Consumers Are Asking AI About Money While Banks Remain Outside the Conversation

Nearly a third of consumers have asked a chat-based AI tool about their personal finances in the past 30 days. It’s clear evidence that a seismic shift in where consumers turn for financial guidance is already underway. Financial institutions still hold home-field advantages in trust, authenticated reach, and access to data that third parties cannot easily match. However, the window for FIs to effectively leverage this upper hand is narrowing. 

FIs must convert these advantages into personalized guidance before fintechs combine aggregated financial data with superior conversational experiences to disintermediate them from important interactions with consumers.

Companies Mentioned:

Albert, Bank of America, Chase, ChatGPT, Credit Karma, Gemini, Origin, Perplexity, Plaid, Rocket Money, SoFi, U.S. Bank, Wells Fargo