As customers increasingly turn to artificial intelligence platforms for personalized financial advice, community banks may slip into a supporting role of simply supplying the necessary checking, savings, investment and loan data, this article says.
While most consumers still trust their financial institutions and personal relationships more than AI for financial recommendations, younger consumers are using AI for financial decisions at higher rates. At the same time, technology companies continue expanding tools that connect directly to customers’ financial accounts. These trends are notable in light of IntraFi’s most recent quarterly survey of bank executives, in which 52% of respondents said AI-powered financial guidance may eventually pose a risk to banks’ deposit and payment relationships.
How is your institution responding as AI platforms become another way for customers to use and access their financial data? What role should community banks play as customers increasingly connect financial data across providers?