AI as a financial advisor? Younger people in particular see the technology as an opportunity

ChatGPT can now also help with financial planning. After OpenAI took over the fintech startup Hiro in April, US users have recently been able to link their bank accounts and ask the chatbot about investment and savings options as part of an initial test phase. According to a current Bitkom survey, the majority of Germans see such functions as an opportunity, and younger people in particular are open to incorporating AI tools into their financial decisions.

There is great hope in AI, but so is skepticism

On average, 27 percent of people in Germany can imagine having the majority of their financial matters handled by an AI. However, opinions are divided: 49 percent fundamentally reject the use of AI in financial topics. Skepticism is particularly high among older respondents: 59 percent of those over 65 associate AI with risks rather than opportunities when it comes to topics such as investments or financial advice.

The younger the respondents are, the more positive their attitude is. 61 percent of 50 to 64 year olds and 65 percent of 30 to 49 year olds see AI tools in the financial sector as an opportunity. Approval is highest among Generation Z: 68 percent of 16 to 29 year olds see technology as a positive alternative for their personal financial matters. For the survey, 1,004 people aged 16 and over in Germany were interviewed on behalf of the digital association Bitkom.

Can AI replace human advice?

Many adults hope that AI will provide them with better advice. 30 percent are convinced that AI can explain financial topics better than a human, and 24 percent even trust the new technology more than human financial advice. According to the survey, a quarter have already asked an AI application like ChatGPT for advice on financial matters. “AI is already changing the financial industry and in the long term there will probably be no bank that does without AI. However, many consumers still need to be convinced of the benefits of financial AI,” says Bitkom President Ralf Wintergerst.

Banking apps would be a good way to offer new AI functions. For most users, online banking is now the most important access to their bank: 39 percent said in a Bitkom survey that they only use online contact. At the same time, many customers still see a need to catch up with their banks’ digital offerings. It is precisely these that are a decisive selection criterion and for some people are even more important than a large branch network or personal advice on site. At 94 percent, the amount of bank fees remains the top priority, but a user-friendly banking app is just as important for 87 percent of bank customers.

Financial advice is a question of trust

“AI not only supports traditional financial advice, it is increasingly competing with it,” explains Bitkom President Wintergerst. At the same time, 62 percent of Germans are more worried about fraud because of AI. These concerns must be addressed by reliable tools so that AI-based advisory functions can provide real added value instead of further fueling uncertainty. “Finance is a question of trust. Therefore, especially here, AI applications must be transparent, secure and the statements they make can be understood.”