The latest Visa Consumer Payment Attitudes Study reveals that Gen Z consumers (aged 18-23) in Singapore are not just aware of the potential of generative artificial intelligence (Gen AI) (84%), but also optimistic about its benefits and potential in banking (80%).
Gen AI for banking
The study also revealed that over 60% of Gen Z consumers in Singapore are intrigued by the versatility of Gen AI for banking services, showing interest in various use cases such as fraud detection (68%) and answering inquiries on banking products and solutions (61%).
"There is immense potential in generative AI, where it is predicted that Gen AI brings US$320B worth of value to the banking industry. And that is also why we introduced a US$100 million generative AI ventures initiative globally to support the next generation of companies focused on using this technology to impact the future of commerce and payments," said Adeline Kim, visa country manager for Singapore & Brunei.
Money management
The report revealed that almost 70% of Singaporean consumers were most interested in using this technology for retirement planning, updated bill payments, and spending tracking and analysis. Further, around 25% of Singapore consumers have already used Gen AI for online shopping, with Gen Z leading the way (43%).
An AI personal shopper is gaining significant interest among Singaporean consumers, with 49% excited about the potential of personalised recommendations and 45% eager to find merchants offering better prices and promotions.
