1、2THE CONNECTED FINANCIAL SERVICES REPORTSALESFORCE RESEARCHSalesforce Research provides data-driven insights to help businesses transform how they drive customer success.Browse all reports at Youll Find in This Report6,058 FSI customers surveyed worldwideFor the Connected Financial Services Report,S

2、alesforce surveyed 6,058 financial service institution(FSI)customers worldwide to discover:Why customers switch financial services institutions What customers look for in a great digital experience Evolving sentiments on artificial intelligence,cryptocurrency,and consumer brands entering the financi

3、al spaceDue to rounding,not all percentage totals in this report add up to 100%.All comparison calculations are from total numbers(not rounded numbers).Data in this report is from a double-anonymous survey conducted from March 7,2023,through April 12,2023.Respondents represent 12 countries across fi

4、ve continents.All respondents are third-party panelists.For survey demographics,see page 23.SALESFORCE RESEARCH3THE CONNECTED FINANCIAL SERVICES REPORTSALESFORCE RESEARCHContentsExecutive Summary .04Chapter 1:Customers Demand Personalized,Comprehensive Experiences.05Chapter 2:Beyond Digital:The Impo

5、rtance of Human-to-Human Interaction.10Chapter 3:Trust and Data Security Go Hand-in-Hand.15Chapter 4:Looking Ahead:Future of Finance.20Survey Demographics .23SALESFORCE RESEARCH4THE CONNECTED FINANCIAL SERVICES REPORTSALESFORCE RESEARCHExecutive SummaryAmidst economic uncertainty,geopolitical volati

6、lity,and rising costs,customer relationships with financial institutions such as banks,insurers,and wealth managers are rapidly transforming.Customers are looking to their financial institutions(FSIs)for guidance on navigating the current economic environment.They also want a frictionless hybrid exp

7、erience,combining both digital and human interactions,proactive outreach,personalized treatment,and an empathetic human touch and are receiving mixed results.While macroeconomic volatility persists,technology,such as generative artificial intelligence,has captivated the world.This research looks at

8、the strategies and challenges taking root amid trends such as the proliferation of customer data and the maturation of artificial intelligence.Customers Demand Personalized,Comprehensive ExperiencesCustomers are looking to their FSIs for support,advice,and guidance during these uncertain economic ti

9、mes.Seventy-nine percent of customers dont feel their financial service provider helped them fully prepare for economic uncertainty.01Beyond Digital:The Importance of Human-to-Human InteractionThe majority of customers prefer non-digital interactions across all three financial sectors.Over half woul

10、d switch financial service providers if services felt impersonal.02Trust and Data Security Go Hand-in-HandIncreased awareness of personal data security has made trust between providers and customers more crucial than ever.The majority of customers would share data in exchange for better experiences.

11、03Looking Ahead:Future of FinanceAs non-traditional vendors and products become more common,people are more apt to explore(or even switch to)alternative products and providers.Sixty-one percent of customers have either researched or plan to research cryptocurrency.04SALESFORCE RESEARCH5SALESFORCE RE

12、SEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Demand Personalized,Comprehensive Experiences16SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTFinancial Security Compared to One Year AgoCustomers Are Feeling Less Financially Secure28%More secure30%The same42%Less secureRising costs

13、of commodities,increasing interest rates,and turbulence in world events have shaken financial confidence.Increasing prices on everything from food to gas is raising the cost of daily living and customers financial anxiety,leaving people less financially secure than just one year ago.Only 16%of custo

14、mers say current macroeconomic conditions and financial market events have not affected their financial strategy.Shake-ups and changes to daily living can be difficult to navigate especially in uncertain economic times.At the same time,people are turning to their financial institutions for help and

15、guidance,albeit with mixed results.While one in five customers report that their financial institution helped them significantly in preparing for todays economy,over a third say their financial institution did not help them at all.The State of Customer Experience in Financial ServicesExtent to Which

16、 Financial Institutions Prepared Customers for Economic UncertaintyCustomers Lack Desired Guidance From Their Financial ProvidersSignificantlySomewhatNot at all21%42%37%Integrations with other servicesBankingInsuranceWealth ManagementCustomer serviceDigital experiencePhysical location 7SALESFORCE RE

17、SEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCostumers Who Switched the Following Providers in the Past YearReasons for Switching the Following FSIsDigital Experience Is a Leading Reason for Switching ProvidersBankingInsuranceWealth Management35%34%25%Customers want more from their financial institu

