Two-Thirds of UK Banks Now Powering Their Services With AI, but Consumer Attitudes Remain Split

Most banks and financial service providers in the UK are now using artificial intelligence (AI) to power their services, according to new research from Europe’s leading provider of credit and insurance information, CRIF.

Six in ten (62%) finance professionals – rising to over two-thirds of banking professionals (68%) specifically – report that their company is already using AI, with one in five (19%) saying that they rely on AI extensively in their services and plan to continue doing so in the future.

British consumers are also among the most likely in Europe to expect technological innovation in banking and financial services to alter how they manage their finances. Three-quarters (74%) believe that they will have no staff interactions by 2030 when managing their finances, and eight in ten (79%) believe all their finances will be able to be managed through the apps and websites on their phones.

Generational divides on AI in banking

In terms of generations, Gen Z (51%) and millennials (52%) are the most receptive to engaging with AI assistants if it means quicker, more efficient services. In contrast, just 31% of Gen X and 27% of Baby Boomers feel the same, showing more hesitation.

Similarly, older generations express more scepticism around the use of AI in banking and financial services. While half (48%) of Gen Z and millennials believe that AI could help banks better detect and combat fraud, only a quarter of Baby Boomers feel the same (28% and 25% respectively). Moreover, 36% of Baby Boomers are worried about the risks associated with AI negatively affecting their finances, compared to just a fifth of Gen Z (19%).

More broadly, younger generations are most enthusiastic about AI usage, with 42% of Gen Z and 36% of millennial consumers preferring to use financial providers that embrace the latest innovations, compared to the UK average of 23% – suggesting providers who have adopted AI, or are planning to, are best positioned to attract the next generation of customers. The findings reflect broader societal trends, reinforcing how digital comfort levels tend to differ with age.*

Technology and oversight crucial to consumer confidence

However, with almost a fifth (18%) of consumers saying that they will make more decisions around providers based on their ethics, values, and transparency in 2030 than they do now, there is a clear need – regardless of age – to promote trust, transparency and human oversight when adopting new services, such as those powered by AI.

With potential concerns over providers offering new but unproven AI solutions, the need for trust is expressed most clearly by younger generations who, despite being more open to these technologies, will be open to using services like GenAI in financial services if it is operating under clear rules and regulatory standards (56% for Gen Z compared to 45% of Baby Boomers).

Sara Costantini, Regional Director for the UK & Ireland at CRIF said: “AI is rapidly transforming financial services, but with some businesses offering flashy but untested solutions, adoption cannot be left unchecked. Strong regulation, standards and safeguards will be crucial to cut through the noise and protect consumers.

“Another challenge is that generations see the risks through very different lenses. Older consumers are concerned about both the impact on jobs and their children being at the mercy of technologies they cannot control. Younger generations, meanwhile, have grown up immersed in rapid technological change and are more open to embracing innovations like GenAI – but this very immersion can make them more vulnerable.

“Banks and financial providers will only build lasting trust in AI if responsibility, ethics, transparency and oversight go hand-in-hand with innovation. Only then can we strengthen consumer confidence and unlock the full potential of AI.”

The data informs the second of CRIF’s Banking on Banks report series for 2025, which explores the challenges financial services are likely to face in the next decade, drawing on views of both consumers and senior financial services professionals working in the UK, and the majority also serving European markets.