Posthaste: As AI use grows, Canadians look for a ‘human connection’ when banking
Canadians are increasingly looking for a stronger relationship with their bank, according to a new survey by Meridian Credit Union Ltd.
Its More than a Number survey of 1,542 Canadians said 61 per cent of respondents don’t believe their bank knows them on a personal level, while 46 per cent say they are looking for a more personalized relationship with their banking provider.
This comes as artificial intelligence takes over some of the more routine customer service tasks.
The survey said 87 per cent feel they need to speak with a real person for their banking needs and 66 per cent are worried about losing the human connection with their bank as institutions embrace AI.
“What we’re hearing from nearly 90 per cent of Canadians in our latest survey is that they prefer human-to-human interaction when discussing their finances, rather than relying on AI or automated responses,” Shawn Kauth, vice president of wealth at Meridian, said in a statement.
“This highlights the strong need for personal connections, especially among younger generations like Gen Z’s and Millennials, who are grappling with significant anxieties around both the affordability of their lifestyle and long-term financial planning.”
But Canadian banks have largely embraced AI and its potential.
Three Canadian banks — Royal Bank of Canada, Toronto-Dominion Bank and Bank of Montreal — each ranked within the Top 10 globally in AI research, according to an April report by Evident Insights Ltd.
TD is already using AI to pre-approve customers for mortgages and lines of credit. It also offers a virtual assistant to help customer service agents.
Meanwhile, Bank of Canada governor Tiff Macklem in a speech last week said central banks are using AI to forecast inflation
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