Salesforce Report: Customers dissatisfied with banking and insurance services. Service quality lagging.
Salesforce has published a new report concerning the financial services sector, based on a global survey conducted among 9,500 customers of financial institutions. The results indicate that less than half of the consumers are fully satisfied with services provided by banks, insurance companies, and wealth advisors. Therefore, excellent customer service and modern digital experiences, including AI-supported ones, are crucial for attracting and retaining customers.
The Importance of Customer Service and Virtual Tools
Apart from competitive prices and charges, financial institutions can gain customer loyalty by providing high-quality service and modern tools. The study showed that 46% of consumers, including 55% of high-income individuals, would stick with a financial institution offering an excellent customer experience, even if charges are raised. Customers increasingly prefer self-service using virtual tools, without the need of contacting representatives by phone or in branches.
AI Agents as a Chance to Stand Out
Only 41% of wealth-managing customers are fully satisfied with the speed and effectiveness of the customer service in their institutions – for customers of banks and insurance companies, this percentage is even lower. AI agents, capable of understanding and responding to customer queries without human intervention, present a unique opportunity for financial institutions to distinguish themselves from competition while increasing efficiency and reducing costs.
Half of consumers expect AI to impact their relationships with financial institutions more than in other sectors. This belief is stronger among millennials and generation Z, in particular, they appreciate the potential of AI in speeding up financial transactions. Currently, 65% of customers have similar expectations, compared to 46% in 2023.
However, as AI agent deployments increase, consumers will need more education and demonstrations of advanced capabilities, such as acting as financial advisors, increasing financial knowledge or pointing out ways to save or earn money.
Trust as a Foundation in the Era of AI Agents
As financial institutions strive to utilise AI and agents, it is crucial to select the right partners and technologies to gain consumers’ trust. While 54% of consumers declare trust in AI agents, only 10% trust them fully.
This is likely due to natural caution towards new technologies and concerns about how financial companies handle customer data. Many consumers are worried about how their personal data is used and protected, becoming increasingly cautious about their safety.
A related global consumer survey underscored the importance of transparency in deploying agents. Nearly three-quarters (73%) of consumers consider it important to know whether they are communicating with an AI agent.
“In order for people and agents to work together, it is crucial that financial institutions implement solutions with trust, transparency, and compliance with regulations as the foundation of their strategy, not as an add-on” said Eran Agrios, SVP & GM of Financial Services at Salesforce. “Institutions must ask not only if their strategies are trustworthy for customers, but also, if their invested solutions comply with these standards.”
Source: https://ceo.com.pl/czy-ai-zrewolucjonizuje-relacje-z-klientami-w-sektorze-uslug-finansowych-31039
