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Home Technology

Most Gen Z Singapore consumers aware of Gen AI and its potential in banking, study finds

FutureCIO Editors by FutureCIO Editors
August 19, 2024
Photo by Andrea Piacquadio: https://www.pexels.com/photo/happy-woman-shopping-online-at-home-3769747/

Photo by Andrea Piacquadio: https://www.pexels.com/photo/happy-woman-shopping-online-at-home-3769747/

The latest Visa Consumer Payment Attitudes Study reveals that Gen Z consumers (aged 18-23) in Singapore are not just aware of the potential of generative artificial intelligence (Gen AI) (84%), but also optimistic about its benefits and potential in banking (80%).

Gen AI for banking

The study also revealed that over 60% of Gen Z consumers in Singapore are intrigued by the versatility of Gen AI for banking services, showing interest in various use cases such as fraud detection (68%) and answering inquiries on banking products and solutions (61%). 

Adeline Kim

"There is immense potential in generative AI, where it is predicted that Gen AI brings US$320B worth of value to the banking industry. And that is also why we introduced a US$100 million generative AI ventures initiative globally to support the next generation of companies focused on using this technology to impact the future of commerce and payments," said Adeline Kim, visa country manager for Singapore & Brunei.

Money management 

The report revealed that almost 70% of Singaporean consumers were most interested in using this technology for retirement planning, updated bill payments, and spending tracking and analysis. Further, around 25% of Singapore consumers have already used Gen AI for online shopping, with Gen Z leading the way (43%).

An AI personal shopper is gaining significant interest among Singaporean consumers, with 49% excited about the potential of personalised recommendations and 45% eager to find merchants offering better prices and promotions.

Related:  InsurTech investments surge in 2019, business value still missing
Tags: Artificial Intelligencebankingdigital transformationonline shoppingVisa
FutureCIO Editors

FutureCIO Editors

Strategic Insights for Chief Information Officers

FutureCIO is about enabling the CIO, his team, the leadership and the enterprise through shared expertise, know-how and experience - through a community of shared interests and goals. It is also about discovering unknown best practices that will help realize new business models.

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