Consumers Ready to Let AI Agents Handle Credit Applications
AI-generated image · Bay Street Wire
New research indicates a growing willingness among borrowers to delegate loan comparisons and applications to artificial intelligence.
A study conducted by Forrester Consulting for data and technology firm Experian reveals that a majority of consumers are now comfortable delegating critical steps of the lending process to AI agents.
According to reporting from the Financial Post, 54% of surveyed consumers are comfortable allowing AI agents to apply for credit on their behalf. The research, titled "AI in Risk: The Rise of Agentic Commerce," surveyed 6,247 credit-active consumers across 13 markets in Asia Pacific and EMEA.
Respondents expressed high levels of trust in the ability of AI to optimize the borrowing process. Specifically, 82% trust AI to compare loans across different providers, while 85% believe these agents can evaluate more options than a human could manually. Additionally, 84% of participants believe AI agents can help them secure better rates or prices, and 83% think the technology can help them identify hidden fees or contract terms.
Mariana Pinheiro, CEO of Experian EMEA & Asia Pacific, stated that consumers are moving beyond using Large Language Models (LLMs) for basic research and are now trusting AI with more meaningful financial tasks. Pinheiro noted that the challenge for lenders is now determining how to prepare for this shift while maintaining consumer trust.
While consumers are embracing the efficiency, some still prefer established relationships; 75% of respondents indicated they would feel more comfortable using an LLM if it were connected to a financial institution they already trust.