Only 17% of Singapore consumers are fully satisfied with the level of personalisation delivered by their banks, presenting a huge opportunity for FSIs
Singapore – Salesforce, the global leader in CRM, today released its latest Connected Financial Services report, sharing insights from 9,500 financial services institution (FSI) consumers worldwide, including 500 from Singapore.
In addition to taking the pulse of consumers’ sense of financial security and goals, the report delves into how customer experiences — including those increasingly powered by artificial intelligence (AI) agents — are changing individuals’ relationships with their FSIs.
The majority (60%) of Singapore consumers expect AI to play a bigger role in financial services than other industries – a sentiment that is widespread among millennials (63%) and Gen Z (53%). Consumers are especially bullish about the potential of AI to speed up financial transactions, with 74% of Singapore consumers expecting this.
However, the report found that less than one-fifth (17%) of Singapore consumers are fully satisfied with the level of personalisation delivered by their banks.
This echoes findings from Salesforce’s recent State of the AI Connected Customer report, which reveals that FSIs are falling short of meeting Singapore consumers’ expectations for personalised services. While 75% of Singapore consumers expect all FSI representatives to have the same information about them, 55% say they often need to repeat or re-explain information to these representatives.
Why it matters: Consumers consistently report that competitive rates, fees, and pricing keep them loyal to their FSI. With declining interest rates making introductory incentives less feasible for FSIs, standout customer service and digital experiences will be key to earning and keeping their businesses. AI agents present a compelling opportunity for FSIs to boost their digital experiences to not only meet, but exceed Singapore consumers’ high expectations for speed and personalisation.
“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. 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,” said Sujith Abraham, Senior Vice-President and General Manager, Salesforce ASEAN.
Key insights from the Connected Financial Services report include:
- Differentiated service and experience can outweigh rates and fees.
- 44% of consumers in Singapore – including 47% of high earners – would stay with a provider that offers excellent service, even if fees increased.
- Consumers have big expectations for AI in financial services.
- Consumers in Singapore are most interested in AI solutions that help prevent fraud, lower prices, and complete routine tasks.
- Building trust is essential as agentic AI is rolled out.
- 65% of Singapore consumers at least somewhat trust the use of AI agents in financial services, but only 12% are fully on board.
- The top factors that would build Singapore consumers’ trust in AI agents are transparency in their use, accuracy of their outputs, and validation of their outputs.
Methodology
Salesforce conducted a double-anonymous survey of 9,500 bank, insurance, and wealth management customers worldwide, including 500 in Singapore. The survey was conducted between September 10 and October 18, 2024 across 22 countries in North America, Latin America, Asia-Pacific, and Europe. Additional methodology and survey demographic details can be found in the Connected Financial Services report. Cultural bias impacts country-level survey results.
*High-earners are defined as those with a household income higher than S$75,000 per year.
For more information:
- Read the newsroom post for more detail and analysis
- Download the full Connected Financial Services Report
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