18、tions and are willing to switch providers to receive a better experience.In the past year alone,25%of customers switched banks,and over a third switched their insurers and wealth managers.Across all three of these financial sectors,the top reason customers give for switching is a desire for a better

19、 digital experience.While not as big a factor as digital experience,physical location also compels some customers to switch providers particularly within wealth management.Other factors for switching include customer service and a desire for better integration across financial products.Notably,the i

20、nsurance sector is an outlier in that one in four customers who switched insurance providers say price was the only reason for the change.Customers Switch Providers for Better Experiences51%29%45%34%28%45%29%19%35%34%44%39%Base:Customers who switched providers in the past yearChatbots39%Finding need

21、ed information29%Customer support28%Personalization of service24%Integration with other platforms20%Use on mobile20%Website navigation20%Digital activity not synced with other channels17%Website accessibility17%8SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTBankingInsuranceWealth Managem

22、ent21%19%27%Customers Completely Satisfied with the Following Providers Digital ExperienceCustomers Who Find the Following Challenging at Their FSIWhen It Comes to FSI Digital Experience,There Is Room for ImprovementCustomers Want More Personalization and Less FrictionA great digital experience isnt

23、 just nice to have,its a necessity.At present,customers indicate that when it comes to the digital experience offered by their FSIs,theres room for improvement.By a sizable margin,poorly integrated non-intelligent chatbots are the most commonly reported area of digital friction.This suggests that,as

24、 chatbots are rapidly adopted industry-wide,some implementations fall short of satisfying customer needs.Other commonly encountered challenges include difficulty finding information online,inconsistent customer service,and impersonal services that make customers feel as if theyre treated like a numb

25、er rather than a unique individual.Customers Want More From Digital Financial ExperiencesApply for debit card72%Apply for credit card71%Apply for savings account69%Renew coverageChange coverageBuy coverageManage investmentsTax planningFinancial planningBankingInsuranceWealth Management69%61%60%57%61

26、%57%9SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Prefer to Do the Following DigitallyCustomers Want to Manage Their Financial Lives OnlineCustomers want and expect to be able to manage a large portion of their financial lives online,especially when it comes to more routin

27、e tasks.The majority of banking customers want to apply for credit and debit cards and open accounts online.Similarly,insurance customers said they prefer to buy,renew,and change coverage or file claims digitally.And even wealth management clients say they prefer to access routine investment managem

28、ent services and conduct tax and financial planning mostly or completely digitally.71%of customers want their financial services provider to have a clear digital process for opening an account.A Great Digital Experience Is a Necessity10SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTBeyond

29、 Digital:The Importance of Human-to-Human Interaction 2BankingInsuranceWealth ManagementPhone callIn personEmailOnline ChatText/SMS54%61%51%50%42%52%39%43%40%38%37%38%19%17%18%11SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTHow Customers Prefer to Communicate with Their Financial Provide

30、rsBase:Channel ranked as customers#1 or#2 preference.Customers Crave Human Interactions From Their Financial ProvidersCustomers Expect a Connected,Multichannel ExperienceCustomers interact with their financial service providers across a variety of channels some digital,some not.Despite(or perhaps in

31、 reaction to)an increasingly digital world,people still crave human,often face-to-face,interaction.The majority of customers prefer non-digital interactions(over digital ones)across all three financial sectors.Banking and wealth management customers prefer to interact in person or by phone,and insur

32、ance customers largely prefer to interact by phone.These preferences suggest a need to feel seen,known,and taken care of.Financial transactions can be complicated,making trust intrinsic to relationships between customers and financial providers.In-person and voice-based communications may help peopl

33、e feel theyre getting more“whole-person”individualized service.of customers would switch FSIs if they felt treated like a number,not a person62%of customers would switch FSIs if services felt impersonal53%12SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Want Personalized Rec

34、ommendations From the FollowingCustomers Who Say the FollowingPeople Want FSIs to Speak to Their Individual Life CircumstancesBankingInsuranceWealth Management61%66%73%Personalization Is a Must-Have for Many CustomersFinancial services customers want the companies they do business with to know who t

35、hey are and what they need.For example,customers purchasing a home want to know their provider is working to get them the best mortgage pre-approval rate.New homeowners may be interested in their insurers umbrella policies,while wealth management clients want help planning for life events like colle

36、ge and retirement based on their unique circumstances.73%of customers expect companies to understand their unique needs and expectations up from 66%in 2020.1The cost of not providing personalized service is steep,with more than half of customers saying they would switch providers if services were no

