KUALA LUMPUR: Malaysian consumers are increasingly comfortable using artificial intelligence (AI) to compare loans, although concerns over scams and impersonation remain a major barrier to wider adoption, according to research by Experian and Forrester Consulting.
The study found that 76% of Malaysian consumers surveyed trusted the accuracy of information provided by large language models (LLMs) when comparing loans, while 57% were willing to give an AI agent at least some autonomy when applying for a loan or credit card.
The research covered 6,247 credit-active and digitally literate consumers across 13 markets in Europe, the Middle East, Africa and Asia Pacific.
trust AI
The potential savings offered by AI were identified as a major attraction, with 92% of Malaysian respondents saying AI agents could help them find better prices or rates. Meanwhile, 63% said they would be comfortable sharing financial data with an AI agent for an automated loan application.
However, 83% identified fake offers or impersonation by cybercriminals as the biggest risk, the highest concern recorded for this issue across the markets surveyed.
Experian Information Services Malaysia CEO Dawn Lai said financial institutions would need to strengthen identity verification, consent mechanisms, fraud prevention and explainability to build consumer trust in AI-assisted financial services.
The study also found that 58% of Malaysian respondents remained “agent sceptics”, while only 3% were classified as “optimisers”, indicating caution towards giving AI greater control over financial decisions.
#businessnews
Leave a Reply
You must be logged in to post a comment.