Gen Z consumers (aged 18-23 years) in Singapore are increasingly aware of the potential of generative artificial intelligence (gen AI) to transform their banking and shopping experiences and would like to use it, according to the latest Visa Consumer Payment Attitudes Study.
The study found that 84% of Gen Z consumers in Singapore are aware of generative AI and its potential applications, compared to 76% of all Singaporeans surveyed. Over eight in 10 Gen Z consumers are aware of the benefits and potential of generative AI in banking, against 69% across total surveyed population in Singapore.
Leveraging AI for fraud detection (68%) and answering questions on banking products and solutions (61%) were cited as desired use cases by consumers from a banking perspective.
"There is immense potential in generative AI, where it is predicted that gen AI brings US$320 B worth of value to the banking industry. And that is also why we introduced a US$100 M generative AI ventures initiative globally to support the next generation of companies focused on using this technology to impact the future of commerce and payments,” said Adeline Kim, Visa Country Manager for Singapore & Brunei.
“We also believe there are interesting use cases in banking that could emerge which includes using gen AI to create more efficient and automated customer service and drive hyperpersonalised content and product customisation to serve customers."
Close to seven in 10 Singapore consumers were interested most in using gen AI to plan for retirement, pay their bills on time and track and analyse their spending, Visa disclosed.
Consumers are already adopting AI-powered shopping tools to find products tailored to their needs. Some 25% of consumers surveyed in Singapore have already used gen AI for online shopping; with Gen Z leading the way at 43%.
The research also showed that half of Singapore consumers are interested in using an AI personal shopper, especially for personalised recommendations (49%) and discovering merchants that are offering better prices and promotions (45%). The Gen Z and the affluent segments are most interested in using this service at 62% and 54% respectively. There is interest in personal shopper services for home appliances, personal electronics and fashion in particular.
“As generative AI continues to reshape industries, Visa remains dedicated to integrating these technologies into our ecosystem, fortifying our payment networks, unlocking new opportunities, and empowering businesses and consumers to thrive in the digital age,” said Kim.
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