UK Consumers Divided on Use of Generative AI in Banking – But 62% Believe Regulation Would Increase Trust, Reveals New Research by FIS

Key facts:

• Nearly 30% of UK consumers surveyed do not trust generative artificial intelligence (GenAI) at all, but confirmed data transparency, regulation and human oversight would be reassuring factors.
• 39% of UK consumers in the study are curious about GenAI, yet 42% admitted they do not know how to use it.
• 74% of respondents said they have no idea if their bank uses GenAI in its operations but are split 50-50 on whether they would be comfortable if it did.

LONDON, December 12, 2023 – FIS® (NYSE: FIS), a global leader in financial services technology, has conducted new consumer research into the extent to which people understand and trust generative artificial intelligence (GenAI), as well as their attitudes towards the emerging technology’s role in personal finance and banking. 

GenAI is a form of artificial intelligence designed to create new content (e.g. text, images, code) based on provided input or prompts. It has captured the world’s attention over the past 18 months with widely perceived potential to transform how we live and work. Further, global spending on AI-centric systems is expected to surpass $300 billion USD in 2026, with banking being one of the two industries that will deliver the largest AI investments.¹

For those respondents with little or no trust in the technology, the most important factor in increasing their trust is more transparency into how data is used (66%), the introduction of regulation or legislation at government level (62%), as well as knowing there is a human overseeing the technology (61%). 

On the other hand, 39% of UK consumers expressed curiosity about GenAI, signaling an openness to learn more. The research suggests that more education is needed, with 42% of consumers admitting they do not currently know how to use this technology. Nearly half (48%) of consumers in the study said they are learning about GenAI through social media, compared to just 23% saying they have personal experience through their online activities.  

There’s a Banking Blindspot
The study also asked participants about the role of GenAI in financial services. It found that almost three quarters (74%) of UK consumers have no idea if their bank uses the technology within its operations.      

Half of the respondents in the study expressed that they would be either somewhat, very, or extremely comfortable with their bank using GenAI, while the other half expressed varying levels of discomfort. However, a quarter would be less likely to continue to use their bank if they knew it was deploying the technology. 

Silvia Mensdorff-Pouilly, Senior Vice President and General Manager of Banking and Payments EMEA at FIS commented, “Although still in its infancy, GenAI is already being deployed across a number of use cases in financial services—for example, to power customer service chatbots and to detect fraud. In fact, around half of financial institutions in the UK are already using some form of GenAI in their operations, showing that consumers may be unaware of how GenAI is embedded in many of the financial services they’re already using. As leaders in the financial technology space, FIS is committed to the responsible use of GenAI as we seek to build trust in these exciting advancements.”

Turning the Tide on Trust
The research also found that more than half (57%) of UK consumers surveyed would not be interested in using a GenAI-powered application or service for financial tasks such as completing their tax return or planning their finances if one became available in the future. Of the remaining 43% of respondents who would be interested in using such an application or service for financial tasks, the most compelling factors are that the technology would save them time (53%) and that it would be more cost-effective than using a human financial service professional (40%).

Mensdorff-Pouilly concluded, “When mobile phones were first introduced, many consumers thought they didn’t want or need one. If we fast forward to today, that technology has not only been accepted, but it’s transformed our society—we now couldn’t imagine life without these devices. We will likely see the same with GenAI over the next few years as the technology matures and more use cases are identified. Financial institutions have an opportunity to educate their customers on how they are embracing innovation with this new technology. Crucially, they must be transparent about how they are using data if they are to succeed in winning trust.”

About the research
FIS’ Trust in Generative AI research was conducted by Savanta in October 2023. It focused on consumers’ understanding of GenAI and their attitudes towards it, as well as its role in personal finance and banking.

The UK data is based on a sample of 2,000 consumers across Gen Z (18-27), Millennials (28-42), Gen X (43-58) and Boomers (59+).

About FIS
FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across any industry globally. We enable the movement of commerce by unlocking the financial technology that powers the world’s economy. Our employees are dedicated to advancing the way the world pays, banks and invests through our trusted innovation, system performance and flexible architecture. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the Standard & Poor’s 500® Index. 

To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com