Although Gen AI is taking the spotlight globally, Australians are still largely distrustful of the technology, with the majority expressing little (33%) or completely no trust (33%) in Gen AI, according to new research from global leader in financial services technology, FIS.
FIS’ Trust in Generative AI researchexamined 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 due to concerns over data security (77%) and the potential for fraud (50%).
Despite this, there’s 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.
FIS head of Asia Pacific B2B and money investment, Pete McCormick said, “Although many Australians are hesitant to trust Gen AI, if we look at the demographic breakdown, majority of the new generation of consumers are in fact quickly embracing the technology. Building trust is key to paving the way for wider adoption.
“A few Australian banks are starting to deploy Gen AI in their operations. As our study suggests, it is crucial that they be transparent about their use of data if they are to succeed in winning consumer trust. Once valid concerns around Gen AI are addressed, it will be interesting to explore positive use cases in financial services. It is still early days, but the potential for innovation is immense.”
Almost two-thirds (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%), versus Boomers (22%).
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 five years.