Respondents in one international survey were ready to switch providers if their expectations were not met.
In analyzing data is from a double-anonymous Mar 2023 survey of 6,058 financial services respondents (third-party panellists) from Australia, Brazil, Canada, France, Germany, Japan, Mexico, New Zealand, Singapore, the UK, Ireland, and the US about financial services technology trends, five observations were made in the final report.
First, respondents in the selected countries of the Asia Pacific region generally cited that guidance and support from their financial services providers had fallen short of expectations. Next, respondents in the region cited preferring better digital experiences to the point that they may switch to other financial services providers to get what they wanted.
Also, respondents in the region generally craved human interaction in their dealings with financial services institutions (FSI). Meanwhile, increased awareness of personal data security had respondents expecting more trustworthy initiatives from their financial services providers.
Finally, respondents were either looking into or planning to look into cryptocurrencies; had positive sentiments about AI speeding up financial transactions; and had reservations about the use of AI chatbots in financial services.
APAC findings
For the four findings, data for Australia (AU), Japan (JP), New Zealand (NZ) and Singapore (SG) were taken into account as follows.
Expecting FSIs to provide support, advice, and guidance during uncertain economic times:
| Respondents that indicated they felt less financially secure compared to a year ago | AU: 54% JP: 42% NZ: 44% SG: 34% |
| Respondents that indicated they felt their financial service providers did not fully prepare them for an economic downturn. | AU: 88% JP: 95% NZ: 85% SG: 72% |
Switching providers for better digital experiences
| Respondents indicating switching banks and insurers | AU: 15% JP: 10% NZ: 20% SG: 34% |
| Respondents indicating switching wealth managers | AU: 26% JP: 19% NZ: 34% SG: 41% |
Craving human to human interaction in dealings with FSIs
| The percentages of respondents that cited they would switch financial service providers if services felt impersonal were | AU: 48% JP: 35% NZ: 47% SG: 63% |
Expecting trustworthiness and data security from FSIs and corporates
| The percentages of respondents that cited they would share data in exchange for better experiences were | AU: 54% JP: 32% NZ: 57% SG: 63% |
Sentiments and interest about exploring alternative financial products and services, and cryptocurrencies
| There were generally positive sentiments and interest amongst respondents about exploring alternative financial products and services. For cryptocurrency matters, the percentages of respondents looking into or planning to look into cryptocurrencies were | AU: 46% JP: 46% NZ: 54% SG: 80% |
According to Sujith Abraham, Senior Vice President and GM (ASEAN), Salesforce, which commissioned the survey, switching service providers has never been easier: “Leading financial services institutions build trust and deepen loyalty through a more proactive, personalized and accessible customer experience” through full use of technologies such as AI. “In a trusted and personalized way, (these FSIs) will see more success in winning over customers — especially in a time of economic uncertainty.”
