AI, trust and data security are key issues for financial firms and their customers


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Business leaders warned that given the tumultuous and unpredictable nature of events over the past few years, from COVID-19 to business restructuring to the rise of generative artificial intelligence (AI), things are set to come soon. has been warned that it may not fit in

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Customers are looking to financial institutions (FSIs) for guidance in navigating the economic environment. So how will current volatility and future uncertainty affect customer relationships with financial institutions such as banks, insurance companies, and wealth management firms?

To answer this question, Salesforce conducted a global study that focused on FSI’s customer experience strategy and key technology investments.

For the Connected Financial Services report, Salesforce surveyed 6,058 FSI customers worldwide and found: 1. Why do customers switch financial services institutions? 2. What customers want from a great digital experience. 3. Evolving sentiment about AI, cryptocurrencies, and consumer brands entering the financial space. Here are the key findings of the report:

  1. Customers want personalized and comprehensive experiences — Clients look to FSI for support, advice and guidance during this uncertain economic climate. 79% of his customers feel their financial service providers are not helping them fully prepare for economic uncertainty.
  2. Beyond Digital: The Importance of Human-to-Human Interaction — Majority of customers prefer non-digital interactions in all three financial sectors. More than half believe they will switch financial service providers if they find the service impersonal.
  3. Trust and data security go hand in hand — With increased awareness of personal data security, trust between providers and customers is more important than ever. Most customers share their data in exchange for a better experience.
  4. Looking Forward: The Future of Finance — As nontraditional vendors and products become more popular, people are more likely to consider (or switch to) alternative products and providers. The survey found that 61% of customers have or plan to explore cryptocurrencies.

Customer experience in financial services

Only 16% of customers say that current macroeconomic conditions and financial market events have not impacted their financial strategy. Customers feel less financially secure, with 42% of respondents saying they feel less secure and 30% feeling the same and feeling more secure. He was only 28%. Customers are also not getting the guidance they want from financial institutions, with 79% of respondents feeling unprepared or somewhat prepared for economic uncertainty. Effects of inexperience? consumption.

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Customers are switching providers for a better experience. In the last year alone, 25% of his clients have switched banks, and over a third have switched insurance companies and wealth managers. Across all three financial sectors, the number one reason customers are switching is the desire for a better digital experience. Reasons for switching include digital experience, customer service, integration with other services, and physical location.

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Customers of financial institutions want a personal touch.


Customers are demanding more from their digital experiences

By a large margin, poorly integrated and unintelligent chatbots are the most commonly reported area of ​​digital friction. Other commonly encountered challenges include difficulty finding information online, inconsistent customer service, and impersonal service where customers feel they are being treated like numbers rather than individual individuals. You can

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According to the report, 71% of customers want financial service providers to provide a clear digital process for account opening. The majority of bank customers want to apply for credit and debit cards and open accounts online. Similarly, insurance customers say they prefer to process their coverage purchases, renewals, changes and claims digitally. And even wealth management clients say they prefer to access routine investment management services and do tax and financial planning mostly or completely digitally.

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Financial customers don’t want to be treated like numbers.


Personalization is a must for most customers

Financial services customers want the companies they do business with to know who they are and what they need. And customer expectations are rising rapidly, with 73% of his customers expecting companies to understand their unique needs and expectations, up from 66% in 2020.

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The cost of not providing personalized service is very high, with more than half (53%) of customers saying they would switch providers if the service was not personalized. In fact, 62% of his customers believe he would switch FSI if he felt like he was being treated as a number rather than a person. The report also found that proactive communication is rare, with 42% in banking, 49% in insurance and 63% in wealth management.

Customers are worried about trust in AI and data

There is a push-pull between customer expectations that FSI will provide proactive, personalized service and customer comfort with some aspects of AI. Forty percent of customers neither agree nor disagree with AI speeding up financial transactions, suggesting uncertainty about what the use of the technology will entail. A much higher proportion of customers who do have an opinion are optimistic about the time-saving potential of AI.

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The report found that 23% of customers don’t trust AI and 56% are neutral. This lack of trust can swing either way depending on how the FSI uses and delivers its AI-powered services. The report also found that AI’s benefits were unclear, with only 46% saying it would speed up financial transactions. The growing awareness of personal data security makes trust between providers and customers more important than ever. In fact, 78% of his customers said he would switch financial services providers if he felt his data was being mishandled.

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Customers want to know that their data is being used effectively and securely.


Data is necessary for financial service providers to personalize their experience, and fortunately, most customers are willing to share their data. Over half (55%) of customers are satisfied with the way FSI uses their data to provide relevant services (up from 45% in 2022). However, it’s worth noting that customers want clear, easy-to-understand explanations and a general feel. Control what data is shared, how the FSI uses it, and who has access to the data. The good news is that customers are more than happy to share data if it gives them something in return—a better experience.

The report found that customers want their providers to be sensitive to their data and use it to create richer, more personalized and relevant experiences and offers. More than half of customers believe they will share data in exchange for a better overall experience or savings, such as lower prices or discounts.

the future of finance

Customers who switched to non-traditional financial providers said they did so because of ease of use, curiosity, and better integration with other services they use.

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Customers are now much more open to non-traditional finance.


The report found that consumer brands such as Apple, Walmart, and Starbucks are expanding their offerings to include financial products, resulting in easier setup, better integration between services, and improved app and website experiences. He points out that it is bringing about a big change in this field by becoming more intuitive. Curious customers are paying attention.

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Looking ahead, various forms of payment were also considered, including cryptocurrencies. After the crypto market crash, infamously dubbed “crypto winter,” financial services customers remain interested in digital currencies, with two-thirds having investigated digital currencies, or He said he plans to investigate. He is only 29% of customers who want blockchain digital currency services from FSI. The report concluded that 40% of respondents still feel uncomfortable with cryptocurrencies.

Learn more about Connected Financial Services reports here.

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