37、t personalized.1State of the Connected Customer,Salesforce,2022My provider anticipates my needs37%43%64%My provider is empathetic during economic challenges45%49%63%BankingInsuranceWealth Management13SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Say the Following People Cra

38、ve Empathetic,Human InteractionsFinancial Experiences Sometimes Lack a Sense of CaringPeoples need for attention and care seems to increase in uncertain economic times.Beyond personalized products and services,people want empathetic interactions.They crave a human touch that cannot always be replace

39、d by digital channels.Ultimately,they want to feel like their financial providers care about them.Perhaps unsurprisingly,customers feel more empathy and care from wealth managers who work in whats traditionally thought of as a relationship-driven sector.They feel less satisfied with banking and insu

40、rance providers in these areas.This suggests that banking and insurance providers who find a way to balance their digital offerings with a more human dimension may gain a competitive edge.Banking42%Insurance49%WealthManagement63%I can contact my financial services provider(s)if issues arise77%I comm

41、unicate with my financial services provider(s)through my choice of channel69%My financial services provider(s)proactively communicates with me48%14SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Say This Provider Reaches Out During Challenging TimesCustomers Who Say the Follo

42、wingFSIs Fall Short on Proactive OutreachProactive Communication Is Rarer Than DesiredCustomers want proactive and timely communication with personalized services and relevant offers.In the case where an issue arises,it is essential that they are able to easily get in touch with their financial serv

43、ices providers.Fortunately,the majority of customers agree that they can contact their providers when issues arise and that they can do so on their channel of choice.When significant life events or financial hardships occur,passive communication from financial services providers may not be enough.In

44、stead,proactive communication can send the message that providers know them and have their back.While two thirds of wealth management customers agree that they receive proactive outreach,the majority of banking and insurance customers say they do not.15SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERV

45、ICES REPORTTrust and Data Security Go Hand-in-Hand321%Fully trust23%Dont trust56%Neutral46%Agree14%Disagree40%Neutral16SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTTrust in Generative AI Chatbots in Financial ServicesAnticipate That AI Will Speed Up Financial TransactionsThe Majority of

46、 Customers Are Unsure They Trust AIThere is a push-pull between customers expectations that FSIs provide proactive,personalized service and their comfort level with some aspects of artificial intelligence(AI).In particular,customers feel ambivalent about financial service chatbots powered by generat

47、ive AI a newer form of artificial intelligence that generates original content,including text,image,and audio.A lack of familiarity could underlie some of the doubt.Forty percent of customers neither agree nor disagree that AI will speed up financial transactions suggesting uncertainty around what t

48、he technology may entail.And,among customers who do have an opinion,a much larger share are optimistic about AIs time-saving potential.Personalization Desired Despite Complex Feelings About AIBanking61%Insurance60%Wealth Management68%17SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustom

49、ers Who Fully Trust the Following ProvidersCustomers Who Say the FollowingThe Majority of Customers Fully Trust Their Financial Service ProvidersDespite High Overall Trust,Trust Around Data Security Is Lukewarm65%I trust my financial services providers are compliant with data-sharing regulations58%I

50、 am confident my financial services providers protect me against cyber threats50%My financial services providers communicate how they protect my data48%I understand how financial services providers protect my data against cyber threats45%I understand how financial services providers use my dataIncre

51、ased awareness of personal data security has made trust between providers and customers more crucial than ever.Overall,the majority of customers say they have full trust in their providers.However,while overall trust is high,trust around data and data security is more measured.Less than half of cust

52、omers say they clearly understand how their data is used and/or protected.This lack of clarity is significant,especially in light of the fact that 78%of customers say they would switch financial service providers if they felt their data was mishandled.In an Era of Cyber Threats,Trust Is More Importa

53、nt Than Ever 18SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Say the Following Is ImportantCustomers Value Transparency About How Data Is Used76%Control over how my data is used81%Straightforward terms and conditions82%Ability to opt out of sharing at any time80%Ability to

54、review what data is shared82%Control over whoaccesses my dataData is necessary to help financial services providers personalize experiences,and fortunately,most customers are open to sharing it.55%of customers are satisfied with how FSIs use their data to provide relevant services up from 45%in 2022

55、.Notably,however,customers want a clear and easy-to-understand explanation and a general sense of control over what is shared,how FSIs will use it,and who has access to it.They also want the flexibility to change their minds and opt out(even after previously opting in).Clear Parameters Increase Comf

