According to a new TD Bank survey, which polled 2,500 Americans, 89% of respondents say they are comfortable using and adapting to new technology in their daily life, while about seven in 10 (68%) say they are at least somewhat familiar with artificial intelligence (AI), its uses and applications in their day-to-day lives. Half (50%) of respondents trust AI to provide reliable, competent information, and 65% see its potential to expand access to financial tools, a sign that perceptions are shifting as AI tools become more familiar and visible in everyday life.

The survey revealed that Americans trust AI just as much as news stations (50%) and twice as much as social media influencers (25%) to provide information that is honest, reliable and competent. However, consumers still place greater trust in friends and family (90%) and banks (83%) for accurate information.

“We are seeing increased optimism and curiosity around AI to help make smarter, more informed decisions, with more than half of Americans believing that AI can offer financial advice that is tailored to their situation,” said Ted Paris, EVP, TD Bank AMCB, Head of Analytics, Intelligence & AI. “For financial institutions, this signals a call to action to build understanding, increase awareness and demonstrate how AI can enhance everyday financial decisions. Trust is what matters most.”

With Trust on the Rise, Consumers Are Poised to Embrace AI in Finance

Trust in AI is particularly strong when it comes to supporting behind-the-scenes banking tasks. A majority of Americans are comfortable with AI being used for fraud detection (70%) and credit score calculations (64%). While fewer are ready to hand over major decisions, 44% say they are comfortable using self-serve AI enabled tools to manage investments, and 43% would use AI in combination with a human advisor for financial planning, showing significant interest in hybrid solutions.

As for personal finance choices, respondents were most comfortable using AI financial tools for budgeting (60%) and automating savings goals (59%) but showed less confidence in AI handling more intricate tasks such as retirement planning (48%) and investing (44%). 51% see value in AI improving financial decision-making, indicating a path forward as comfort and awareness increase. Interestingly, 48% agree that using AI would help them avoid embarrassing discussions with bank representatives, suggesting AI can improve approachability and drive self-service functionality.

Weighing the Benefits and Concerns of AI in Banking

As a result of banks implementing AI, many Americans expect benefits such as 24/7 banking access (48%), improved transaction efficiency (40%) and reduced costs (32%). “Furthermore, a sizeable majority (65%) believe that AI has the potential to expand access to financial tools for individuals who currently lack them. We view AI as a powerful enabler — capable of increasing access to financial services, particularly for underserved and underrepresented communities,” added Paris.

While AI is recognized for its ability to enhance accessibility and efficiency in the banking sector, concerns remain about data security and privacy breaches (65%), reduced human interaction (56%), and a lack of transparency in AI decision-making (49%), reinforcing the need for institutions and banks to emphasize AI’s role in supporting human intelligence.

The study also revealed that although there is some concern around job displacement, 63% of Americans currently using AI at work are less worried about AI taking their job than they were a year ago and two-in-three of those people (68%) believe AI makes them more productive in the workplace.

A Future Built on Transparency, Guidance and Human Partnership

While some skepticism persists as 22% of Americans say they see no benefit to AI in financial services and 50% say that it will not give them financial advice that is fair and unbiased, most are not rejecting AI outright. Instead, they’re asking for clarity, education and tools that reinforce human oversight.

“When it comes to financial access and decision-making, AI is a catalyst for information and solutions,” says Paris. “The proliferation of AI in banking is recognized for its potential to deliver improved financial tools. At the end of the day, finance remains personal and there remains a greater need for banks to build trust and effectively communicate AI's benefits.”