TD Bank Survey Shows Growing Trust in AI for Financial Services

A recent TD Bank survey of 2,500 Americans reveals a growing comfort and optimism towards artificial intelligence (AI) in financial services. About 89% of respondents are comfortable with new technology, and 68% are at least somewhat familiar with AI's applications in daily life. Half of the participants trust AI to provide reliable and competent financial information, comparable to trust levels in traditional news sources. The survey highlights AI’s role in enhancing financial accessibility, particularly through features like fraud detection, credit scoring, and automated budgeting tools, which enjoy higher consumer trust.

Consumers show a preference for hybrid models combining AI tools with human advisors, particularly in complex areas like financial planning and investment management. While trust in AI-backed tools is increasing, concerns about data security, privacy, transparency, and reduced human interaction persist, underscoring the need for transparent AI governance and human oversight in financial institutions.

The adoption of AI in banking is expected to enhance service efficiency, 24/7 access, and cost reductions, potentially expanding financial tools accessibility to underserved communities. Despite lingering skepticism—22% see no benefit to AI in finance, and 50% doubt its fairness—a majority support increased education and clarity on AI’s capabilities and limitations.

Workplace acceptance of AI is also growing; 63% of users feel less worried about job displacement than a year ago, with 68% reporting increased productivity. This indicates a shift towards viewing AI as a productive tool rather than a threat. Overall, the findings suggest that as AI adoption expands, financial institutions must focus on building trust, enhancing transparency, and integrating AI to support personalized and accessible financial decision-making.