SINGAPORE: A recent Visa Consumer Payments Attitude study has reported on the growing interest in generative artificial intelligence (AI) among Gen Z and other consumers in Singapore.
According to the report, more than eight in ten Gen Zs are increasingly aware of the potential that generative AI holds, particularly in transforming their banking and shopping experiences.
Singaporeans across all age groups are embracing this trend, with nearly 60% expressing interest in using generative AI for various banking services. The study reveals that consumers are particularly keen on AI-driven applications that enhance fraud detection (68%) and respond efficiently to inquiries about banking products and solutions (61%).
The attraction towards generative AI in banking is driven by its potential to reduce the risks of fraudulent transactions, speed up transaction processing, and provide quick and efficient responses to customer inquiries. Over a third of respondents believe these benefits will be pivotal in enhancing their banking experience.
Adeline Kim, Visa Country Manager for Singapore and Brunei, emphasized the vast potential of this technology, stating, “There is immense potential in generative AI, where it is predicted that Gen AI brings US$320 billion worth of value to the banking industry.”
Aside from banking, Singaporean consumers are also enthusiastic about utilizing generative AI for managing their finances. Nearly 70% of consumers are most interested in using AI tools to help them plan for retirement, pay bills on time, and track and analyze their spending habits.
In the retail sector, AI-powered shopping tools are already gaining traction. A quarter of consumers reported having used AI for online shopping, with Gen Z leading the adoption at 43%. This trend reflects the broader interest in using AI to improve shopping experiences, particularly for personalized product recommendations and finding better deals.
Visa’s study also highlights the rising appeal of AI personal shoppers. Half of Singaporean consumers are interested in this service, particularly for personalized recommendations (49%) and identifying merchants offering competitive prices and promotions (45%). Gen Z and affluent consumers are leading this trend, with 62% and 54% respectively showing the most interest, particularly in categories like home appliances, personal electronics, and fashion.
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