Nearly half of Brits are uncomfortable with the use of artificial intelligence in financial services, according to a survey.
A total of 43% voiced concerns over the technology being used for their banking activities, while only a fifth (19%) could see the benefits of its use.
In terms of banking, the research suggested Brits still prefer communication and a personal touch when it comes to dealing with their money matters.
Generally, faith in AI was lacking among the 2,000 respondents surveyed by digital magazine app Readly, as two thirds (62%) felt worried or had mixed feelings over what AI could bring.
Just one in five are optimistic about its benefits, while men (25%) are more likely to trust the technology than women (12%).
Those aged over 60 are the most wary of AI with just one in seven (14%) seeing the advantages of its use. Further, a third revealed concerns over its presence in smart-home technology like Google Nest or Amazon’s Alexa.
Meanwhile, the use of AI in journalism appears to be contentious for the majority of people, with just 7% of Brits believing it can enhance journalism, compared to the 38% who deemed it potentially harmful.
However, in research and medicine sectors there is more confidence in the good AI can bring, with 38% and 44% of respondents believing it is of most use in those respective industries.
AI needs to achieve ‘balanced outcomes for all’
The study follows a 4.7% increase in deepfake fraud cases this year, where reported scams jumped from 1.2% in 2022 to 5.9% in 2023.
Chris Couchman, head of content at Readly, said: “These insights underpin the importance of human touch and oversight particularly in sectors like journalism, teaching and banking. Brits are happy to embrace technology when it has clear benefits to our daily lives, but are wary of overreliance on AI in areas where human judgment plays an important role.
He added: “While we believe AI has a place, we understand that its integration must be approached judiciously. Our survey shows that Brits believe that AI has a place in various sectors – the trick is to put it to work in a way that achieves balanced outcomes for all.”
