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Two separate bank surveys have found that an increasing number of consumers are turning to non-traditional sources, such as artificial intelligence, for advice on managing their finances.
Meanwhile, an American Bankers Survey showed that bankers themselves view doing nothing as the greater risk when it comes to adopting AI.
A survey by Wells Fargo found that 40% of U.S. consumers have turned to “less traditional sources” for financial advice. Nearly one in five adults (19%) reported using AI, with that total doubling (38%) among Gen Z adults. Two‑thirds of respondents said they acted on suggestions generated by AI, and of that subset, nearly all (90%) said those ideas were profitable or worthwhile.
The Wells Fargo survey also found that Gen Z turned to other non-traditional sources for financial advice, with 44% relying on YouTube videos, 34% turning to Instagram or TikTok and 25% seeking advice from online communities.
A separate survey by TD Bank found that most U.S. consumers are using AI tools, but they still prefer humans to make financial decisions. More than half of respondents (55%) reported using AI to aid their financial management decisions, with adoption rates highest among Gen Z (77%) and Millennials (72%) and growing steadily among Gen X (49%) and Boomers (30%).
In the ABA survey, the results showed many banks are cautious about adopting artificial intelligence, but most view doing nothing as the greater risk, as they fear becoming more dependent on vendors and losing their competitive edge.
ABA surveyed banks and interviewed community bank leaders to gauge how the institutions are navigating the shift to AI. It found that the industry is actively engaging with the technology, “but doing so unevenly, cautiously and with a strong emphasis on governance.”