3 in 10 of Singaporean consumers oppose banks’ use of GenAI

Consumers cited concerns over data security and potential fraud.

Whilst Singaporeans recognise the potential of Generative AI, their trust wanes when it comes to its application in banking.

According to FIS, 31% of consumers would not be comfortable if their bank were to use GenAI, expressing concerns over data security (74%) and the potential for fraud (56%).

Still, more than half (69%) trust their bank to use GenAI in its operations.

Nearly three-quarters of consumers said they are also keen to explore a GenAI-powered financial application if one became available in the future.

Singaporeans are also interested in using GenAI to seek financial advice, particularly Boomers and GenXers.

The FIS report found that 65% of Boomers and 61% of GenXers are interested in taking financial advice from an existing GenAI tool like ChatGPT. 

Boomers (59%)  also indicated that they would be more comfortable with GenAI in the next five years. Their sentiment is similar to Millennials (59%) and closely matching Gen Zs (62%).