Salesforce, an American cloud-based software company, released its latest Connected Financial Services report, sharing insights from over 6,000 financial services institution (FSIs) customers worldwide.
The report titled “The Connected Financial Services”, which surveyed 6,058 financial service institution (FSI) customers worldwide, highlighted why customers switch financial services institutions, and what they look for in a great digital experience.
Salesforce noted that customers want more from their financial institutions and are willing to switch providers to receive a better experience. Despite the increasingly digital banking experiences, customers still crave human, often face-to-face interaction. The majority of customers prefer non-digital interactions over digital ones across all three financial sectors.
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Banking and wealth management customers highlighted a preference for in-person or by-phone interaction, while insurance customers largely prefer to interact by phone. These preferences suggest a need to feel seen, known, and taken care of. It is understood that financial transactions can be complicated, making trust intrinsic to relationships between customers and financial providers. Therefore, in-person and voice-based communications may help customers feel they’re getting more whole-person individualized service.
Beyond personalized products and services, customers want empathetic interactions. They crave a human touch that cannot always be replaced by digital channels. Ultimately, they want to feel like their financial providers care about them. Perhaps unsurprisingly, customers feel more empathy and care from wealth managers who work in what’s traditionally thought of as a relationship-driven sector. They expressed less dissatisfaction with banking and insurance providers in these areas. This suggests that banking and insurance providers who find a way to balance their digital offerings with a more human dimension may gain a competitive edge.
While digital banking has revolutionized financial services by offering convenience, speed, and efficiency, many customers still crave human interaction. The findings suggest that while technology enhances convenience, it cannot fully replace the value of human connection, especially in complex financial decisions.
Notably, the report highlighted that beyond human interaction, financial services customers want the companies they do business with to know who they are and what they need. For example, customers purchasing a home want to know their provider is working to get them the best mortgage pre-approval rate. New homeowners may be interested in their insurers’ umbrella policies, while wealth management clients want help planning for life events like college and retirement based on their unique circumstances.
73% of customers expect companies to understand their unique needs and expectations up from 66% in 2020. The cost of not providing personalized service is steep, with more than half of customers saying they would switch providers if services were not personalized. Also, customers want proactive and timely communication with personalized services and relevant offers. In the case where an issue arises, they must be able to easily get in touch with their financial services providers.
When significant life events or financial hardships occur, passive communication from financial services providers may not be enough. Instead, proactive communication can send the message that providers know them and have their back.
Looking Ahead
The Salesforce survey emphasizes the need for banks to adopt a “high-tech, high-touch” approach, combining digital convenience with personalized human interaction. This means investing in digital platforms while also ensuring that customers have access to human support when needed.
By striking this balance, financial services institutions can enhance customer satisfaction and build stronger relationships with their clients.