Singaporeans trust AI to compare loans but not to apply for them

Only 27% of respondents said they'd grant an AI agent conditional or full autonomy.

Singaporeans trust artificial intelligence (AI) highly when researching loans or credit cards, but many still hesitate to grant them autonomy to apply, according to a survey by data and tech company Experian with Forrester Consulting.

In a poll of 482 Singaporeans, less than half or 49% said that they are comfortable with an AI agent applying for a loan or credit card on their behalf.

The share rises to 83% when asked if they trust AI to compare loans across providers.

Nearly 9 in 10 or 89% said that an AI agent could help them compare far more options than they could manually, and 87% said that an AI agent could help them save money by finding better prices or rates.

Despite this, less than 1 in 3 or 27% of respondents would grant an AI agent conditional or full autonomy to apply for a loan or credit card on their behalf.

Many Singaporeans still will not grant an AI agent any autonomy at all when applying for a loan or credit card (37%), or will allow an AI agent to act only after their approval (36%).

More than three-quarters or 77% of respondents said they would feel more comfortable using AI connected to a financial institution they already trust.

Singaporeans’ top concern remains AI agent manipulation, with 82% citing fake offers or impersonation by cybercriminals as the highest level of concern.

“For banks and lenders, the question is no longer whether AI will influence the next step of that journey, but how to prepare for it while continuing to earn and protect consumer trust,” said Kabir Khanna, general manager of Experian Credit Services Singapore.

A separate survey by HSBC Singapore found that 76% of the mass affluent and high net worth investors it polled have used AI for finance and investment purposes, although the majority still sought reassurance from a professional adviser.

Banks in Singapore are exploring agentic AI tools in their operations, such as OCBC’s HELIOS platform that automate the data collection in the bank's wealth customers’ onboarding journey.

DBS recently inked a memorandum of understanding with the Institute of Banking and Finance Singapore to develop AI skills and workforce programmes across Singapore.