Salesforce (NYSE: CRM), a leader in customer relationship management (CRM), has published its latest Connected Financial Services report, highlighting the impact of artificial intelligence (AI) on customer experiences within the financial sector. The research involved surveying 9,500 customers from financial services institutions (FSIs) globally, including 4,000 from the EMEA region.
Linda Saunders, Country Manager and Senior Director of Solution Engineering for Africa noted that AI-driven financial solutions will offer personalized recommendations on demand, minimizing the need for lengthy appointments. She also stressed the importance of trust, transparency, and regulatory compliance as foundational elements for successful AI adoption.
Key Insights from the Report:
Service Over Costs: 45% of consumers indicated they would stay with a provider known for excellent service, even if fees were to rise. This figure is even higher (56%) among high-income earners.
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High Expectations for AI: 43% of FSIs in EMEA, including 54% of Gen Z and 50% of millennials, anticipate that AI will have a more significant impact on financial services compared to other sectors. The most expected applications include AI-driven fraud prevention, cost savings, and automation.
Trust in AI Remains a Concern: While 49% of consumers have some level of trust in AI within financial services, only 8% express full confidence. Building consumer trust hinges on the transparency, validation, and explainability of AI-driven decisions.
As financial institutions ramp up their AI initiatives, it will be essential to ensure ethical practices and maintain customer trust. While AI holds the promise of improving customer experiences, achieving success will require a careful balance between innovation and responsibility.
