AI Nearly Ties Banks As Consumers’ Trusted Source For Financial Advice
By CU Today Staff —
TROY, Mich.— Artificial intelligence is rapidly emerging as a trusted source of financial guidance, with consumers now viewing AI almost as favorably as their banks when it comes to making smarter money decisions, according to new research from JD Power.
The firm's June Banking and Payments Intelligence Report found 35% of consumers agreed their bank helps them make better financial decisions during affordability challenges, while 34% said AI does the same—a gap of just one percentage point.
JD Power also found 40% of consumers have used AI to help manage their personal finances, with 27% saying the technology was somewhat or significantly helpful. The findings suggest AI is evolving from a simple information tool into a trusted financial resource, particularly as consumers search for ways to stretch their budgets.
Consumers most often are using AI to compare prices before making purchases (24%), find coupons, discounts and deals (22%), and identify new ways to save money or boost income (21%), according to JD Power. The highest rates of AI use were among consumers under age 40 and those who are financially overextended, indicating the technology is resonating most with consumers facing the greatest financial pressures.
Jennifer White, managing director of financial services intelligence at JD Power and author of the report, said consumers are increasingly willing to seek financial guidance from a variety of sources as affordability pressures persist. While AI has become a popular resource, she said banks and credit unions still have an opportunity to differentiate themselves by combining advanced technology with their deep knowledge of customers' financial lives.
The findings come as consumers continue to face financial pressure. JD Power reported that 66% of Americans remain financially vulnerable, overextended or stressed, while 77% said they have changed their day-to-day spending habits to cope with higher costs. Groceries remain the biggest affordability concern, with 43% citing food prices as their greatest source of financial stress.
The JD Power Banking and Payments Intelligence Report is based on responses from 4,000 U.S. consumers surveyed in June 2026. The firm said financial institutions that effectively blend AI-powered tools with personalized advice will be best positioned to build stronger customer relationships as consumers increasingly look for help managing their finances.
Originally reported by CU Today.