Salesforce (NYSE: CRM), the global leader in customer relationship management (CRM), has released its latest Connected Financial Services report, offering insights from 9,500 financial services institution (FSI) customers worldwide, including 4,000 from EMEA.
The Impact of AI on Financial Services
Linda Saunders, Country Manager and Senior Director of Solution Engineering for Africa, highlights the transformative potential of AI in financial services: “Among the biggest benefits of agentic AI solutions will be on-demand, instant access to personalised financial recommendations that may otherwise require appointments and taking time out of busy schedules.”
The report goes beyond measuring consumers’ financial security and goals, exploring how customer experiences—especially those increasingly powered by AI agents—are reshaping relationships with FSIs.
“For humans and agents to work together, it is critical for financial service institutions to implement with trust, transparency, and the highest levels of regulatory compliance as core to their strategy—not an afterthought,” Saunders adds.
Key Insights from the Report
- Service over Cost: 45% of customers would stay with a provider offering excellent service, even if fees increased. This preference is even stronger among high earners, with 56% valuing service over cost.
- Rising Expectations for AI: 43% of FSIs in EMEA expect AI to play a bigger role in financial services than in other industries. This sentiment is particularly strong among younger generations, with 54% of Gen Z and 50% of millennials anticipating AI-driven transformation. FSIs are most interested in AI applications for fraud prevention, cost reduction, and automation of routine tasks.
- The Importance of Trust: While 49% of consumers somewhat trust AI agents in financial services, only 8% are fully confident in them. The top factors that would increase trust in AI include transparency in usage, validation of AI-generated outputs, and clear explanations of AI decisions.
Survey Methodology
Salesforce conducted a double-anonymous survey of 9,500 bank, insurance, and wealth management customers worldwide. The survey took place between September 10 and October 18, 2024, across 22 countries in North America, Latin America, Asia-Pacific, and Europe. Further methodology details and demographic insights are available in the full Connected Financial Services report.
As AI continues to evolve, financial service providers must navigate the balance between innovation and trust. By prioritising transparency, compliance, and customer-centric AI applications, FSIs can enhance customer experiences and build lasting relationships in an increasingly digital world.