A 2023 H1 survey from Salesforce, which included 6,058 financial services company (FSIs) customers worldwide, provided key insights into sentiment around artificial intelligence (AI), cryptocurrency, and the digital shift in financial services.
According to the Salesforce Financial Services reportthe survey was conducted from March 7 to April 12, 2023 and included respondents from 12 countries across five continents.
Interest in crypto from FSI clients.
A notable finding is that 61% of customers have researched or plan to explore cryptocurrency, indicating a growing interest in digital currencies. Despite two-thirds of customers expressing interest in digital currencies, only 29% of their financial institutions have desired digital currency services on blockchain.
This could underline a perceived gap in current FSI offerings, an discomfort with the emerging technology, or perhaps an indication that there is a real need for self-preservation, as the report found that 60% of customers are comfortable with cryptocurrency.
The survey also found that 31% of clients have done research and 30% plan to explore portfolio diversification, including crypto as an asset class. Despite the volatility, this data suggests a growing curiosity and acceptance of crypto as a valid part of a diversified portfolio.
AI improves financial services.
Generative AI has become a hot topic, with consumers revealing uncertainty about trust in AI, especially financial services chatbots powered by generative AI. This leaves room for potential improvement in the integration and intelligence of chatbots, which the report says are currently a significant area of digital friction.
Only 21% of respondents fully trust AI chatbots, while 56% were neutral. To give context to this data, many experiences will be based on older AI models rather than breakthrough LLMs, such as the GPT-4 API, which was recently released to all customers. With the arrival of the next wave of chatbots, it will be interesting to see if this metric improves and customers gain more confidence in chatbots powered by the latest generative AI technology.
The survey also raised expectations that AI could improve financial transactions, with a significant portion (46%) of respondents optimistic about AI’s time-saving potential. However, 40% disagreed or disagreed with this sentiment, indicating that more work is needed to establish the consumer benefits of AI.
Overall, the Salesforce report provides a snapshot of the changing financial services landscape, with consumers showing a growing interest in blockchain technologies, cryptocurrency and AI. It underscores the challenges and opportunities faced by FSIs as they navigate the cutting edge of emerging technologies.
The majority of respondents were millennials, making up 43% of the respondents, followed by Gen X at 25%, Generation Boomers at 20%, and Gen Z at 12%.