AI Eases Pain Points for Financial Services Customers as Trust Grows
Nearly half of consumers in Australia and New Zealand value AI for personalised financial advice. Brokerages can speed up loan processes and improve customer experience with AI.
Consumers Increasingly Open to AI in Financial Services
Recent research from Smart Communications reveals growing consumer acceptance of AI technology in financial services, especially in Australia and New Zealand. Nearly half of those surveyed see AI as valuable for delivering personalised financial advice. This shift presents clear opportunities for brokerages to streamline loan application processes and improve customer experience.
The 2025 Global B2C Benchmark Report surveyed 3,000 consumers and found that while confidence in AI's security and ethics remains cautious (around 39% hesitation in Australia), a significant portion are ready to embrace AI-driven solutions.
AI's Role in Simplifying Data Entry
Data entry during financial interactions is often frustrating for consumers, with 65% likely to abandon a service if the process is too cumbersome. Smart Communications labels this issue a “silent killer” for customer satisfaction, especially among younger clients.
Brokerages are beginning to use AI to reduce loan application times and enhance cybersecurity. Automating data collection can transform a manual, time-consuming task into a fast, efficient experience. Speed and simplicity top the list of what customers want when completing forms, with 90% ranking these factors as their priority.
Balancing AI and Human Oversight
Despite increasing trust, consumers still want humans involved. Over half of Australian respondents believe humans should always review content generated by AI, and only 15% think AI outperforms humans in creating customer communications.
This suggests a hybrid approach where AI handles routine tasks but human expertise ensures quality and ethical standards are maintained.
What This Means for Financial Professionals
- Integrate AI tools to simplify data intake and speed up loan processing.
- Maintain human oversight to verify AI-generated content and build trust.
- Focus on delivering fast, straightforward customer experiences.
For finance professionals looking to deepen their AI knowledge and apply it effectively, exploring targeted training can be valuable. Resources like AI tools for finance provide practical insights on leveraging AI in financial services.
As consumer attitudes shift, financial service providers equipped with smart AI applications and human judgment will be best placed to meet evolving expectations and improve client interactions.
