RFI Global’s Trends and Predictions report dives deep into how global consumers and businesses think about, choose and experience financial services to reveal five key consumer trends and predictions that will shape the sector in 2026.

As AI adoption accelerates in financial services and mobile banking becomes increasingly widespread, banks face mounting pressure to deliver personalised experiences and build customer trust to address concerns around privacy, security, and reduced human interaction.

The report reveals that an overwhelming majority of consumers remain wary of AI in banking, with 95% in Singapore, 94% in Australia, and 84% in the USA expressing concerns about AI-powered financial services.

Fear that overreliance on AI will lead to fewer opportunities for human interaction and expertise is a top 3 concern. However, fewer consumers in Australia (29%) and Hong Kong (25%) claim this fear – compared to banking users in the USA (53%), Canada (45%) and Malayasia (42%).

“In a landscape of rapid technological change, banks and neobanks alike must build trust through transparency, bias checks, regular audits, and clarity about how AI is used and where human expertise remains vital,” said Caitlin Hill, Insights Director at RFI Global.

“Banks that meet consumers with transparency, the reassurance of human support and hybrid models will differentiate themselves in a crowded market.” said Hill

Customer Retention Hinges On Privacy And Security

Privacy and security is another top cited concern related to AI-powered financial services globally with 55% in the USA, 50% in Malaysia, 44% in Canada, 41% in Singapore expressing concerns, compared to 37% in Australia and 28% in Hong Kong.

This has impacted customer retention, with 5-20% of customers across markets – 5% in Australia, 6% in the UK and 11% in the USA – stating their dissatisfaction with how the bank responded to them when they fell victim to banking fraud as a reason they are considering switching their primary bank.

The figure reaches 20% in the UAE.

“Driven by AI, the scale, speed and sophistication of fraud has turned it into a greater global threat,” said Luke Allchin, Director, North America at RFI Global.

Other Key AI Trends Shaping the Future of Banking

• Businesses Embrace AI: SMEs are becoming increasingly confident in AI’s role in banking, recognising its potential to boost efficiency and cut costs.
  
  
• Concerns about AI: In the UK, 27% of SMEs now have no concerns about AI, up from just 10% two years ago. In Australia, only 38% of SMEs believe AI chatbots can never replicate human interaction, signaling growing trust in technology.
  
  
• Neobanks Move Beyond Disruption: Once seen as challengers to traditional banks, neobanks are transitioning to full-service financial institutions, focusing on deepening customer engagement and cross-selling services rather than merely growing their customer base.
  
  
• Expanding Digital Offerings: In the UK, neobanks are extending beyond core banking to offer digital investment platforms, including crypto, shares, precious metals, and foreign currencies, alongside rewards and social banking features to enhance customer experience.
  
  
• Affluent Consumers Shift to Investments: With falling interest rates, wealthier customers are increasingly moving funds from savings into investments, taking a more active role in managing their financial future.
  
  
• AI Adoption Mirrors Mobile Banking: The report predicts that AI in banking will follow the trajectory of mobile banking, starting slowly but accelerating rapidly as adoption becomes mainstream.

Innovation Powers Leading Digital Banking Experiences

Insights from RFI Global’s iSky platform, which tracks thousands of consumer and business interactions on more than 200 banking and finance apps worldwide, point to an accelerated period of innovation by leading institutions and smaller challengers.

These new customer-controlled features may have been initiated to unlock new revenue streams, but they also provide more empowerment for users to manage their digital footprint and profile, addressing concerns around privacy and security.

New privacy and security features have been added in over the past 2 years: 13.8% of banks have built-in app functionality to lock or disable a card; 11% have added the ability to mask personal information on the interface for the first time; and 16% of banks have incorporated profile or account closing features in app.

Further, one of most highly sought after features globally – the ability to cancel and replace a card – has also grown by 3% year on year.

“Banks are no longer just providing digital access; they’re designing digital empowerment,” said Mark Donohue, Managing Director, iSky at RFI Global, who founded the recently acquired iSky Research.

“Collectively these innovations point to a sector rapidly professionalising its digital capabilities. Yet there is still more to be done to address customer concerns,”

“The next 12 months will be pivotal, determining which providers lead on service and those left to compete on price.” said Donohue

RFI Global surveys over 200,000 consumers and 60,000 businesses worldwide each year about their banking ​​needs, preferences and behaviours. Through the recently acquired iSky platform it also captures thousands of real interactions with more than 200 banking apps.