Banking customers will embrace AI if they trust what's behind the curtain

Businesses in all sectors are embracing artificial intelligence (AI) as it allows them to quickly derive greater insights from the rich customer transaction data it provides. And consumer sentiment about businesses' use of AI is quickly changing. In fact, Genpact research found that the number of consumers that were comfortable with companies using AI to access personal data - if it improves their customer experience - jumped from 30 percent in 2017 to 54 percent in 2019. On the one hand, it means their customers are far more open to technology helping them better their financial situation by learning, for example, areas in which they might be able to save money every month. On the other hand, customers may feel their privacy has been invaded if they receive pop-up offers for financing options while they're in the process of buying a home.