Canadians trust AI for banking, but not big money moves

TD has published survey findings showing that Canadians are using artificial intelligence for routine banking tasks while still preferring human advice for major financial decisions. The results point to a divide between convenience in everyday banking and trust in higher-stakes moments.

More than half of respondents said they were comfortable with financial institutions using AI to help track spending, while 53 per cent were comfortable with AI being used to calculate credit scores. Half said they would be comfortable using AI themselves for budgeting.

The figures suggest AI is gaining acceptance for repetitive or time-sensitive tasks. Respondents said they would rather have AI involved than rely on a human-only service for quick answers about fees or products, checking account balances and routine transactions, and resetting passwords or resolving login problems.

On those measures, 59 per cent preferred AI involvement for fast answers on fees or products, 55 per cent for balance checks and routine transactions, and 52 per cent for password resets or login issues. The survey also found that 41 per cent believe AI can help them make better financial decisions, while 24 per cent said it has already helped them improve their finances.

Trust declines when the financial decision becomes more significant. The survey found that 71 per cent of Canadians place greater confidence in human intelligence than in AI, and only 32 per cent said they would trust AI over their parents for financial advice.

That preference extended across several major money decisions. Most respondents said they preferred human support for financial planning advice and for assessing approval for a financial product, both at 55 per cent, while 53 per cent preferred human help with retirement planning.

Luke Gee, Senior Vice-President and Chief Analytics and AI Officer at TD Bank Group, said the findings reflected changing expectations from banking customers.

"As AI becomes more embedded in everyday life, it is also reshaping what clients expect from their banks and how we show up for them," Gee said.

"At TD, AI is a critical driver of how we strengthen our operations, support colleagues, and deliver for our clients -- both in everyday moments and at key life stages, like buying a home or planning for retirement. Applied thoughtfully, our AI strategy is helping us deliver service that is more seamless, timely and personalized, while maintaining the human connection that matters most," he said.

Trust gap

The findings also highlight why many consumers remain cautious. More than half, or 52 per cent, said concern about errors in high-stakes situations was a key reason for distrusting AI.

Asked about the main drivers of distrust, 61 per cent cited inaccurate information, 55 per cent pointed to privacy and security risks, and 54 per cent said lack of accountability was a concern. The responses suggest that confidence in AI in banking may depend less on novelty than on whether institutions can demonstrate responsibility and oversight.

Respondents also identified practical steps that could increase trust. Data protection was cited by 56 per cent, taking responsibility for errors by 55 per cent, and human oversight by 52 per cent.

Human supervision appeared to be especially important in banking. Nearly six in 10 respondents, or 59 per cent, said they were comfortable with banks using AI as long as there was meaningful human oversight.

Jayme Martin, District Vice-President, Greater Hamilton South, TD Bank Group, said the results showed that trust still rests with people when decisions carry more weight.

"AI has the potential to enhance how we serve clients by improving speed, convenience and personalization, but it is still human connection that builds trust and provides the understanding, reassurance and advice clients need during important financial moments," Martin said.

"That balance will continue to matter as banking evolves," she said.

The survey was conducted by Ipsos on behalf of TD among 2,501 Canadians aged 18 and over. The sample was weighted to reflect the adult population and has a credibility interval of plus or minus 2.4 percentage points.

TD is one of North America's largest lenders by assets and serves 28.1 million clients across its Canadian personal and commercial banking, U.S. banking, wealth management and insurance, and wholesale banking operations. It also has more than 13 million active mobile users in Canada and the U.S., with total assets of $2.1 trillion.