While there is a generally positive outlook on AI in financial services, certain disparities remain among different age groups regarding AI adoption. The new Future of Finance: AI Consumer Trends Survey conducted by Talkdesk reveals that 47% of US consumers view AI chatbots as capable of enhancing customer experience. Yet, for older generations, human interaction is still the top element of great experience in the financial services industry.
Millennials interact with AI chatbots most often (71%), while only 43% of baby boomers do so. A human representative is still preferred for complex financial decisions—Americans are almost twice as likely to trust advice from a human (44%) than an AI chatbot (26%). Millennials, however, would equally trust the advice given by a chatbot (35%) or a human (36%).
AI could help some consumers who feel insecure asking humans for financial advice due to their current situation. Notably, 40% would gladly receive guidance from a chatbot instead of a human rep.
Most consumers (64%) find AI chatbots particularly helpful for routine tasks like account inquiries and general customer support. However, humans are still the preferred option for complex financial decisions such as loan approvals. Further, 54% believe humans should approve or deny loan applications.
Commenting on the findings, Rahul Kumar, Vice President and General Manager of Financial Services at Talkdesk, said:
“Our survey reveals a financial services landscape evolving at different speeds and different needs across different generations. While we’re seeing increasing AI adoption, with nearly half of consumers viewing AI chatbots positively, it’s clear that a one-size-fits-all approach does not suffice. Financial services institutions must strike a delicate balance when incorporating AI into their customer experience. The future of financial services lies not in choosing between AI and human interaction but in seamlessly integrating both to meet the diverse needs and expectations of all customer segments.”
Nearly half (46%) of respondents anticipate AI will make financial transactions smoother and more efficient. Additionally, 59% believe it’s essential for AI chatbots to learn from their interactions with individuals and improve over time.
Finally, regardless of the AI's effectiveness in resolving issues, 62% of respondents consider easy escalation to human agents as the most desired feature in AI chatbots, highlighting the need for seamless transitions between AI and human support.
