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Salesforce Report: AI Agents Offer New Opportunities for Competitive Differentiation in Financial Services

Cover image of Salesforce Connected Financial Services Report.

Fewer than half of consumers are fully satisfied with what banks, insurance providers, and wealth management advisors deliver. That’s why standout customer service and digital experiences — including those powered by AI agents — are key to earning and keeping their business. That’s a key finding from Salesforce’s new Connected Financial Services Report, based on a global survey of 9,500 financial service institution (FSI) consumers.

Why it matters: Consumers consistently report that competitive rates, fees, and pricing keep them loyal to their FSI. With declining interest rates making introductory incentives less feasible for FSIs, differentiated customer service and digital experiences are getting renewed attention. The advent of AI agents presents a compelling opportunity for FSIs to boost their digital experiences to not only meet, but exceed customers’ high expectations for speed and personalization.

Digital-first self-service can help attract and keep FSI customers

In addition to the most competitive pricing, rates, and fees, FSIs can win customers by providing standout service and tools. In fact, 46% of consumers — including 55% of high earners (defined in the United States as households making over $100,000 per year) would remain with an FSI that provides an excellent customer experience even if it raised its rates or fees.

Increasingly, what constitutes an excellent experience is digital and self-service in nature, with most consumers opting to complete tasks without the help of representatives over the phone or in a branch.

Salesforce customers like Pentagon Federal Credit Union (PenFed) meet these customer expectations through self-service tools that provide quick customer resolutions whenever, wherever.

Agents offer an opportunity for FSIs to set themselves apart

Only 41% of wealth management clients are fully satisfied with their institutions’ customer service speed and effectiveness — figures which drop even further among banking and insurance customers. AI agents — which understand and respond to customer inquiries without human intervention — offer a unique opportunity for FSIs to differentiate their digital experiences against the competition while increasing efficiency and lowering costs.

Half of consumers expect AI to impact their relationships with FSIs more than other industries — a sentiment that’s higher among millennials and Gen Z — and only 8% think FSIs will be AI laggards. Customers are especially bullish about the potential of AI to speed up financial transactions — 65% now expect this, up from 46% in 2023. 

But as agents increasingly come online, consumers will need more education and demonstrations of their sophisticated capabilities, which include acting as financial coaches, increasing financial literacy, and showing consumers how to save or even earn money.

Agentic AI solutions like Agentforce will scale a limitless expert digital labor force for financial institutions,” noted Eran Agrios, SVP & GM of Financial Services at Salesforce. “Imagine FSIs that provide a personal digital banker, advisor, or agent to every one of their customers 24/7 to answer questions like ‘Am I saving enough for retirement?’ or ‘Can I afford this trip?’ without waiting. That’s the scale that’s possible.”

A foundation of trust is critical as FSIs move into the agentic era

As FSIs race to take advantage of AI and agents, choosing the right partners and technology is key to ensuring consumer trust. While 54% of consumers say they trust the use of AI agents, only 10% say they completely trust them. 

This is likely in part because people are naturally cautious about new technology, but they also don’t trust how financial companies handle their data, according to the survey. Many consumers report being worried about how their personal information is used and protected, and they are becoming more cautious about keeping it safe.

A related study of global consumers revealed the critical importance of transparency as companies across industries implement agents. Nearly three-quarters (73%) of consumers say it’s important to know whether or not they’re communicating with an agent in the first place.

“For humans and agents to work together, it’s 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,” said Agrios. “Institutions must ask themselves not only if their strategies are worthy of customers’ trust, but if the solutions they invest in are, too.”

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