A recent study by Visa has revealed that 83% of Gen Z consumers in Singapore are aware of generative artificial intelligence (AI) and its potential to enhance their banking experiences.
This level of awareness among the 18-23 age group surpasses that of the general population, where 76% are familiar with the technology.
The findings indicate that Singapore’s younger generation is leading the way in recognising and adopting generative AI, reflecting a broader trend toward increased digital engagement.
The Visa Consumer Payment Attitudes Study also highlighted that over 80% of Gen Z respondents are particularly attuned to the benefits of generative AI in banking, a higher percentage than the 69% recorded across all age groups.
The technology’s applications, such as improving fraud detection and automating customer service, have captured the interest of nearly 60% of all surveyed consumers.
Singaporean consumers, regardless of age, are showing a strong inclination toward using generative AI for various banking services.
Many see it as a tool to reduce the risk of fraudulent transactions, speed up processing times, and provide more efficient responses to banking inquiries.
In addition to its impact on banking, generative AI is making inroads into the retail sector.
Around 25% of Singaporean consumers have already used AI-powered tools for online shopping, with Gen Z leading this adoption at 43%.
Half of all respondents expressed interest in using an AI personal shopper, particularly for personalised recommendations and finding better prices.
In response to the growing significance of generative AI, Visa has introduced a US$100 million generative AI ventures initiative globally.
This initiative aims to support the next generation of companies focused on leveraging this technology to shape the future of commerce and payments.
“There is immense potential in generative AI, where it is predicted that Gen AI brings US$320B worth of value to the banking industry. We also believe there are interesting use cases in banking that could emerge which includes using Gen AI to create more efficient and automated customer service and drive hyper-personalised content and product customisation to serve customers. Combating fraud leveraging Gen AI is also another great example. We introduced the Visa Account Attack Intelligence score this year, which uses Gen AI components to identify and score enumeration attacks,”
said Adeline Kim, Visa Country Manager for Singapore & Brunei.
Featured image credit: Edited from Freepik
