Consumer Trust and AI Use in Financial Services

This report investigates consumer perceptions and engagement levels regarding artificial intelligence (AI) within the context of digital banking. Conducted by Lumin Digital, the U.S.-based survey included responses from 450 digital banking users aged 18 and older, focusing on familiarity with AI tools, comfort levels, trust in AI-driven experiences, and data sharing willingness. The findings indicate a high level of awareness about AI, with 83% of users familiar with AI tools; however, regular usage remains low at 13%. Trust emerges as a crucial barrier, with significant concerns related to data misuse and third-party sharing. The report categorizes users into three cohorts based on technology familiarity, showing younger users are generally more open to engaging with AI tools. Recommendations for financial institutions include fostering user trust through transparency about AI usage and designing user-centered innovations to enhance the overall banking experience.