Banks must address fraud and usability gaps to unlock AI trust

Consumers expect real-time scam protection and personalised tools with trust gap remaining high.

Banks must focus on fraud prevention, personalised financial guidance and simpler digital experiences if they want artificial intelligence (AI) to gain consumer trust and adoption in financial services.

Pimtai Suwannasuk, Senior Client Officer at Ipsos, said 83% of Thai consumers want real-time alerts to prevent suspicious transfers, whilst another 83% support AI-based monitoring of messages and links to detect scams.

Around 80% also want support in tracking savings goals, and 74% want tools that compare investment options across providers.

Thai consumers are broadly positive about AI, with 78% believing it brings more benefits than problems and 69% saying it saves time, they said at the Asian Banking & Finance and Insurance Asia Summit in Thailand on 28 April.

However, they added that use remains largely basic, with only around one in four using AI for complex tasks and limited adoption in financial services.

Suwannasuk told attendees at the Amari Bangkok that fraud and scams remain the biggest concern in banking, alongside privacy and data security issues, noting that 46% of respondents also cited misinformation and fake content as a concern.

They said consumers expect AI to move beyond simple tools and act as a “financial co-pilot” that supports daily money management, improves decision-making and provides timely alerts based on behaviour and goals.

However, they said trust remains a barrier, with only 24% believing AI solutions from companies will directly benefit them, despite 65% saying AI improves efficiency.

They said many consumers still see AI as being driven more by cost reduction than customer value.

Suwannasuk said banks need to improve usability and simplify digital journeys, as complexity and poor app design continue to limit adoption even when advanced features exist.

They said future success in AI adoption will depend on three factors, namely enjoyment, empathy and personalisation.