As artificial intelligence (AI) continues to shape the future of financial services, Singapore consumers are increasingly open to the technology’s potential but remain cautious about its implementation. According to Salesforce’s latest Connected Financial Services report, 65 per cent of Singapore consumers somewhat trust AI agents in financial services, yet only 12 per cent express full confidence.
The survey, which gathered insights from 9,500 financial services institution (FSI) consumers globally — including 500 from Singapore — revealed strong optimism about AI’s potential impact. A majority of Singapore respondents (60 per cent) expect AI to play a more significant role in financial services than in other industries.
Among millennials and Gen Z consumers, the sentiment is even stronger, with 63 per cent and 53 per cent, respectively, expressing bullish expectations.
Much of this optimism stems from the promise of increased efficiency. The study found that 74 per cent of Singapore consumers believe AI can speed up financial transactions, reflecting a strong desire for faster and more seamless services. Still, while consumers see the value of AI, concerns about trust remain at the forefront.
The survey highlights that the top factors critical to building trust in AI agents are transparency in their use, the accuracy of their outputs and the validation of those outputs. These elements, according to consumers, are essential for fostering confidence in AI-driven financial services.
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“While consumers in Singapore recognise the benefits AI can offer, particularly in efficiency and fraud prevention, they are clearly signalling that trust needs to be earned,” the report noted.
Currently, personalisation remains an area where expectations are not being fully met. Only 17 per cent of Singapore consumers report being fully satisfied with the level of personalisation their banks deliver.
Despite advancements in data collection and analytics, consumers often face repetitive interactions — 55 per cent of respondents say they need to repeat or re-explain information to FSI representatives. This suggests a gap between technological capability and consumer experience.
At the same time, 75 per cent of Singapore consumers expect financial service providers to have consistent information about them across all touchpoints. Such expectations put additional pressure on institutions to improve the accuracy and reliability of AI systems managing customer data.
Beyond speed and personalisation, Singapore consumers also prioritise AI applications that address their key concerns. Solutions aimed at fraud prevention, cost reduction and handling routine tasks rank highest among the AI use cases consumers find most valuable.
“Consumers are interested in practical applications of AI that directly improve their financial well-being and security,” the report said.
The emphasis on transparency also reflects broader global conversations around ethical AI use. As AI agents increasingly assist or even replace human representatives, consumers want clear information on how decisions are made and assurance that outputs are monitored and corrected when necessary.
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Accuracy is equally vital. Mistakes or flawed recommendations from AI agents can severely damage consumer trust, especially in the context of financial decisions where errors may have significant consequences. Ensuring that AI outputs are validated — whether through human oversight or system redundancies — is viewed as a necessary safeguard.
While younger demographics such as millennials and Gen Z demonstrate greater optimism toward AI adoption, the report underscores that trust is not automatic. Building it will require deliberate efforts from financial institutions to meet expectations around transparency, accuracy and validation.
Ultimately, the findings suggest that for AI agents to gain broader acceptance in Singapore’s financial services sector, institutions must balance innovation with a consumer-first approach.
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