1 in 3 Singaporeans switched banks, insurers in 2022: study

Only 21% of respondents, however, fully trust AI chatbots in financial services.

Majority of Singaporeans feel that their financial service providers did not fully prepare them for an economic downturn, according to a study by Salesforce.

Of the nearly 500 financial service customers surveyed in Singapore, 1 in 3 (34%) indicated that they feel less financially secure in 2023 compared to a year ago. 

As a result, 1 in 3 (34%) Singaporeans also switched banks and insurers. Another 41% of the respondents said that they switched wealth managers.

The number one reason cited for switching providers is a desire for better digital experiences, Salesforce found.

Personalization critical
Over 6 in 10 or 63% of respondents indicated that they would switch financial service providers if services felt impersonal.

Artificial intelligence is also regarded as a great tool to increase turnaround time of financial transactions, but less as a means for personalisation. Nearly half of the respondents indicated that they believe that AI will speed up financial transactions.

Only 21% of respondents, however, fully trust AI chatbots in financial services.

Trust and data security are also found to be linked, with 63% of customers saying that they would share their data if it meant better experiences.