The Salesforce report underscores AI's evolving role in shaping consumer expectations and experiences within New Zealand's financial services sector. While trust in AI remains relatively low, there is clear anticipation of its potential to enhance efficiency and reduce costs. As financial institutions integrate AI-driven tools, the focus will likely shift toward balancing innovation with transparency and service quality, key factors in building consumer confidence and satisfaction.
A recent Salesforce report on artificial intelligence in financial services indicates varying trust and expectations for AI among New Zealand consumers.
The Connected Financial Services report surveyed 9,500 global consumers of financial service institutions, including 500 from New Zealand. It assessed customer interactions with AI and digital-first tools across banking, insurance, and wealth management sectors worldwide and explored how these entities are implementing AI to foster trust and meet changing consumer expectations.
The report identified key aspects that enhance trust among consumers globally, including transparency in AI use, validation of AI-generated outputs, and flexibility of those outputs.
The report highlights several significant findings from the New Zealand survey segment. It revealed that 67% of New Zealand consumers anticipate AI will contribute to lower fees at financial institutions, and 57% believe it will expedite financial transactions. Despite these expectations, only 45% of respondents said they completely or somewhat trust AI agents in financial services, below the global average of 54%.
Customer satisfaction with digital experiences is another concern, with just 41% of banking customers in New Zealand expressing full satisfaction. The survey indicates that a superior service experience can potentially outweigh considerations of rates and fees, with 42% of those surveyed willing to remain with a provider offering excellent service even if fees were to increase. This sentiment is even stronger among higher earners, at 44%.
Jane Brown, Senior Vice President, Enterprise, Salesforce Australia and New Zealand, commented on these findings: "Financial services institutions are under more pressure than ever before to provide exceptional customer service, as consumers compare businesses based on the quality of AI powered interactions. Equally, employees are calling out for technology to make them more productive and reduce time spent on mundane tasks. AI agents offer financial services the chance to stand out, improve productivity and enhance customer experiences."
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