What Moves Banking Customers to Adopt AI Is Not What Banks, Wealth Managers Are Building

A study of 1,800 banking and wealth management clients across North America by Prophet and Hive Science finds that 42% of customers are open to adopting agentic AI services, and that what moves them to action is warmth rather than reliability.

Published alongside a parallel survey of industry executives, the research finds that while most AI investment in financial services has focused on operational efficiency, the larger growth opportunity lies in how AI makes customers feel.

The behavioural data reveals a consistent gap between what customers say they want and what actually drives their decisions. Front-stage adopters, those willing to engage directly with self-serve AI, say they prioritise basic functional services but are more heavily influenced by personalised guidance and warm, friendly interactions. Back-stage customers, who prefer AI working behind the scenes to support their advisors, say they prize account monitoring most but act on personalised advice. Customers are willing to pay $10.67 for advisor-led AI account monitoring compared to $9.37 for self-service monitoring, and 17% more for personalised AI advice when delivered through an advisor rather than directly.

The competitive picture is more nuanced than the conventional assumption that digitally native fintechs will dominate. Established institutions including Chase and Citi lead on brand lift through both front-stage and back-stage AI, backed by trusted brands and mature digital platforms. Hybrid players like Fidelity and Charles Schwab perform most consistently across all contexts. Capital One and SoFi stand out among fintechs for combining digital agility with sufficient scale and institutional trust. Smaller fintechs and digital-only banks struggle in back-stage and B2B contexts where institutional credibility matters most.

The report also breaks down AI strategy by wealth segment, with meaningfully different implications for each:

• UHNW clients ($10M+) respond best to back-stage AI that supports rather than displaces the advisor relationship. Trust and discretion are the primary emotional drivers. The risk to avoid is any AI that feels like it is replacing human connection.
• Affluent and HNW clients ($1M–$10M) are open to both front and back-stage AI and place the highest value on personalisation and control. Confidence and autonomy drive their decisions. The risk here is AI that feels generic or impersonal.
• Mass affluent and retail clients (under $1M) prefer front-stage AI when it is warm and intuitive, with simplicity and reassurance as the primary values. Warmth and ease of use are the emotional drivers. Complexity or anything that feels intimidating works against adoption.

More than 80% of banking and wealth management executives surveyed expect to actively promote their use of agentic AI in customer value propositions within two years. Prophet senior partner Gordon Smith described the shift as moving from what AI does to how it makes customers feel, and from operational improvement to new products and services built on AI.

Get the report: Prophet

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