JD Power Report Finds AI in Tight Competition with Traditional Financial Advising

By W.B. King

Consumers have long sought financial advice during times when affordability is a leading issue, but the JD Power Banking and Payments Intelligent Report, released in July, found more people are turning to artificial intelligence for guidance.

“Overall, 40% of consumers say they have sought help from AI to manage their personal finances, with 27% having found AI somewhat or significantly helpful. Those rates were highest among consumers under 40-year-old and those that are overextended,” the report found.

Making Smarter Decisions

The following comparison is for the three top use cases for those under 40 and those over 40 years of age. For the former, finding ways to increase income or save money sat at 28% followed by comparing prices before making purchases at 25%, and finding coupons, discounts or deals at 23%. For those over 40, comparing prices before making purchases was at the top with 25%, followed by finding ways to increase income or save money at 22% and finding lower-cost alternatives to products and services at 18%.

“Consumers are just as likely to credit AI as they are their bank or credit card issuer for helping them make smarter financial decisions during affordability challenges,” the report offered. “Overall, 35% agreed to some extent that banks help them make smarter financial decisions, while 34% agreed that AI did the same.”

AI is Ubiquitous but Not All Knowing

Based on responses from 4,000 consumers nationwide who were polled in June 2026, report author Jennifer White, Managing Director of Financial Services Intelligence at JD Power, noted that 21% of those under 40 said they have not used AI for any purpose related to the report compared to 43% of those over 40.

Another interesting takeaway for all age groups: the percentage of consumers who said AI and their financial institution offer essentially the same financial advice. When asked if AI helps make smarter financial decisions during times when affordability is a concern, 10% strongly agreed and 24% somewhat agreed, 37% neither agreed nor disagreed, and 14% disagreed while 15% strongly disagreed. When asked the same question about their bank or credit union, 11% strongly agreed and 24% somewhat agree. Forty-percent neither disagreed nor agreed, with 14% somewhat disagreeing and 11% strongly disagreeing.

“Consumers are proving that they are very open-minded in how they navigate this very choppy financial terrain. Whether it’s their bank, a family friend, or even AI, consumers want answers on how best to manage their finances during times when affordability is a concern,” White noted.

“That’s why it’s such a vital time for financial institutions to step in and build relationships. AI is ubiquitous and the ultimate catch-all shortcut for modern times, but there are limitations to its power. Some banks have decades of institutional knowledge not only in the financial services sector, but with a consumer’s personal finances to help inform them how to move forward,” she continued. “Banks that build meaningful bonds with their customers will be the ones that can show that they offer the best of both worlds in technology and interpersonal relationships.”