Canadians may be warming up to artificial intelligence in banking, but when it comes to major financial decisions, most still want a human in the loop.
New research from TD suggests Canadians are increasingly comfortable with AI handling routine financial tasks, even as trust gaps remain around higher-stakes decisions such as financial planning, product approvals, and retirement.
According to TD’s annual 2026 AI Insights Report, more than half of Canadians surveyed said they are comfortable with financial institutions using AI to help track spending, while 53 per cent are comfortable with AI being used to calculate credit scores. Half said they would be comfortable using AI themselves for budgeting.
The comfort level appears to rise when AI is applied to everyday banking tasks where speed and convenience matter. TD found that 59 per cent of Canadians prefer AI involvement over a human-only experience when getting quick answers about fees or products, while 55 per cent feel the same for checking account balances and routine transactions. Another 52 per cent prefer AI involvement for resetting passwords or fixing login issues.
The survey also found that 41 per cent of Canadians believe AI can help them make better financial decisions, while nearly one in four said AI has already helped them improve their finances.
“As AI becomes more embedded in everyday life, it is also reshaping what clients expect from their banks and how we show up for them,” said Luke Gee, Senior Vice President, Chief Analytics and AI Officer at TD Bank Group.
Gee said AI is becoming a driver of how TD strengthens operations, supports colleagues, and serves clients “both in everyday moments and at key life stages, like buying a home or planning for retirement.”
But the research also makes clear that Canadians are not ready to hand over the most personal financial decisions to algorithms alone.
TD found that 71 per cent of Canadians still place greater confidence in human intelligence over AI. Only 32 per cent said they would rather trust AI over their parents for financial advice.
For major financial decisions, a majority of Canadians prefer human support. TD said 55 per cent prefer human support for financial planning advice, 55 per cent for assessing approval for a financial product, and 53 per cent for retirement planning.
“AI has the potential to enhance how we serve clients by improving speed, convenience and personalization, but it is still human connection that builds trust and provides the understanding, reassurance and advice clients need during important financial moments,” said Jayme Martin, District Vice President, Greater Hamilton South at TD Bank Group.
The findings point to a familiar challenge for banks and fintechs: Canadians are willing to use AI where it reduces friction, but trust still depends on transparency, accountability, and human oversight.
Concerns remain especially high in areas where mistakes could have long-term consequences. TD found that 52 per cent of Canadians cited errors in high-stakes situations as a key driver of distrust. The top sources of distrust were inaccurate information, cited by 61 per cent of respondents, followed by privacy and security risks at 55 per cent, and lack of accountability at 54 per cent.
Still, TD’s research suggests the AI trust gap may be addressable. When asked what companies could do to increase trust, Canadians pointed to data protection, taking responsibility for errors, and human oversight. Notably, 59 per cent said they are comfortable with banks using AI as long as there is meaningful human oversight.
For financial institutions, the message is not that Canadians reject AI. It is that they expect AI to be useful, secure, and accountable—and they still want people involved when the stakes are high.
TD said AI is central to how it is reimagining banking, including efforts to deepen client relationships, create simpler and faster experiences, and support more disciplined execution.
The 2026 TD AI Insights Report was conducted by Ipsos between February 17 and 23, 2026, with a sample of 2,501 Canadians aged 18 and older.
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