Data privacy remains the biggest barrier to broader adoption, Experian finds
More than half of credit-active Australians would be comfortable letting an AI agent apply for a loan or credit card on their behalf, according to new research from data and technology company Experian, conducted by Forrester Consulting.
The study, AI in Risk: The Rise of Agentic Commerce, found that 59% of Australians surveyed would be comfortable with an AI agent handling a credit application, while 79% said they trust large language models (LLMs) to compare loans across different providers.
Consumers see AI as a practical shortcut, not a novelty
Respondents pointed to concrete benefits rather than curiosity about the technology itself. Eighty per cent believe an AI agent could compare more options than they could manually, 78% said an agent could help them find better prices or rates, and 76% expect an agent to help them avoid missing hidden fees or contract terms.
Within the loan process specifically, 81% would be comfortable with an agent searching for and compiling the best offers, and 77% would let an agent negotiate on their behalf. A smaller but still substantial share, 69%, would allow an agent to complete identity checks, while 68% would let one accept a loan offer based on pre-set criteria.
Trust and data control remain the sticking point
Despite this openness, data risk is still the leading hesitation. Eighty per cent of respondents cited concern about personal information being accessed or misused as their main worry about using an AI agent, and 74% said they'd feel more comfortable using an LLM connected to a financial provider they already trust.
Andrew Black, Experian Australia and New Zealand chief executive, said the findings point to a clear expectation banks and lenders will need to meet.
"Banks and lenders now need to give consumers confidence that their information will be protected and that they will remain in control of important decisions," Black said.
Regulators are watching that same trust gap closely. ASIC's 2026–27 Corporate Plan flags sharpened scrutiny of how banks deploy AI in customer-facing services, with the regulator stating AI use "must not weaken accountability or consumer and investor protections" – a response to a sector where, separate Experian research into lenders' underwriting systems suggests, most institutions have already adopted AI for underwriting decisions but few consider their underlying data fully prepared for it.
Against that backdrop, brokers may find clients arriving already comparing offers via AI tools, or expecting a broker's own systems to offer similar transparency and speed around fees, rates, and permissions.
The research surveyed 481 credit-active Australian consumers as part of a broader 6,247-person study across 13 EMEA and Asia-Pacific markets, conducted in July 2026.
