8 in 10 Gen Zs keen on AI for enhanced banking, retail experience

About 43% of them have already used AI for shopping.

Over eight in 10 Gen Zs are increasingly aware of the potential of generative artificial intelligence (AI), and are interested in using it to transform their banking and shopping experiences, according to Visa’s Consumer Payments Attitude study.

Singaporean consumers across all age groups have shown strong enthusiasm for this trend, with close to 60% stating interest in trying generative AI for banking services.

From a banking perspective, the respondents said they want applications leveraging AI for fraud detection (68%) and answering enquiries on banking products and solutions (61%) the most.

More than a third of consumers interested in generative AI for banking believe it will reduce the risk of fraudulent transactions.

"There is immense potential in generative AI, where it is predicted that Gen AI brings $424b (US$320b) worth of value to the banking industry,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.

Singaporean consumers are also interested in using generative AI for money management. Nearly seven in 10 consumers were interested most in using this technology to plan for retirement, pay their bills on time, and track and analyse their spending.

In the retail sector, consumers are already adopting AI-powered shopping tools to find products tailored to their needs. A quarter of consumers said they have already used AI for online shopping, with Gen Zs leading at 43%.

Visa also revealed that half of consumers are interested in using an AI personal shopper, mainly for personalised recommendations (49%) and finding merchants that offer better prices and promotions (45%).

Additionally, Gen Zs and the affluent are most interested in using this service at 62% and 54% respectively, with home appliances, personal electronics, and fashion being the categories they are most interested in.