With Trust in Generative AI Fragile, Consumers Lay Out Terms for Adoption in Financial Services, According to FIS Survey
- Growing global spending on AI-centric systems, banking as a major AI investment industry
- High consumer anxiety over GenAI, need for government regulation and transparency
Key facts and findings
-
As businesses race to capitalize on the potential of generative artificial intelligence (GenAI),
71% of Americans surveyed say the technology makes them feel anxious. -
58% of consumers say they would be “comfortable” with their bank using GenAI but have clear terms in which they would be more comfortable with the technology. -
Americans in the study agree: data transparency (
86% ), human oversight (85% ) and regulation/legislation from the government (82% ) would help them be more trusting of GenAI.
GenAI is a form of artificial intelligence designed to create new content—such as text, images and 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
Americans Seek Oversight and Regulation in GenAI
Anxiety is still high, but FIS' Trust in Generative AI research revealed that
Issues of bias are another factor for financial services providers to overcome. Among
These findings underscore the need for financial services providers to provide and adopt comprehensive consumer education across all demographics to enable wider acceptance and adoption within the industry.
With Time Comes Comfort with New Technologies
Despite cited feelings of anxiety, the outlook for trust in GenAI is bright with
“It’s no surprise that GenAI has captured the imagination of Americans—and the world—with its ability to produce near human-like texts as well as surprising and often funny images. But past the initial delight people experience from AI-generated content, we do see high levels consternation among consumers,” said Nasser Khodri, Capital Markets President at FIS. “Transparency, human oversight, and regulation are going to be critical to bridging the GenAI trust gap, which is necessary for any significant adoption of these technologies by financial services providers. Some of this comes to the new-ness of GenAI, but the organizations interested in deploying AI-power services and solutions will need to be proactive communicators to ensure their consumers of its security and benefits. This is why FIS has been committed to the responsible use of GenAI as we look to be a force for building trust when using this transformative technology.”
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
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
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Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
kim.snider@fisglobal.com
Source: Fidelity National Information Services
FAQ
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