Banking is currently going through a time of tumultuous change. Gone are the days of having to sign for credit card purchases. Now, all it takes is a simple tap to make a payment.

Mobile banking has given consumers the ability to check a balance, transfer money or make payments with a simple touch. Coming soon is facial recognition for access and purchases. There is no doubt that convenience is important. But has it been achieved at a loss of personal information or security?

The use of artificial intelligence (AI) in banking is on the rise. According to the 2018 North America Banking Operations Survey, 22 percent of North American banks are already using AI to improve everything from customer service to employee training. With every purchase, transfer or deposit, banks and credit unions are gathering intelligence about spending habits, tendencies and frequency of use. However, there is a constant, nagging concern on the part of many consumers wondering. Is the data that banks and credit unions being used for good?

Of course, there is a lot of good to be found when it comes to AI. Thanks to AI, cards are able to individualize responses to purchases, cater rewards, and even prevent fraud. The data being gathered through artificial intelligence is able to give consumers several options and in turn, multiple solutions.

The first and best way to retain control of advancing technology is to fully understand what it is doing and why. Banks and credit union artificial intelligence is geared to collect as much data as possible.

Often the choice of engaging with AI comes down to a generational choice. Millennials and their successors are willing to lead a more transparent life. They have greater trust in what institutions are doing with their data. Baby boomers tend to value more security. Luckily, even boomers won’t be able to stay on the sidelines for long. Banks and credit unions and their credit and debit card partners are constantly innovating ways to give money back to consumers with each purchase, tailor rewards and offer discounts.

History has shown that technological innovation is constant and ubiquitous. At the same time, we fear what we don’t understand. Keeping up with changes, and profiting from them, is a matter of acquiring more information.