Canadians are growing more comfortable with artificial intelligence but continue to prefer human advice when the financial stakes are high, according to new research from TD Bank Group.
The 2026 TD AI Insights Report, drawn from an annual survey of Canadian consumers, found that openness to AI is strongest where speed and convenience matter most but falls away sharply when decisions carry long-term consequences.
More than half of Canadians surveyed said they are comfortable with financial institutions using AI to help track spending (55%) and calculate credit scores (53%), and half say they would be comfortable using AI themselves for budgeting. For routine interactions, a majority prefer AI involvement over human-only service, particularly for getting quick answers about fees or products (59%), checking account balances (55%) and resetting passwords or fixing login issues (52%).
Forty-one per cent (41%) believe AI can help them make better financial decisions, and nearly one in four said it has already helped them improve their finances.
Luke Gee, senior vice president and chief analytics and AI officer at TD Bank Group, said AI is reshaping client expectations. "At TD, AI is a critical driver of how we strengthen our operations, support colleagues, and deliver for our clients, both in everyday moments and at key life stages, like buying a home or planning for retirement. Applied thoughtfully, our AI strategy is helping us deliver service that is more seamless, timely and personalized, while maintaining the human connection that matters most."
For higher-stakes decisions, the picture reverses sharply. The majority of Canadians (71%) place greater confidence in human intelligence over AI, and only one in three would trust AI over their parents for financial advice. Most prefer human support for financial planning advice (55%), assessing approval for a financial product (55%) and planning for retirement (53%).
The pattern is directly relevant to the Canadian insurance industry. Research cited at a recent industry conference found that only 32% of Canadians trust their insurer, with complexity and affordability concerns driving non-purchase decisions more than a lack of perceived need.
In that context, AI tools that increase friction or reduce perceived accountability risk widening an already narrow trust base. A Geneva Association report on generative AI in the insurance customer journey found that nearly 40% of customers rank loss of human touch as their top concern with insurer-provided AI tools. That finding reinforces the case for hybrid models that combine automation with human intervention, particularly in claims handling and coverage advice.
Jayme Martin, district vice president at TD Bank Group, said the balance between AI and human connection will remain central as banking evolves. "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."
The TD findings land as Canada's insurance sector accelerates its own AI deployment. Canadian Chamber of Commerce data showed finance and insurance was among the four sectors that led AI adoption between Q2 2024 and Q2 2025, with each increasing AI use by more than 10 percentage points. Among insurers, reported AI use centered on data analytics (41% of firms), speech or voice recognition (35%) and machine learning (31%).
Manulife ranked third in the 2026 Evident AI Index for Insurance, the highest placement among life insurers globally, and expects to generate more than $1 billion in enterprise value from AI by 2027 after reaching $300 million by year-end 2025. Desjardins Group unveiled an AI-driven platform in October 2025 aimed at personalizing insurance products using machine learning to analyze customer data and preferences.
The survey identified clear barriers to broader AI adoption. Over half of Canadians (52%) cite concerns about errors in high-stakes situations, while the top three distrust factors are inaccurate information (61%), privacy and security risks (55%) and lack of accountability (54%). The Canadian Chamber of Commerce's Business Data Lab has noted that Canadians are less knowledgeable and more nervous about AI than citizens of many other countries, and that how AI is used and explained in underwriting, pricing and claims is likely to influence both consumer confidence and the pace of adoption across the sector.
When asked what companies could do to increase confidence in AI, Canadians pointed to data protection (56%), taking responsibility for errors (55%) and human oversight (52%). Fifty-nine percent (59%) said they are comfortable with banks using AI as long as meaningful human oversight is maintained.
This data offers a clear signal - the firms most likely to earn consumer trust are those that treat transparency and accountability not as compliance obligations but as competitive advantages.
