AI usage grows in financial advice despite low consumer trust

A recent Gallup poll conducted in partnership with Edward Jones reveals that while one in five Americans seeking financial advice in the past year has turned to artificial intelligence, general trust in AI's ability to manage money remains low. Only 30% of American adults express significant confidence in AI for financial management. While 80% of adults trust financial advisors to some extent, only about one-third of those seeking advice actually consult a professional, with 73% relying on their own internet research.

Experts suggest using AI as a learning tool to explain complex concepts, such as the difference between mutual funds and index funds, rather than relying on it for final decisions. Taha Choukhmane of MIT recommends combining AI insights with other reliable sources.

In the banking sector, Raiffeisen Bank CEO Zdenek Romanek notes that AI is already acting as an ‘invisible infrastructure’ by automating document reading, identifying unusual transactions, and speeding up processes. However, Romanek emphasizes that while AI can prepare and improve banking decisions, final responsibility must remain with humans to ensure security and distinguish between client interests and commercial recommendations.