The study reveals that 62% of finance professionals – rising to 68% among those working in banking – report that their organisation already uses AI, while one in five say they rely on it extensively and plan to expand its use in the future. Consumers, too, anticipate a technology-driven future: three-quarters (74%) believe that by 2030 they will have no staff interactions when managing their finances, and nearly eight in ten (79%) expect to handle all financial matters through apps and online platforms.
Despite this expectation, not all consumers are equally comfortable with the shift. Younger generations are significantly more receptive to AI-driven services than their older counterparts. Just over half of Gen Z (51%) and millennial (52%) consumers say they are happy to engage with AI assistants if it means quicker, more efficient service, compared with only 31% of Gen X and 27% of Baby Boomers. Nearly half of younger consumers (48%) also believe AI could help banks better detect and combat fraud, while confidence drops to just 25% among Baby Boomers.
Older generations remain more cautious about the technology, with over a third (36%) of Baby Boomers expressing concern that AI could negatively impact their finances, compared with only 19% of Gen Z. By contrast, younger consumers not only trust AI more but also value innovation: 42% of Gen Z and 36% of millennials say they prefer financial providers that embrace the latest technology, compared with a national average of 23%.
However, even among younger generations, support for AI comes with conditions. More than half of Gen Z consumers (56%) say they are comfortable with AI in finance only if its use is governed by clear rules and regulations, compared with 45% of Baby Boomers. This reflects a broader sentiment across age groups that trust, transparency and oversight are essential for widespread acceptance of AI in financial services. Almost one in five consumers (18%) also say that by 2030, they will choose their financial providers more based on ethics, values and transparency than they do today.
The findings form part of CRIF’s second Banking on Banks report for 2025, which explores the challenges financial services are likely to face over the next decade. The study draws on insights from both consumers and senior financial professionals in the UK, many of whom also operate across European markets.
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.”
She added: “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 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.”
