is also of particular concern, with most preferring to speak with a human before making a major financial decision.
The integration of AI into financial services offers huge potential upsides for consumers and brands alike. However, to ensure any roll out is perceived positively by consumers, it is essential that AI use is shown to be secure and transparent, while note replacing human support at the times that matter most to consumers.
Given current sentiment about AI, the key to wider acceptance in financial services is not about developing the most advanced and sophisticated AI tools, but to make AI feel safe, useful and easy to understand.
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