Singaporean consumers’ attitudes towards personal banking chatbots have been unveiled in a recent YouGov survey, shedding light on their preferences and willingness to share personal information. The study, conducted in May 2023 and based on responses from 1,097 adults, offers valuable insights into the adoption of chatbot services in the city-state.
Among the key findings, the data reveals that consumers in Singapore are the second least likely, after Australians, to opt for chatbots over human assistance for their personal banking needs. Approximately 41% of respondents expressed reluctance, while 24% remained uncertain about using chatbots, and 28% were open to choosing chatbots for their banking queries.
The study further delves into the types of banking services for which consumers are most comfortable seeking chatbot assistance. Checking balances and transaction history emerged as the most common use of chatbot services, with 24% of Singaporean consumers utilizing them for these purposes. Simple transactions or payments followed closely at 21%, while obtaining branch details information and receiving notifications and reminders stood at 12% each.
Interestingly, 28% of respondents who refrained from interacting with personal banking chatbots cited the lack of a perceived need as their primary reason. Additionally, 17% preferred human interaction for their banking needs, underscoring the significance of personalized customer service in the banking sector.
When it comes to sharing personal information with chatbots, email addresses topped the list, with 39% of respondents willing to disclose this information. On the other end of the spectrum, credit card security numbers were the least likely to be shared, with respondents recognizing the potential risks associated with divulging such sensitive data. Approximately one-third of respondents were comfortable sharing their full names (36%) and phone numbers (32%), while a quarter were willing to part with their date of birth details (26%).
Surprisingly, consumers in Singapore were less inclined to share their banking details, such as credit or debit card numbers and bank account numbers, with only 11% willing to do so.
An interesting aspect revealed by the survey was the variance in attitudes towards personal banking chatbots among different age groups. Millennials appeared to be more at ease than other generations in sharing their personal banking details, while Gen Z respondents were particularly relaxed about providing personal identification information, such as email addresses, names, and phone numbers. On the contrary, baby boomers were the most reluctant age group to share any form of personal information with chatbots.