Talkdesk survey finds half of consumers are optimistic about artificial intelligence in financial services, but age matters

Findings reveal a generational divide, with millennials leading the charge in interactions with artificial intelligence chatbots; older generations prefer a human touch 

• Generations differ in artificial intelligence (AI) chatbot usage and comfort levels. While more than half (61%) of respondents interact with a financial services chatbot monthly, this number varies significantly by age, ranging from 71% of millennials to just 43% of baby boomers.

• 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%).

• A quarter (26%) of Americans avoid asking for financial advice because they are insecure about their financial situation. AI could help, as 40% of respondents say they would have received guidance from a chatbot instead of a human representative.

The new Future of Finance: AI Consumer Trends Survey conducted by Talkdesk^Ⓡ Inc., a global provider of artificial intelligence (AI)-powered customer experience (CX) technology that serves enterprises of all sizes, reveals a cautiously optimistic outlook on AI in financial services, with nearly half (47%) of all U.S. consumers surveyed holding a positive view of AI chatbots’ ability to enhance customer experience. The study, however, also uncovers a significant generational divide in AI adoption and a persistent preference for human interaction, particularly among older generations.

The survey paints a picture of a financial services industry at a crossroads. Millennials are enthusiastically embracing AI technology, with 71% using financial services chatbots on a monthly basis. This stands in stark contrast to baby boomers, of whom only 43% report engaging with these AI tools monthly. This generational gap in AI adoption suggests a shifting landscape that financial institutions must navigate carefully.

Despite the growing adoption of AI, the human touch remains a crucial factor in financial services. More than half of the respondents (52%) prefer interacting with human representatives, a sentiment that grows stronger with age. This preference rises to 68% among baby boomers, underscoring the importance of offering multiple ways to conduct transactions.

The survey findings indicate that consumers see AI as most beneficial for routine tasks. Account inquiries and general customer support are areas where AI chatbots shine, with 64% of respondents finding them helpful in these contexts. When it comes to complex financial decisions such as loan approvals, humans are still the preferred option.

Other key findings include:

• Breaking down barriers to financial support. Almost one-third (26%) of Americans haven’t received financial guidance because they were insecure about their financial position. But AI takes away this sense of judgment with 40% of consumers citing they would have received guidance if it was from a chatbot instead of a human representative. Although consumers are just starting to experiment with getting financial advice from chatbots, Americans already feel the impact. Almost one-quarter (23%) say they will be able to retire sooner because of the financial guidance they’ve received from AI – helping make financial literacy more equitable.
• AI excels at routine tasks. Nearly two-thirds of respondents find AI chatbots most helpful for account queries (64%) and general customer support (63%). For critical financial decisions, however, humans are still preferred. For example, more than half (54%) believe humans should approve or deny loan applications.
• Expectations for improved efficiency. 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, improving over time.
• Human backup is important. 3 in 5 (62%) 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.

The Talkdesk Future of Finance: AI Consumer Trends Survey was conducted in August 2024 on the online platform Pollfish. It polled 1,500 American consumers ages 18+ on various questions regarding their interactions with their financial services providers and their experience using AI chatbots.

Supporting Quote

Rahul Kumar, vice president and general manager of Financial Services at Talkdesk, commented: “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.”

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