Despite rapid artificial intelligence adoption within the UK financial services sector, new research from FIS, a financial technology provider, indicates a significant disparity between industry innovation and consumer trust.
A report from the Bank of England and Financial Conduct Authority in 2024 revealed that 75% of UK financial firms now utilize artificial intelligence, an increase from 58% in 2022. However, FIS’s consumer survey of 2,000 nationally representative UK adults found that 33% have no trust in generative AI (GenAI), nearly unchanged from 30% in 2023, with an additional 21% reporting only ‘a little trust’. This suggests that consumer confidence remains consistently low even after two years of industry deployment. Furthermore, half of UK consumers (50%) now express anxiety about generative AI, and over a third (38%) believe that banks and financial services companies are innovating too rapidly.
Many consumers are unaware of the extent to which AI is already integrated into their banking experiences. While 72% are familiar with AI chatbots, 43% claim they never use them. Yet, AI operates invisibly in critical functions such as fraud detection systems, loan decisioning, and transaction monitoring, which consumers utilize daily without explicit awareness. This behind-the-scenes deployment represents a potential missed opportunity to foster familiarity, educate consumers on benefits, and ultimately build trust.
FIS identified four distinct consumer segments based on their speed of technology adoption. Early adopters, comprising 13% of consumers, are confident and curious, with 62% highly aware of AI and 66% reporting improved banking experiences due to it. Mainstream adopters (37%) are open but cautious, seeking proof before commitment. Late adopters (37%) remain hesitant, with only 27% demonstrating strong AI awareness. Laggards (13%), the most tech-resistant group, show just 21% awareness and the lowest confidence in AI’s benefits. Across these groups, AI awareness and trust are correlated: greater familiarity with AI corresponds with a higher likelihood of recognizing its advantages, while less confidence often leads to a focus on potential risks.
The research highlights varied perceptions of risk across these adoption groups, with later adopters consistently expressing higher concerns regarding security, privacy, and transparency. For instance, concerns about fraud or identity theft were cited by 48% of the UK average, but only 28% of early adopters compared to 56% of laggards. Similarly, data privacy and misuse worried 46% of the average, 27% of early adopters, and 53% of laggards. Lack of human oversight concerned 46% of the average, 26% of early adopters, and 56% of laggards. Concerns about regulation stood at 39% for the average, 29% for early adopters, and 44% for laggards, while lack of transparency about AI use was cited by 38% of the average, 24% of early adopters, and 40% of laggards.
Conversely, consumers perceive AI’s most positive impacts in fraud detection and prevention (23%), identity verification (22%), and faster customer service (18%). These preferences suggest that consumers are more receptive to AI applications that enhance security and convenience, while maintaining skepticism towards AI that involves extensive data sharing or autonomous decision-making.
Kanv Pandit, Head of International Markets – Banking and Payments at FIS, commented on the findings, stating, “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.”
The research, a UK consumer pulse survey, builds upon FIS’s 2023 study into generative AI trust, allowing for year-over-year tracking of consumer attitudes. The 2025 survey was conducted by Opinium Research between October 21st and 24th, 2025, collecting data through an online survey of 2,000 nationally representative UK adults.
FIS, a financial technology company headquartered in Jacksonville, Florida, provides solutions to financial institutions, businesses, and developers globally. The company, a member of the Fortune 500® and the S&P 500® Index, focuses on advancing global payment, banking, and investment systems by assisting clients in confidently operating, expanding, and safeguarding their businesses.
