Recent research has shown that visa It has been revealed that 83% of Gen Z consumers in Singapore are aware of generative artificial intelligence (AI) and its potential to improve their banking experience.
This awareness among the 18-23 age group exceeds that of the general population, where 76% are familiar with the technology.
The survey results show that Singapore’s younger generations are leading the awareness and adoption of generative AI, reflecting a growing trend towards digital engagement.
Visa’s Consumer Payment Attitudes Survey also revealed that over 80% of Gen Z respondents are particularly receptive to the benefits of AI in banking, a higher percentage than the 69% recorded across all age groups.
Applications of the technology, such as improving fraud detection and automating customer service, are of interest to nearly 60% of all consumers surveyed.
Singaporean consumers, regardless of age, have shown a strong inclination towards using generative AI for various banking services.
Many see it as a tool to reduce the risk of fraudulent transactions, speed up processing times, and respond more efficiently to banking inquiries.
In addition to its impact on banking, generative AI is also making its way into the retail industry.
Around 25% of Singapore consumers are already using AI-powered tools for online shopping, with Gen Z leading the adoption rate at 43%.
Half of respondents expressed interest in using an AI personal shopper, especially for personalized recommendations and finding better prices.
In response to the growing importance of generative AI, Visa has introduced a global $100 million Generative AI Ventures initiative.
The initiative is aimed at supporting the next generation of businesses focused on leveraging this technology to shape the future of commerce and payments.
“Generative AI has immense potential. It is predicted to add $320 billion worth of value to the banking industry. We also see interesting use cases in banking where generative AI can be used to create more efficient and automated customer service, driving hyper-personalized content and product customization that serves customers. Fraud prevention using generative AI is one great example. This year, we introduced the Visa Account Attack Intelligence Score, which uses a generative AI component to identify and score enumeration attacks.”
Adeline Kim, Country Manager, Singapore and Brunei, Visa said:
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