Half of Aussies are not comfortable with their bank using Gen AI but two-thirds wouldn't change if they did: FIS survey

FIS, a global leader in financial services technology, has conducted new research into the extent to which consumers understand and trust Generative AI (Gen AI). Although Gen AI is taking the spotlight globally, FIS’ Trust in Generative AI research revealed Australians are still largely distrustful of the technology, with majority expressing little (33%) or completely no trust (33%) in Gen AI.

The study also examined consumers’ attitudes towards Gen AI in financial services. Half of Australians said they would not be comfortable if their bank were to use Gen AI. The top underlying reasons are concerns over data security (77%) and the potential for fraud (50%).

Despite this, there is interest emerging around the use of Gen AI in personal finance, as 45% in Australia said they are keen to explore a Gen AI-powered financial application (for banking, investing or insurance), if one became available in future, citing the desire to save time (45%) as their primary motivator.

When thinking about their personal finance, the rising cost of living and impact of inflation is top of mind for Australians, with nearly three-quarters (74%) listing it as their main financial concern.

Additional findings and insights:

• Majority (64%) of Australian consumers are familiar with Gen AI, however less than half (45%) have experience using it.
• Gen AI adoption is primarily driven by Gen Zs. 75% of Gen Zs said they have experience with Gen AI, versus 22% of Boomers.
• 40% of consumers expressed interest in tapping on an existing Gen AI tool (e.g. ChatGPT) for financial advice.
• Australians are also starting to be comfortable with having Gen AI assist on the following financial-related tasks:
  • 54% are comfortable with Gen AI choosing savings account
  • 53% are comfortable with Gen AI selecting insurance account
  • 47% are comfortable with Gen AI selecting investments
  • 44% are comfortable with Gen AI managing retirement account
• Sentiment towards Gen AI is poised to shift, with a bigger percentage of Australians indicating they will be more (45%) as opposed to less (9%) comfortable with Gen AI in the next 5 years.