56、ort With Data SharingI would share data with my financial services providers if it improvedmy experience56%I would share my data with my financial services provider(s)in exchange for savings55%I am satisfied with how my financial services provider(s)use my data to offer relevant service55%Wage,W-2,o

57、r tax statements29%25%Location and movement data24%Data from health/fitness trackers24%Social media accounts33%Media streaming usage34%None of the above19SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Agree with the FollowingCustomers Willing to Share the Following with Thei

58、r FSI for a More Personalized ExperienceMajority Are Comfortable Sharing Data in Exchange for Better Experiences With Many Willing to Share Highly Personal InformationCustomers want providers to treat their data with care and use it to create more fulfilling,personalized,and relevant experiences and

59、 offers.More than half would share data in exchange for a better overall experience or savings like rate reductions or discounts.And,one in four would be willing to share things like location and movement data in exchange for more personalized service.However,despite some demonstrated comfort with d

60、ata-sharing,one-third of customers are still reticent to share any personal information at all.Customers More Willing to Share Data If They Get Something in Return20SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTLooking Ahead:Future of Finance421SALESFORCE RESEARCH35%Curiosity31%Intuitive

61、 app/website30%Bonuses/promotions41%Easy setup/onboarding34%Integration with other services30%Price28%Data protectionBanksStocks&tradingFinancial lendersWealth/asset managementInsurance providersMortgage companies 23%27%19%16%13%11%THE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Would Consider

62、the FollowingCustomers Who Have Tried the Following Non-Traditional Financial ServicesReasons Customers Choose Non-Traditional FinancePeople Are Open to Non-Traditional Finance41%34%33%Opening a bank account with a non-traditional companyBuying car insurance from an auto manufacturerGetting wealth m

63、anagement advice from consultants at retail outletsBase:U.S.customersSPOTLIGHT:Consumer Finance in the United StatesConsumer brands like Apple,Walmart,and Starbucks have expanded their offerings to include financial products shaking up the field with easier setup,better integration across services,a

64、nd a more intuitive app and website experience.Curious customers are taking note.A variety of disruptor companies,like Robinhood,Lemonade,and Rocket Mortgage,have also emerged.These companies offer“friendlier”versions of traditional financial products,prioritizing a robust digital experience that ma

65、y include engaging social components.Customers who switched to a non-traditional financial provider say they did so due to ease of use,curiosity,and improved integrations with other services they use.31%Have researched30%Plan to research38%Do not plan to researchPortfolio diversification (i.e.,crypt

66、o as an asset class)17%Fast transactions and settlements26%Low cost transactions and payments34%Increased transaction security34%None of these40%22SALESFORCE RESEARCHTHE CONNECTED FINANCIAL SERVICES REPORTCustomers Who Have Researched CryptocurrencyFactors That Would Increase Comfort with Cryptocurr

67、encyCryptocurrency Piques Customer Curiosity Potential Upsides Stoke Curiosity for Some,but Not AllEven after the crash in cryptocurrency market,infamously called“the crypto-winter,”financial services customers are still curious about digital currency,with two-thirds saying theyve either researched

68、or plan to research it.Only 29%of customers want blockchain digital currency services from their FSIs.However,despite this curiosity,onlya minority of customers appear readyto take the plunge,with 40%saying they are uncomfortable with cryptocurrency.Cryptocurrency Sparks Curiosity23THE CONNECTED FIN

69、ANCIAL SERVICES REPORTSALESFORCE RESEARCHSurvey Demographics24THE CONNECTED FINANCIAL SERVICES REPORTSALESFORCE RESEARCHSurvey DemographicsCountryAustralia .8%Brazil .8%Canada .9%France .9%Germany .9%Ireland .9%Japan .8%Mexico .8%New Zealand .8%Singapore .8%United Kingdom .8%United States .8%Generat

70、ionBoomers .20%Gen X .25%Millennials .43%Gen Z .12%GenderMale .43%Female .57%Other .1%The information provided in this report is strictly for the convenience of our customers and is for general informational purposes only.Publication by Salesforce,Inc.,does not constitute an endorsement.S does not w

71、arrant the accuracy or completeness of any information,text,graphics,links,or other items containedwithin this guide.S does not guarantee you will achieve any specific results if you follow any advice in the report.It may be advisable for you to consultwith a professional such as a lawyer,accountant,architect,business advisor,or professional engineer to get specific advice that applies to your specific situation.Copyright 2023,Salesforce,Inc.All rights reserved.