Singapore consumers trust AI, but only 12% fully confident in systems: report
A recent Salesforce report reveals that while 65% of Singapore consumers trust AI in financial services, only 12% are fully confident in these systems. Millennials (63%) and Gen Z (53%) show strong optimism about AI's potential, particularly for faster transactions (74% expect this). However, consumer satisfaction with personalized service is low, with only 17% satisfied. Additionally, 75% expect seamless experiences, yet 55% often need to repeat information. Notably, 44% would remain loyal to a financial provider despite fee increases if service quality is exceptional.
This sentiment is especially strong among millennials (63%) and Gen Z (53%).
Over half (60%) of consumers in Singapore expect artificial intelligence (AI) to play a significant role in the future of financial services, according to Salesforce.
This sentiment is especially strong among millennials (63%) and Gen Z (53%), who are increasingly optimistic about AI’s potential to revolutionize how they interact with their banks and financial institutions (FSIs).
Consumers are particularly keen on AI’s ability to accelerate financial transactions, with 74% of respondents anticipating faster processes powered by AI. However, despite this enthusiasm, the report also reveals a significant gap in consumer satisfaction regarding personalization.
Only 17% of Singapore consumers feel fully satisfied with the level of personalized service provided by their banks.
A key finding from the report showed that whilst 75% of consumers expect a seamless experience with their financial institution representatives, 55% report needing to repeat or re-explain their information multiple times.
Whilst trust in AI agents is growing—65% of Singapore consumers express at least some level of trust—only 12% are fully confident in these systems.
Moreover, the survey underscored the importance of service quality over fees. Nearly half (44%) of Singapore consumers, including 47% of high earners, say they would remain loyal to a financial provider even if fees increased, provided the service was exceptional.
