Most Brits not ready to let AI manage their money

Recent data from FIS shows that while consumers are warming up to AI for basic tasks, they aren't ready to let algorithms take the wheel of their financial lives. For retailers and service providers, this means you should focus on using AI to speed up the application process rather than replacing the human element of financial decision-making. Most customers currently use AI to research products or check balances, but they draw the line at letting an AI assistant manage their daily spending or approve loans without oversight. If you are integrating new financing tools at the point of sale, transparency is key. Your customers want to know why a decision was made and that there is a person available if something goes wrong. High-friction areas like credit applications are ripe for AI improvement, but pushing automation too far into the 'advice' territory might alienate your older or more conservative shoppers. The survey highlights a significant trust gap: consumers still value the security and accountability of established institutions over pure tech solutions. Use AI to remove the 'boring' parts of the financing journey—like data entry and verification—but keep your branding focused on reliability and human support.

Source: Finextra — Lending

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