Mr. Ted Paris reports

TD BANK SURVEY FINDS AMERICANS ARE READY TO EMBRACE AI, BUT HAVE YET TO UNLOCK ITS FULL POTENTIAL

According to a new Toronto-Dominion Bank survey, which polled 2,500 Americans, 89 per cent of respondents say they are comfortable using and adapting to new technology in their daily life, while about seven in 10 (68 per cent) say they are at least somewhat familiar with artificial intelligence (AI), its uses and applications in their day-to-day lives. Half (50 per cent) of respondents trust AI to provide reliable, competent information, and 65 per cent see its potential to expand access to financial tools, a sign that perceptions are shifting as AI tools become more familiar and visible in everyday life.

The survey revealed that Americans trust AI just as much as news stations (50 per cent) and twice as much as social media influencers (25 per cent) to provide information that is honest, reliable and competent. However, consumers still place greater trust in friends and family (90 per cent) and banks (83 per cent) for accurate information.

"We are seeing increased optimism and curiosity around AI to help make smarter, more informed decisions, with more than half of Americans believing that AI can offer financial advice that is tailored to their situation," said Ted Paris, executive vice-president, TD Bank, head of analytics, intelligence and AI. "For financial institutions, this signals a call to action to build understanding, increase awareness and demonstrate how AI can enhance everyday financial decisions. Trust is what matters most."

With trust on the rise, consumers are poised to embrace AI in finance

Trust in AI is particularly strong when it comes to supporting behind-the-scenes banking tasks. A majority of Americans are comfortable with AI being used for fraud detection (70 per cent) and credit score calculations (64 per cent). While fewer are ready to hand over major decisions, 44 per cent say they are comfortable using self-serve AI-enabled tools to manage investments, and 43 per cent would use AI in combination with a human adviser for financial planning, showing significant interest in hybrid solutions.

As for personal finance choices, respondents were most comfortable using AI financial tools for budgeting (60 per cent) and automating savings goals (59 per cent), but showed less confidence in AI handling more intricate tasks, such as retirement planning (48 per cent) and investing (44 per cent). Fifty-one per cent see value in AI improving financial decision-making, indicating a path forward as comfort and awareness increase. Interestingly, 48 per cent agree that using AI would help them avoid embarrassing discussions with bank representatives, suggesting AI can improve approachability and drive self-service functionality.

Weighing the benefits and concerns of AI in banking

As a result of banks implementing AI, many Americans expect benefits such as 24/seven banking access (48 per cent), improved transaction efficiency (40 per cent) and reduced costs (32 per cent).

"Furthermore, a sizable majority (65 per cent) believe that AI has the potential to expand access to financial tools for individuals who currently lack them. We view AI as a powerful enabler -- capable of increasing access to financial services, particularly for underserved and underrepresented communities," added Mr. Paris.

While AI is recognized for its ability to enhance accessibility and efficiency in the banking sector, concerns remain about data security and privacy breaches (65 per cent), reduced human interaction (56 per cent) and a lack of transparency in AI decision-making (49 per cent), reinforcing the need for institutions and banks to emphasize AI's role in supporting human intelligence.

The study also revealed that although there is some concern around job displacement, 63 per cent of Americans currently using AI at work are less worried about AI taking their job than they were a year ago, and 68 per cent of those people believe AI makes them more productive in the workplace.

A future built on transparency, guidance and human partnership

While some skepticism persists, as 22 per cent of Americans say they see no benefit to AI in financial services and 50 per cent say that it will not give them financial advice that is fair and unbiased, most are not rejecting AI outright. Instead, they are asking for clarity, education and tools that reinforce human oversight.

"When it comes to financial access and decision-making, AI is a catalyst for information and solutions," says Mr. Paris. "The proliferation of AI in banking is recognized for its potential to deliver improved financial tools. At the end of the day, finance remains personal and there remains a greater need for banks to build trust and effectively communicate AI's benefits."

Survey methodology

About the study

Findings are the result of an Ipsos poll conducted March 17 to March 31, 2025, on behalf of TD. Survey sample comprised 2,500 Americans, weighted to balance demographics reflective of the United States adult population in accordance with Census data to ensure sample composition results are approximate the sample universe. The precision of Ipsos on-line polls is measured using a credibility interval. The conducted poll is accurate to within plus or minus 2.2 percentage points, 19 times out of 20, had all American adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.

About Toronto-Dominion Bank

TD Bank is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small-business, and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth. TD Bank is headquartered in Cherry Hill, N.J.