SINGAPORE: A groundbreaking study by Visa, the Visa Consumer Payment Attitudes Study, has unveiled a fascinating insight into the financial landscape of Singapore.
It turns out that today’s youth, specifically Gen Z consumers aged 18-23, are aware of the transformative power of generative artificial intelligence (Gen AI) and are incredibly optimistic about its potential to revolutionize the banking sector.
Gen AI revolution in banking
An overwhelming 84% of Gen Z respondents are well-versed in the capabilities of Gen AI, and an impressive 80% are excited about its benefits and potential applications in banking.
This tech-savvy generation is particularly intrigued by the myriad ways this innovation can enhance banking services, with over 60% expressing interest in its versatility.
From fraud detection (68%) to providing information on banking products and solutions (61%), Gen Z is eager to see how it can make banking smarter and more secure.
Economic impacts
Visa’s Country Manager for Singapore & Brunei, Adeline Kim, emphasized the economic potential of Gen AI, predicting it could add a staggering US$320 billion to the banking industry.
To harness this potential, Visa has launched a US$100 million generative AI ventures initiative, aiming to support innovative companies shaping the future of commerce and payments with this transformative technology.
Gen AI and money management
The study also delved into how Singaporean consumers envision using it for personal finance. Almost 70% are keen on leveraging AI for retirement planning, managing bill payments, and tracking spending habits.
Additionally, a quarter of Singaporean consumers have dipped their toes into the AI waters for online shopping, with Gen Z leading the charge at 43%.
Rise of the AI personal shopper
One of the most exciting prospects for Singaporean consumers is the concept of an AI personal shopper.
Nearly half (49%) are enthusiastic about receiving personalized recommendations, while 45% are looking for merchants offering better deals and promotions through AI-driven platforms.
Redefining the banking experience
As Gen Z in Singapore continues to embrace the digital age, integrating Gen AI into banking and commerce is not just a possibility but a welcomed revolution.
With its potential to enhance security, personalize services, and streamline financial planning, Gen AI is set to redefine the banking experience for the younger generation.
As Visa’s initiative shows, the future of banking is digital, highly personalized, and secure, thanks to the power of generative artificial intelligence.
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