A recent study by Experian and Forrester Consulting has revealed that 83% of Singaporeans are ready to let artificial intelligence (AI) assist in financial decisions, particularly in comparing loans across providers. This finding underscores a significant shift in consumer behaviour towards embracing AI for practical financial tasks.
The study surveyed 6,247 credit-active consumers across 13 markets, focusing on Singapore’s readiness to integrate AI into personal finance. It found that 89% of Singaporeans believe AI can help them explore more options than manual methods. However, whilst nearly half are comfortable with AI applying for loans or credit cards on their behalf, only 27% would allow AI full autonomy, indicating a preference for maintaining control over key decisions.
Trust remains a crucial factor, with 77% of respondents expressing comfort in using AI linked to trusted financial institutions. Cybersecurity concerns are prevalent, with 82% worried about AI manipulation through fake offers or impersonation.
Kabir Khanna, General Manager of Experian Singapore, noted the importance of balancing AI’s potential with robust security measures. “The opportunity for established banks and lenders to leverage AI is significant, provided they address consumer concerns around security and trust,” he said.
As Singapore’s household liabilities reach S$415b, the growing comfort with AI could influence the financial services landscape, driving innovation in how consumers manage their finances. The full report, “AI in Risk: The Rise of Agentic Commerce,” explores these trends further, offering insights into the future of AI in financial decision-making.
