As the use of artificial intelligence (AI) in everyday banking continues its rapid rise, consumers want independent eyes and a human in the loop on banks using the technology.

The latest survey of around 2,500 customers by NatWest bank found that 71% use AI tools at least occasionally and 40% use them most or every day. Out of those surveyed, 57% are using AI tools more than they were six months ago.

But customers are conscious about the risks that the technology can bring, with 75% stating that strong oversight by independent regulatory bodies is important. “Banks have strong foundations in security, privacy, risk and governance, but customers do not expect institutions to mark their own homework,” said the NatWest survey report.

Furthermore, customers want to have access to support people when required. The survey found that 81% of respondents said the most important trust factor was the ability to connect to a real person when needed. “[Customers] will want confidence that businesses are acting in their interests and access to human expertise when it matters,” said NatWest. “The strongest relationships will combine AI technology with colleague judgement and transparency.”

Solange Chamberlain, retail CEO at NatWest Group, said: “Customers are already using AI as part of their everyday lives, and that is raising expectations of what great banking should feel like. They want experiences that are simpler, more personal and more responsive, while still knowing there’s someone to turn to when it matters.”

With bank enthusiasm at fever pitch and customer concerns rising, regulators are preparing for closer scrutiny of AI. A recent “landmark review” by the Financial Conduct Authority (FCA), The Mills Review, described AI as a “defining force” that will change financial services to consumers, but one that could “amplify risks”.

The report warned: “While AI has the potential to improve access, personalisation and efficiency, it could also amplify risks associated with fraud, cyber security, consumer harm and market concentration.”

Mills cited FCA research that found that a fifth of people (11 million UK adults) are likely to use AI that can act autonomously within pre-set goals, but also highlighted consumer concerns over the trust and control of AI.

Read more about bank’s AI plans: NatWest hails progress after £1.2bn spent on tech last year, but true AI transformation to come.

NatWest’s CIO Scott Marcar said: “The bank of the future will be relationship-led and AI powered – combining the insight, anticipation and immediacy of scaled AI, with the expertise, empathy and judgement of our colleagues to make banking more proactive, personal and even safer.”

NatWest’s survey revealed what customers see as the advantages of AI in retail banking. Three-quarters (74%) said it simplifies choices and makes everyday tasks easier and 67% that it can improve customer service.

It also revealed that customers use AI platforms for financial information and advice, with 38% asking for tips on saving money and reducing costs, 42% using it to find deals and 37% asking for tips about how to make money.

AI is also used by 28% of NatWest customers to explain complicated financial terms and jargon, while 36% use it to check and get information about fraud and potential scams.

Marcar said AI adoption is not a one-off transformation programme but an ongoing strategy that will see banks and their plans evolve: “…As the technology advances and, critically, as our customers’ needs and expectations change. Our job is to keep bringing those two together – turning new capability into better ways of working, stronger customer relationships and growth.”