The latest Visa Consumer Payment Attitudes Study reveals that the younger generation in Singapore, known as Gen Z (ages 18 to 23), have an astonishing level of awareness and optimism towards Generative AI. A staggering 84% of Gen Z respondents indicated they are familiar with this technology, and 80% of them hold a positive view of its potential in banking.
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So, what specific roles can Generative AI play in banking? The study shows that over 60% of Singaporean Gen Z consumers are highly interested in the diversity of applications of Gen AI in banking services. They are particularly keen on applications such as fraud detection (68%) and inquiries about banking products and solutions. These young consumers are clearly looking forward to leveraging technology to enhance the efficiency of banking services.
Adeline Kim, the Manager of Visa Singapore and Brunei, mentioned that Generative AI could potentially add $320 billion in value to the future of banking. To promote this technology, Visa has also launched a $100 million Generative AI venture fund globally, aimed at supporting companies dedicated to applying this technology to the future of commerce and payments.
Additionally, the report indicates that nearly 70% of Singaporean consumers want to use this technology for retirement planning, bill payment updates, and expenditure tracking and analysis. About 25% of consumers have already experienced Gen AI in online shopping, with the highest engagement among Gen Z, reaching 43%.
It is worth noting that Singaporean consumers are increasingly interested in AI personal shopping assistants, with 49% of respondents excited about personalized recommendations and 45% hoping to find merchants with better prices or more promotions. This desire for personalized services undoubtedly reflects the younger generation's pursuit of efficient and convenient consumption experiences.
Key Points:
84% of Singaporean Gen Z consumers are aware of Generative AI, and 80% are optimistic about its application in banking.
💡 Over 60% of respondents are interested in Gen AI applications in banking services such as fraud detection and product consultation.
🛍️ Nearly 70% of consumers want to use Gen AI for retirement planning and bill management, with the highest online shopping participation among Gen Z.