Singapore survey: 83% trust AI to compare loans, nearly half would let it apply

Most Singaporeans are surprisingly open to AI making lending decisions for them. An Experian survey of 482 credit-active consumers, conducted by Forrester Consulting, found that 83% trust AI to compare loan options across providers, and nearly half are comfortable letting AI actually apply for credit on their behalf.

The numbers are striking for a market where trust in financial institutions has historically been conservative. Singapore's lending landscape has been evolving rapidly, with digital banks and fintech lenders competing for market share alongside traditional players like DBS and OCBC. AI-powered comparison tools have become standard in the space, but the willingness to hand over application authority to an algorithm represents a new threshold.

Experian's broader "AI in Risk: The Rise of Agentic Commerce" report frames this as part of a global trend toward agentic AI — systems that don't just recommend but act. In financial services, that means AI handling everything from credit scoring to loan disbursal with minimal human intervention. The survey suggests Singapore consumers are ahead of the curve on this shift, possibly because they've already been conditioned by years of seamless digital banking experiences from Grab, Sea, and local neobanks.

Why it matters for Singapore: The MAS has been actively shaping AI governance in financial services through its FEAT principles and upcoming regulatory frameworks. Consumer readiness data like this gives regulators and lenders confidence to push further into automated lending — but also raises questions about accountability when AI makes credit decisions that affect real people's financial lives. Singapore's position as a fintech hub means these consumer attitudes will influence how the rest of Southeast Asia approaches AI in lending.