AI is becoming a standard tool in retail and digital banking, but consumer comfort is mixed. A recent Kantar study of US consumers shows broad acceptance of AI for information tasks, paired with clear hesitation when AI is asked to make or manage financial decisions. These patterns point to practical steps banks must take to win trust.
AI’s Role: Information vs. Decision-Making
Where Consumers Accept AI
Respondents are generally comfortable using AI for low-risk, informational activities: checking rates, comparing fees, getting product details, and routine account queries. Conversational AI and chat tools have high uptake among Gen Z and Millennials, who favor fast, digital-first interactions for simple tasks and customer service.
The Line in the Sand
Trust declines when AI is positioned to manage day-to-day finances or make consequential decisions, such as automated investment moves, credit adjustments, or prioritizing bill payments. Consumers want human oversight for exception handling, explanations, and accountability. Perceived explainability and control are decisive factors in whether users will accept deeper AI involvement.
Building Trust: Strategic Imperatives for Banks
- Position AI as an assistive layer that augments human advisors rather than replacing them. Offer clear paths to human review and escalation for higher-risk interactions.
- Be transparent about when AI is used, what data it accesses, and how decisions are made. Publish simple explanations and opt-in controls that let customers limit automated actions.
- Design products for younger adopters while preserving comfort for risk-averse customers. Offer tailored onboarding, sandboxed AI features, and privacy-forward defaults to capture Gen Z and Millennial users without alienating older cohorts.
- Maintain human-in-the-loop governance, continuous monitoring, and documented audit trails to support accountability and regulatory readiness.
Banks that combine transparent communication, clear human oversight, and targeted product design can expand AI use without eroding trust. Thoughtful, human-centered deployment converts early adopters and reassures cautious customers while keeping operational and reputational risk in check.
