Over Half of Singapore's Gen AI Users Turn to Chatbots for Insurance and Financial Research, Survey Finds

A new survey from the Million Dollar Round Table (MDRT) offers a detailed snapshot of how generative AI is weaving into the everyday financial decisions of Singaporeans — and where the friction points remain. With 35% of 2,000 respondents saying they use gen AI tools, and over half of those users deploying them to compare loans, credit cards, and insurance products, the technology has clearly moved past the novelty phase into practical, consumer-facing utility.

The data reveals a nuanced adoption pattern. Among gen AI users, 51% said they use the tools to compare financial products, and 47% have used them when choosing or switching financial products. Two in five respondents said AI tools informed major financial decisions including large investments or property purchases. ChatGPT and Google Gemini lead the tooling choices at 29%, while 14% turn to AI-powered chatbots offered by banks or financial institutions. Convenience (57%) and cost accessibility (52%) are the primary drivers, with 40% citing the ability to simplify complex information.

What is striking is the boundary Singaporeans are drawing around AI's role. 81% of gen AI users said they use the tools to build knowledge and explore options rather than replace professional advice. When it comes to personalised financial advice specifically, only 37% are comfortable trusting AI. The top reason for not using AI tools at all — cited by 45% of non-users — was the lack of human oversight or reassurance, followed by fear of bias or errors (36%) and the risk of generic or automated responses (36%).

This trust gap mirrors patterns seen in other markets, but the high proportion of Singaporeans actively engaging with AI for financial research suggests a transitional moment. Consumers are willing to delegate information gathering and comparison work to AI, but they still want a human in the loop for the final, tailored decision. That creates both an opportunity and a challenge for financial institutions, which will need to decide how deeply to integrate AI into their advisory workflows without alienating customers who value the human element.

Why it matters for Singapore: As one of the most digitally literate populations in Southeast Asia, Singapore's adoption patterns often foreshadow regional trends. The survey suggests that banks, insurers, and wealth managers here face a dual imperative: continue building AI-powered self-service tools for research and comparison, while maintaining human advisory capacity for the personalised recommendations that customers still demand. Getting that balance right could define the winners in Singapore's financial services sector over the next few years.