60 percent of Singapore consumers, including majority of millennials and Gen Z, are bullish about the impact of artificial intelligence (AI) in financial services industry (FSI), a survey by Salesforce showed Wednesday.

The customer relationship management (CRM) said in a statement that the majority (60 percent) of Singapore consumers expect 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).

Meanwhile, consumers are especially bullish about the potential of AI to speed up financial transactions, with 74 percent of Singapore consumers expecting this.

However, the survey found that less than one-fifth (17 percent) of Singapore consumers are fully satisfied with the level of personalization 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 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.

The survey also showed 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.

According to the survey, consumers in Singapore are most interested in AI solutions that help prevent fraud, lower prices, and complete routine tasks.

Meanwhile, 65 percent of Singapore consumers at least somewhat trust the use of AI agents in financial services, but only 12 percent 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.

“Consumers today expect highly personalized services, yet banks struggle to meet this demand,” said Sujith Abraham, Senior Vice-President and General Manager, Salesforce
ASEAN.

The latest Connected Financial Services report, sharing insights from 9,500 FSI consumers worldwide, including 500 from Singapore.

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