A new report from Salesforce has revealed that 60% of Singapore consumers expect artificial intelligence (AI) to play a greater role in financial services than in other industries. The study, which surveyed 9,500 financial services institution (FSI) customers worldwide, including 500 from Singapore, highlights shifting consumer expectations and the growing demand for personalisation.
The Connected Financial Services report examines financial security, customer experience, and how AI-powered services are changing relationships between consumers and FSIs. The findings suggest that while AI presents opportunities for innovation, banks and financial institutions are struggling to meet customer expectations for personalised services.
Consumers see AI as a key driver of efficiency in finance
Singapore consumers are optimistic about AIโs impact, particularly its ability to speed up financial transactions. According to the report, 74% believe AI will make financial services faster. Younger generations are the most enthusiastic about AI in finance, with 63% of millennials and 53% of Gen Z respondents expecting AI to play a major role in the industry.
However, despite this enthusiasm, many consumers remain dissatisfied with their current banking experience. Only 17% of Singapore consumers reported being fully satisfied with the level of personalisation offered by their banks. This reflects broader findings from Salesforceโs State of the AI Connected Customer report, which found that FSIs are failing to meet expectations for personalised services.
A key frustration among consumers is the lack of seamless service. While 75% expect all financial service representatives to have access to the same information about them, 55% say they often have to repeat or re-explain their details when interacting with different representatives.
Building trust and improving personalisation with AI
As financial institutions look to AI to improve customer experiences, trust and transparency remain crucial. The report found that 65% of Singapore consumers somewhat trust AI agents in financial services, but only 12% are fully confident in their use. The top factors that would increase trust include transparency in AI applications, accuracy in AI-generated outputs, and validation of AI-driven decisions.
According to Sujith Abraham, Senior Vice-President and General Manager at Salesforce ASEAN, financial institutions must focus on improving personalisation through AI-driven solutions.
โConsumers today expect highly personalised services, yet banks struggle to meet this demand. Agentic AI solutions like Agentforce can help by providing a limitless digital workforce for banks to scale personalised services at speed. Imagine AI agents acting as personal digital bankers, responding to customer queries 24/7 on topics such as saving plans, loan affordability and investment options. By complementing human agents, banks can scale personalisation in a way they never have before. Key to success is to build a single customer view by unifying customer data sitting across different systems in the organisation, enabling agents to be accurate and trustworthy. This empowers hyper-personalisation, aligning customer journeys with the best offerings,โ he said.
Strong customer service is key to loyalty
The report also found that while competitive rates and pricing remain important, service quality and experience can be more influential in retaining customers.
- 44% of Singapore consumers โ and 47% of high earners โ said they would stay with a provider offering excellent service, even if fees increased.
- Consumers are most interested in AI-powered solutions that help prevent fraud, lower costs, and handle routine tasks.
- As financial institutions introduce more AI-driven solutions, trust and transparency will be critical in ensuring customer confidence.
With declining interest rates making it harder for FSIs to attract customers through promotional incentives, improving customer experience with AI could be the key to long-term loyalty.
