Gen Z consumers in Singapore are at the forefront of embracing generative artificial intelligence (AI), particularly in transforming their banking and shopping experiences, according to the latest Visa Consumer Payment Attitudes Study. The study highlights that 84% of Gen Z consumers, aged 18-23, are aware of generative AI and its potential applications—a figure that surpasses the awareness among all Singaporeans surveyed, which stands at 76%.
Generative AI in Banking
The study also revealed that over eight in 10 Gen Z consumers in Singapore recognize the benefits and potential of generative AI in the banking sector. This awareness is notably higher than that of the general surveyed population, where 69% acknowledged the potential of this technology. Across all age groups, close to 60% of Singaporeans expressed interest in exploring generative AI for banking services, with top applications being fraud detection (68%) and addressing inquiries related to banking products and solutions (61%).
A significant portion of Singaporeans interested in generative AI for banking highlighted key benefits such as reducing the risk of fraudulent transactions, shortening the processing time for banking transactions, and providing quick and efficient responses to banking inquiries.
“There is immense potential in generative AI, where it is predicted that Gen AI brings US$320 billion worth of value to the banking industry. And that is also why we introduced a US$100 million 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.
Transformative Impact in Retail
The retail sector in Singapore is also poised for transformation through generative AI, with consumers already adopting AI-powered shopping tools. The study found that 25% of Singaporean consumers have used generative AI for online shopping, with Gen Z leading the charge at 43%.
Half of the surveyed consumers expressed interest in using an AI personal shopper, particularly for personalized recommendations (49%) and finding merchants offering better prices and promotions (45%). The Gen Z and affluent segments showed the highest interest in this service, with 62% and 54% respectively. Popular categories for using AI personal shoppers include home appliances, personal electronics, and fashion.
“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,” added Adeline.
The study also highlighted that nearly seven in 10 Singaporeans are keen on leveraging generative AI for money management tasks such as retirement planning, bill payments, and tracking spending. This growing interest reflects a broader trend among consumers to harness advanced technologies for enhanced financial management and decision-making.
