How GenAI is Reshaping the Finance Industry in the UK

🔗https://www.similarweb.com/blog/insights/ai-news/genai-financial-services-uk/

ChatGPT is (far from) a fad: Generative AI, led by tools like ChatGPT, is proving it’s not a fleeting trend. Usage remains high, especially in the UK, where engagement is particularly strong in the finance sector. Users are going beyond curiosity—GenAI is now a tool embedded in people’s daily digital habits.

Consumers aren’t just trying it, they’re coming back: Repeat usage is increasing. Rather than testing the waters, users are returning to GenAI tools regularly. In the UK, ChatGPT users are averaging 121 prompts per person in 2024 – a 35% increase year-over-year (YoY). This shift shows deeper integration into everyday decision-making, with consumers trusting AI as a genuine source of advice—particularly on personal finance matters.

While finance searches are dropping, GenAI prompts are rising: Interestingly, searches for traditional financial queries on Google are declining, while similar questions are booming on GenAI platforms. People are bypassing search engines in favor of conversational AI—changing the way financial institutions need to think about visibility.

What people ask has changed, and it’s now much more personal: GenAI enables hyper-personalized questions. Instead of searching for “best savings accounts,” users now ask things like “What’s the best savings account for a 30-year-old freelancer with irregular income?” This shift demands a new approach to content and customer engagement.

The traditional referral model is starting to break: Affiliate models—once the backbone of financial content monetization—are being disrupted. AI tools don’t work like traditional content. They don’t “refer” in the same way, meaning the referral traffic many finance websites depend on is threatened. Traffic from referrals is falling sharply for UK’s traditional high street banks. Over the past year, NatWest is down more than 26%, Barclays dropped 18.4%, and Santander saw a 31.3% drop. In contrast, challenger banks are seeing significant gains. Revolut is up 29.2%, Starling Bank is up 28.2%, and Monzo has grown 12.7% YoY.

GenAI is already sending serious traffic to finance brands: Despite the disruption, smart financial brands are benefiting. Some finance sites are seeing big traffic boosts by being mentioned directly in GenAI outputs. Being recognized as a reliable source makes a huge difference—think of it like SEO for AI. GenAI tools are sending around 30–40% as much traffic as top broker sites. That’s a real shift in how users are discovering financial information.

Niche sites are becoming GenAI authorities: GenAI isn’t just amplifying big players—it’s leveling the playing field. Niche websites with highly focused, well-written content are now being surfaced by GenAI tools as trusted sources. Authority today is about relevance and quality, not just size. Nerdwallet, a leading American personal finance company with relatively modest traffic, shows up in 25% of citations in ChatGPT responses. That’s significantly higher than more prominent UK financial sites like MoneySavingExpert (+3%) or MoneySuperMarket (+1%).

Your GenAI user is the audience of the future: The GenAI user is typically younger, digitally native, and expects speed, simplicity, and personalization. Brands that ignore this audience risk falling behind. These users are the future of finance—and they’re already shaping the conversation.

GenAI prompts are a goldmine of consumer insight: Every question users ask GenAI reveals intent, pain points, and context. Understanding what people are really asking is invaluable for financial services. It’s an untapped resource for developing products, refining messaging, and improving service.

Don’t shy away from disruption – learn from it: Rather than resisting the AI wave, financial brands should embrace it. The shift is happening fast, but those who learn and adapt will not just survive—they’ll thrive. The article encourages companies to lean into change and reimagine their strategy for the GenAI era.