Dive Brief:
- A majority of customers trust the use of AI in behind-the-scenes tasks at financial institutions, according to a TD Bank survey conducted by Ipsos released Tuesday.
- Among the 2,500 U.S. consumers polled, 70% are comfortable with technology being used for fraud detection, and 64% are comfortable with it being used in credit score calculations.
- Consumers also believe that AI should offer more ease. Two-thirds believe it can expand access to financial tools, and nearly half expect benefits from AI like 24/7 banking access.
Dive Insight:
As consumers have become more familiar with AI tools, their trust in the technology has slowly grown.
Nearly 7 in 10 consumers say they are at least somewhat familiar with AI — a finding seen in other surveys, too. Notably, half of consumers trust that AI will provide reliable, competent information, trusting AI just as much as news stations.
But consumers are more comfortable with AI in specific use cases and the more complex or sensitive the matter, the more they want to speak to a human or know that a human will be reviewing AI before making any decisions.
Consumers are less inclined to want to only use AI when it comes to tasks that one might typically use a financial adviser for, according Ted Paris, EVP, TD Bank AMCB, and head of analytics, intelligence & AI.
When it comes to personal finance, 3 in 5 of consumers were comfortable with the idea of using AI financial tools for budgeting and automating savings goals. But less than half were comfortable with more complex tasks like retirement planning and investing.
Banks enjoy high consumer trust — more than 4 in 5 consumers trust banks for accurate information. As they deploy AI, it’s important that they maintain that, Paris said.
“What's probably the key piece, is creating and enabling and allowing customers and colleagues to feel that they can trust the outcomes of what this capability then generates,” Paris said.
One of the ways TD Bank is approaching this is by always having a human in the loop, meaning that the output of an AI solution will be passed through some internal expert before going to a client.
“We need to make sure that first, anything that we're doing is directed toward a particular need,” Paris said. “We need to make sure that this is going to meet all hurdles that we would set, legal, regulatory, for security and privacy.”
