More than half of Australians believe AI will improve banking
As technology continues to reshape the global banking industry, Australian banks are moving to embrace AI-powered personalised services. Over half of Australians believe AI will improve banking services, according to a poll of over 5,000 banking customers conducted by Publicis Sapient.
The role of omnichannel personalisation is increasingly critical to manage the shift in customer behaviours. Many banking customers are increasingly embracing digital channels, and AI-powered offerings appear to be the next step for banks.
Much of that base of customers that is positive about AI and digital channels is made up of younger customers. The poll shows younger Australians aged 18 to 44 are the most positive about AI, with 69% saying they believe it will improve services.
While the balance is clearly in favour of more AI adoption in banking, Publicis Sapient warns that banks should be concerned about the 42% of consumers that worry AI will actually worsen banking services. Unsurprisingly, the majority of older customers believe that AI will have a negative impact on banking services.
Australians’ main concerns about the use of AI in banking are that people would lose jobs (54%) and the risk to data security and privacy (49%). In addition to that, 58% noted that they would prefer to speak with a person when engaging with customer service: They see AI chatbots as unable to resolve their problems.
Indeed, the poll shows that customer service was the main area where Australian banking customers want to see improved online access. Striking a balance between better digital customer service offerings and the appropriate amount of reliance on AI will be key for banks.
“Banks are facing a stark choice: Lead the way by offering personalised, AI-enabled, customer-focused products and services, or get left behind,” said Tales Sian Lopes, head of financial services at Publicis Sapient.
“At the same time, customer expectations and behaviours are evolving. Customers want to retain the convenience and security of the status quo, but also expect seamless and personalised experiences – and may not understand the trade-offs required to deliver those two priorities. Banks have the difficult job of balancing those expectations.”
Growing in step with the huge increase in innovative technology is the increased risk of cyberattacks. In fact, cybersecurity remains the top risk in the financial industry, from simple fraud to complex, crippling hacking attacks.
A recent conference in Canberra, which brought together experts from major consulting firms, highlighted the risk of cybersecurity on Australian organisations.