Singapore Outpaces Australia, US, and UK in Generative AI Trust, FIS Study Showsby Fintech News Singapore December 12, 2023
A recent study by global payments service provider FIS found that Generative AI in Singapore exhibits higher rates of trust amongst its citizens compared to their counterparts in major markets such as Australia, the UK, and the US.
The study found that only 8% of Singaporeans expressed distrust in GenAI, a stark contrast to the higher levels of skepticism observed in the other surveyed countries.
Moreover, the study anticipates an upward trend in this trust, with 58% of Singaporean respondents expecting to become more comfortable with GenAI in the next five years.
Other key findings from the study include:
High trust in banks using Generative AI: The research found that a substantial 69% of Singaporeans trust their banks to incorporate GenAI into their operations.
Readiness to explore Generative AI-powered applications: Approximately 73% of consumers in Singapore are open to using GenAI-powered financial applications if one became available in the future, citing the desire to save time (52%) as their primary motivator.
Increasing comfort with Generative AI over time: Looking ahead, 58% of Singaporean respondents anticipate becoming more comfortable with GenAI technology in the next five years while only 6% said they would be less comfortable.
Generational insights: Unsurprisingly the study revealed that younger generations, particularly Gen Z, are leading the adoption of GenAI in Singapore. 90% of Gen Zs said they have experience using GenAI, while nearly half (49%) of Boomers indicated the same. 65% of Boomers also expressed interest in taking financial advice from an existing GenAI tools such as ChatGPT, which is more than Gen Xers (61%).
Concerns and opportunities for education: While the study highlighted a robust trust in GenAI, it also noted that 31% of consumers have concerns, primarily revolving around data security (74%) and potential fraud (56%).
This FIS study, conducted by Savanta in October 2023, surveyed a diverse group of consumers across Singapore.
“As AI investments continue to grow, we can anticipate a notable portion of spending to be allocated for GenAI technology. In fact, all major Singaporean banks are already exploring ways to integrate GenAI into their operations, signaling the technology’s potential.
This enthusiasm is mirrored by Singaporean consumers, with a majority expressing openness and trust in the adoption of GenAI in financial services. However, there is still room for consumer awareness and trust to grow,”
said Kanv Pandit, Group Managing Director, APAC, Banking Solutions at FIS.