Where Should Financial Services and Health & Wellness Brands Focus Their Use of Digital Tools and AI?

We recently ran two focus groups to understand how Millennials use digital tools and AI when making decisions about their finances and wellbeing. What emerged was not a simple story of adoption, but a more thoughtful and human approach to when - and how - these tools are used.

This research uncovered five key insights. Here’s the first.

Insight 1: Millennials are curating their own ecosystem of tools

Millennials are building personalised mixes of digital tools. In finance, that might include digital banks, budgeting apps, spreadsheets and AI assistants. In health and wellbeing, it spans wearables, apps and online research.

Each tool plays a specific role. Crucially, trust isn’t fixed- it shifts depending on the task, the level of risk, and how secure or credible the tool feels.

Two Modes of AI: Inspiration vs Execution

A clear pattern emerged in how AI is used: as a starting point for ideas, but rarely for final decisions.

·       AI as inspiration: AI is widely used in the early stages of decision-making- researching products, exploring financial options, or troubleshooting everyday problems.  As Kat, 39, explained: “There are some scenarios where it doesn’t matter whether information AI gives you is reliable or not…it’s just a starting point.”  At this stage, speed and convenience matter more than perfect accuracy. The stakes are low, and mistakes are easy to correct. AI’s value lies in helping people explore possibilities quickly.

·       Execution requires trust:  When decisions carry real consequences, behaviour changes.  Booking a holiday, submitting a tax return, or making a health decision are moments where trust becomes essential. AI may help inform these choices, but it is rarely relied on to complete them.  Jaclyn, 37, put it simply:  “I would research a holiday using AI, but when it comes to booking I would never use it.”  In these situations, people look for verified information, clear sources, and often human reassurance. The higher the stakes, the greater the need for confidence and accountability.

A Surprising Divide: Work vs Personal Life

Interestingly, trust in AI is much higher at work than in personal life.

In professional settings, Millennials assume that tools have been vetted by their organisation. These “closed systems” feel more secure and reliable, making people more comfortable using AI for both exploration and execution- especially for technical tasks.  In their personal life, that same level of trust doesn’t exist. Without clear safeguards, using AI for personal decisions can feel risky.

What this means for brands

For financial services and health and wellbeing providers, the message is clear:

• Use AI to support early exploration and build confidence - AI can play a valuable role in education and day-to-day guidance

• Make it easy to transition to human support or trusted systems for high-stakes decisions - when decisions may have significant impact on their finances or health, empathy and trust remain critical

  
  

Ultimately, Millennials aren’t simply adopting AI - they’re using it selectively and thoughtfully. The opportunity for brands lies in recognising this balance and designing experiences that support both exploration and trust at the right moments.

In our next post, we’ll explore the second insight from our research - and what it reveals about where the value lies in human interaction in a digital world.