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Do Consumers Trust AI?

Do Consumers Trust AI?

by Starling Insights

Starling Insights Editorial Board

Mar 08, 2024

Observations

AI Ethical AI Trust Trust Sciences Innovation & Technology USA

In its February 2024 "Banking and Payments Intelligence Report," J.D. Power provides a deep dive into the results of its recent study of customer sentiment towards AI in banking. Based on a survey of 4,000 retail bank customers in the US, the report shows a significant level of skepticism with only 28% of respondents saying that they believed AI would make their lives better.

Banks have invested in AI for years to deliver improved services and financial returns. However, these investments have not been top-of-mind among most bank customers. This changed following the launch of chatGPT at the end of 2022, which introduced the world to large language models (LLMS) and brought the potential power of AI to the forefront.

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