According to Salesforce’s latest Connected Financial Services report, a wave of optimism is evident among Singapore consumers. Sixty percent of them, including the majority of millennials (63%) and Gen Z (53%), anticipate a more significant role for Artificial Intelligence (AI) infinancial services than in other industries.
74% of Singapore consumers expect AI to speed up financial transactions. Additionally, consumers in Singapore are most interested in AI solutions that help prevent fraud, lower prices, and complete routine tasks.
Personalised services
The report shared insights from 9,500 financial services institutions (FSI) consumers worldwide, including 500 from Singapore. It also revealed that only 17% of Singapore consumers are fully satisfied with the level of personalisation delivered by their banks.
The report revealed that 44% of consumers in Singapore said they would stay with a provider that offers excellent service, even if fees increased, highlighting that differentiated service and experience can outweigh rates and fees.
“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 saving plans, loan affordability and investment options,” said Sujith Abraham, senior vice-president and general manager of Salesforce ASEAN.
Building trust
According to the report, most (65%) consumers in Singapore at least somewhat trust the use of AI agents in financial services, but only 12% are fully on board.
The survey found that providers must ensure transparency in their use, accuracy of their outputs, and validation of their outputs to build consumers' trust in AI agents.
