53% of Consumers Trust Generative-AI for Financial Advice: Report
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53% of Consumers Trust Generative-AI for Financial Advice: Report

55% of Gen Z users use generative AI products when making their financial plans.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

According to a recent study conducted by Capgemini Research, 53% of global consumers trust generative artificial intelligence (AI) advice when it comes to investing and financial planning. At the same time, 67% ask chatbots for medical advice, while 66% consult them for relationship problems, the survey shows.

73% of Surveyed Users Trust AI-Generated Content

Think tank Capgemini Research Institute released a report showcasing how much consumers use and trust generative AI solutions to help with their day-to-day activities, such as financial planning, medical diagnosis, and personal relationship advice.

According to the study, 53% of global consumers trust generative AI products when engaging in financial planning activities. Singapore-based consumers top the chart when seeking financial advice from AI technology, with 55.4% of consumers in the city-state using such solutions. Regarding age groups, younger generations appear to place more trust in AI, with 55% of Gen Z users utilizing AI for financial planning, followed by Millenials, Gen X, and baby boomers, at 52.5%, 48.8%, and 46.9%, respectively.

The research also showed surprisingly low consumer awareness of the risks associated with trusting content written by generative AI. For instance, less than half of consumers, 49%, were unconcerned that such tools could be used to produce fake news stories, while just 34% of respondents showed concerns about potential phishing attacks.

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AI Mania and a ‘ChatGPT For Investors’

The latest AI growth frenzy has been ignited by the advent of ChatGPT, a generative AI bot launched by OpenAI. Its impressive capabilities in natural language processing and generation have compelled tech companies to join the race, hastily developing and launching new generative AI solutions or integrating existing ones into their platforms.

After ChatGPT’s unprecedented success, Microsoft invested $10 billion into OpenAI and implemented its sophisticated technology into its search engine, Bing, enhancing its search capabilities with more conversational and interactive responses. Similarly, Google responded with the launch of Google Bard, and Adobe introduced Firefly, an AI-powered art generator.

As Capgemini’s survey demonstrated, an increasing number of people are using AI to seek investment and financial advice. This has led to the emergence of solutions such as FinChat, often referred to as the “ChatGPT for investors,” – a generative AI system that caters to the needs of investors, providing real-time market insights, personalized investment recommendations, and even simulating virtual trading scenarios.

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Were you surprised by some of the stats found in Capgemini’s report? Let us know in the comments below.