How Singaporeans View Impact of AI in Financial Services
A new report found that less than one-fifth of Singapore consumers are fully satisfied with the level of personalization delivered by their banks.
The majority (60 percent) of Singapore consumers expect artificial intelligence (AI) to play a bigger role in financial services than other industries – a sentiment that is widespread among millennials (63 percent) and Gen Z (53 percent). Consumers are especially bullish about the potential of AI to speed up financial transactions, with 74 percent of Singapore consumers expecting this.
These are insights from Salesforce's latest Connected Financial Services report, sharing insights from 9,500 financial services institution (FSI) consumers worldwide, including 500 from Singapore. Salesforce is a leading provider of customer relationship management (CRM).
More Personalization Needed
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.
However, the report found that less than one-fifth (17 percent) of Singapore consumers are fully satisfied with the level of personalization delivered by their banks.
Why It Matters
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 personalized services. While 75 percent of Singapore consumers expect all FSI representatives to have the same information about them, 55 percent 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.
Compelling Opportunity For Financial Institutions
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 personalization. Key insights from the Connected Financial Services report include:
Differentiated service and experience can outweigh rates and fees
- 44 percent of consumers in Singapore – including 47 percent 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 percent 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.
