6thWave: AI News Hub

Despite heavy marketing by banks and fintech companies, a recent FINRA Foundation survey reveals only 5% of consumers use AI for financial decisions, highlighting a significant trust gap. The study finds that while 63% of respondents prefer consulting financial professionals, only a small fraction rely on AI, even though they might unknowingly use AI-powered financial apps. When presented with hypothetical financial information, participants showed varied levels of trust based on whether the information came from AI or human professionals. For instance, 65% trusted a human-delivered statement about home ownership compared to 57% trusting the same statement from AI. Trust levels were nearly identical for stock and bond performance predictions, regardless of the source. Experts suggest consumer distrust may stem from limited exposure to generative AI tools in financial services. Analysts emphasize that building trust in AI systems requires transparency about their capabilities and limitations. Banks are encouraged to identify areas where AI is more trusted and focus on those, while also providing options for consumers to control their data usage.

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