Salesforce’s latest Connected Financial Services report reveals that a significant 60% of Singapore consumers foresee artificial intelligence (AI) playing a pivotal role in financial services, surpassing its impact in other industries. This sentiment is particularly strong among millennials and Gen Z, with 63% and 53% respectively expressing optimism about AI’s potential. The report, which surveyed 500 financial services institution (FSI) consumers in Singapore, highlights a growing expectation for AI to expedite financial transactions, with 74% of respondents anticipating faster services.
Despite the enthusiasm for AI, only 17% of Singapore consumers report full satisfaction with the personalisation offered by their banks. This gap presents a substantial opportunity for FSIs to enhance customer experiences through AI-driven solutions. Sujith Abraham, Senior Vice-President and General Manager of Salesforce ASEAN, noted, “Consumers 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.”
Key findings from the report underscore the importance of differentiated service, with 44% of Singapore consumers willing to remain with a provider offering excellent service, even if fees increase. Additionally, trust in AI agents remains a concern, as only 12% of consumers are fully confident in their use. Transparency, accuracy, and validation of AI outputs are crucial factors in building consumer trust.
As FSIs navigate declining interest rates and evolving consumer expectations, leveraging AI to deliver standout digital experiences could be key to retaining customer loyalty and satisfaction.
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