Brits embrace AI banking despite apprehensions, new research reveals

As part of a broader global survey which included responses from 12,000 individuals across the UK, Italy, Germany, the US, Poland, and Japan, GFT’s quarterly Banking Disruption Index gathered insights into the sentiments of UK banking customers towards artificial intelligence.

Nervousness, concern, and a lack of trust transpired as predominant emotions associated with AI banking in the UK. While 41% of respondents claimed to understand AI technology, 41% also said they didn’t know entirely how it works.

Despite this knowledge gap, only 27% of those surveyed were reluctant for their banks to use AI. In fact, 61% welcomed the integration of AI to support their banking needs, and an additional 13% were excited about AI’s potential contributions to the sector.

Younger consumers were notably more confident in their understanding of AI, with 58% of the 25 to 34 respondents feeling knowledgeable about the technology, compared to just 26% of respondents aged over 55.

However, the study also revealed that consumers remained cautious about AI’s role in everyday banking tasks. Only 33% of the survey were comfortable with AI assisting in fraud prevention, while just 20% supported its use in helping customers avoid financial difficulties. Personalised financial advice garnered 15% approval, and AI support for credit decisions, such as mortgages and bank loan approvals, was considered favourable to only 14% of respondents.

Richard Kalas, Client Solutions Director, Retail Banking at GFT UK, emphasised the importance of banks guiding their customers through the adoption of AI technology. He stated, "There is a huge buzz currently around AI; both its benefits and visions of apocalyptic futures. It is important that banks adopting AI take their customers on the journey with them, to demonstrate they are using the technology safely, securely and in the best interest of the customer."

Despite apprehensions, it appears Brits are willing to embrace AI in banking, as long as they receive clear communication and reassurance from their banks about what this would entail in practice.