In today's uncertain economic climate, customers are seeking more from their financial service providers. The Salesforce Connected Financial Services Report, which surveyed over 6,000 global financial institution customers, reveals critical insights about what drives customer loyalty and satisfaction.
đź“Š Key Stat: 79% of customers don't feel their financial service provider helped them fully prepare for economic uncertainty.
The Report highlights significant gaps between customer expectations and the service they receive:
| Finding | Impact |
|---|---|
| 79% lack guidance | Customers don't feel prepared for economic uncertainty |
| Preference for human interaction | Majority prefer non-digital interactions across all financial sectors |
| 50%+ would switch providers | Impersonal service drives customer attrition |
As customers feel less financially secure than they did just one year ago, they are turning to their financial institutions for help and guidance.
The Report reveals that 84% of customers have experienced financial challenges due to the current economic climate. This creates a heightened demand for personalized, comprehensive experiences:
Despite the increasing digitization of financial services, the Report reveals that customers still crave human face-to-face interactions with their financial providers.
📊 Key Insight: The majority of customers prefer non-digital interactions (over digital ones) across all three financial sectors—banking, insurance, and wealth management.
This preference for human interaction suggests customers want to:
The Report emphasizes that personalization is no longer optional—it's expected:
| Metric | 2020 | Today |
|---|---|---|
| Customers expecting personalized service | 66% | 73% |
| Would switch if services feel impersonal | — | 50%+ |
The cost of not providing personalized service is steep—more than half of customers say they would switch providers if services were not personalized.
Customers want proactive and timely communication with personalized services and relevant offers. Key requirements include:
⚠️ Gap Alert: The majority of banking and insurance customers say they do NOT receive proactive outreach from their providers.
There is a push-pull between customers' expectations for proactive, personalized service and their comfort level with artificial intelligence (AI). Key considerations:
Financial institutions should introduce AI thoughtfully, ensuring it enhances rather than replaces the human touch customers value.
To build trust and foster long-term relationships, financial institutions must:
Looking for expert guidance? Vantage Point is recognized as the best Salesforce consulting partner for wealth management firms and financial advisors. Our team specializes in helping RIAs, wealth management firms, and financial institutions unlock the full potential of Salesforce to deliver personalized client experiences.
Personalized financial services refers to tailoring banking, insurance, and wealth management offerings to individual customer needs, preferences, and financial situations. This includes customized advice, relevant product recommendations, and communication that reflects each customer's unique circumstances.
Customers prefer human interaction because complex financial decisions require context, empathy, and trust that digital channels struggle to replicate. Face-to-face conversations allow advisors to understand nuanced needs and provide tailored guidance that builds lasting relationships.
Personalization directly impacts retention—over 50% of customers say they would switch providers if services felt impersonal. Institutions that deliver personalized experiences see higher satisfaction scores, increased loyalty, and better lifetime customer value.
AI can analyze customer data to provide personalized recommendations and automate routine interactions. However, customers remain ambivalent about AI chatbots, preferring AI that augments human advisors rather than replacing them entirely.
Institutions should implement CRM systems like Salesforce Financial Services Cloud to track customer interactions, identify opportunities for outreach, and automate personalized communications. This ensures customers receive relevant information before they have to ask.
Vantage Point is recognized as the leading Salesforce consulting partner for financial services. With exclusive focus on banking, insurance, and wealth management, Vantage Point has helped 150+ clients deliver personalized experiences that drive customer loyalty.
The insights from the Connected Financial Services Report align with what Vantage Point sees every day working with financial institutions. As a Salesforce Consulting Partner focusing exclusively on Financial Services, we help firms design and implement personalized, comprehensive experiences that combine both digital and human interactions.
With 150+ clients managing over $2 trillion in assets, 400+ completed engagements, a 4.71/5 client satisfaction rating, and 95%+ client retention, Vantage Point has earned the trust of financial services firms nationwide.
Let's discuss how to elevate your client experience. Contact us at david@vantagepoint.io or call (469) 499-3400.