Banks Must Educate as They Innovate: Over a Third of UK Consumers Say Financial Services AI is Moving Too Fast, FIS Research Shows
Key Facts:
- 50% of UK consumers lack understanding of how AI technologies could improve their financial experience, with only 16% reporting full understanding - exposing a critical education gap as AI deployment accelerates
- 38% believe banks are innovating too quickly, with consumers' comfort lagging behind the pace of change - just 7% want banks to speed up
- 33% have no trust at all in generative AI (virtually unchanged from 2023) while 50% report it makes them anxious
The UK is experiencing rapid AI adoption in financial services, with 75% of financial firms now using artificial intelligence, up from 58% in 2022, as reported by the Bank of England and Financial Conduct Authority (2024 report).1 But new research from FIS, a leading provider of financial technology, reveals that consumer confidence is failing to keep pace with innovation, creating a widening AI trust gap and an imperative for banks to educate and build trust with their customers.
The FIS consumer survey of 2,000 nationally representative UK adults finds that 33% of consumers have no trust at all in generative AI (GenAI) - virtually unchanged from 30% in 2023 - while an additional 21% report only 'a little trust,' showing that, despite two years of industry deployment, consumer confidence remains stubbornly low. Perhaps more concerning, half (50%) of UK consumers now report that generative AI makes them anxious.
At the same time, over a third (38%) believe banks and financial services companies are innovating too quickly. This suggests that the pace of change may be outstripping public comfort and understanding of emerging technologies.
Early Adopters See the Benefits; Late Adopters See the Risks
Many UK consumers remain unaware of the extent to which AI already underpins their banking experience. While 72% say they have heard of AI chatbots, 43% claim they never use them. Yet AI is also working invisibly in fraud detection systems, loan decisioning, and transaction monitoring, for example - technologies that consumers use daily without even realising it. This behind-the-scenes use of technology may be a missed opportunity to increase familiarity among consumers, educate them of the benefits, and ultimately build trust.
FIS has identified four distinct consumer segments based on technology adoption speed:
- Early adopters (13% of consumers) are confident and curious, with 62% highly aware of AI and 66% reporting it has improved their banking experience.
- Mainstream adopters (37%) are open but cautious, seeking proof before committing.
- Late adopters (37%) remain hesitant, with only 27% having strong AI awareness.
- Laggards (13%), the most tech-resistant group, have just 21% awareness and the lowest confidence in AI's benefits.
Across these groups, awareness and trust move hand in hand: those more familiar with AI are more likely to see its advantages, while those less confident remain focused on potential risks.
What's Holding Consumers Back?
The research highlights how perceptions of risk vary significantly across adoption groups, with later adopters consistently expressing higher levels of concern about security, privacy and transparency. The divide in risk perception is stark: early adopters, who have experienced AI benefits firsthand, show significantly lower levels of concern across every measure. Meanwhile, those with less AI exposure show heightened anxiety about the same technologies:
What are your main concerns about how AI and other emerging technologies are used in banking and financial services? |
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|
UK average |
Early adopters |
Mainstream
|
Late
|
Laggards |
Risk of fraud or identity theft |
48% |
28% |
45% |
55% |
56% |
Data privacy and misuse |
46% |
27% |
45% |
52% |
53% |
Lack of human oversight |
46% |
26% |
43% |
53% |
56% |
Lack of regulation |
39% |
29% |
34% |
46% |
44% |
Lack of transparency about how AI is used |
38% |
24% |
35% |
45% |
40% |
The research also reveals where consumers see AI making its most positive impact: 23% cite fraud detection and prevention, 22% point to identity verification, and 18% value faster customer service, enabled by technology. These priorities suggest consumers are ready to embrace AI that enhances security and convenience, but remain sceptical of AI that demands data sharing or autonomous decision-making.
Kanv Pandit, Head of International Markets - Banking and Payments at FIS commented on the findings: "There's a clear gap between curiosity and confidence in AI and emerging technologies in the UK. Half of the UK consumers we surveyed don't know how AI could improve their financial lives. AI is already embedded in proven use cases such as fraud detection, faster payments, and personalised recommendations, helping make banking faster and more convenient, but if customers don't understand how it works or how it helps them, trust will never follow.
"The challenge for banks is not just to innovate, but to educate and reassure. Every new technology launch should come with a clear explanation of how it keeps consumers' money safe and their data protected. Every AI deployment should come with plain-English education about what it does, why it matters, and how it protects customers."
As AI deployment accelerates across financial services, the research provides critical intelligence for institutions seeking to bridge the gap between technical capability and consumer confidence, showing that the winners in AI won't be the fastest to deploy, but the most trusted.
About the Research
The UK consumer pulse survey builds on FIS' 2023 research into trust in generative AI, enabling year-over-year tracking of consumer attitudes. The 2025 survey was conducted by Opinium Research between 21st and 24th October 2025. Data was collected via an online survey of 2,000 nationally representative UK adults.
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1 Bank of England report from 2024 "Artificial-intelligence in UK financial services-2024". |
FIS is a financial technology company providing solutions to financial institutions, businesses, and developers. We unlock financial technology to the world across the money lifecycle underpinning the world's financial system. Our people are dedicated to advancing the way the world pays, banks and invests, by helping our clients to confidently run, grow, and protect their businesses. Our expertise comes from decades of experience helping financial institutions and businesses of all sizes adapt to meet the needs of their customers by harnessing where reliability meets innovation in financial technology. Headquartered in Jacksonville, Florida, FIS is a member of the Fortune 500® and the S & P 500® Index.
To learn more, visit www.fisglobal.com. Follow FIS on LinkedIn, Facebook and X.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251210048145/en/
Kim Snider, 904.438.6278
Senior Vice President
FIS Global Marketing and Communications
[email protected]