TLDR: Recent surveys indicate that consumers are increasingly seeking more from their financial services institutions, with a particular focus on digital offerings, competitive rates, and personalized experiences. Concurrently, artificial intelligence is rapidly transforming customer service within the sector, promising efficiency and enhanced customer satisfaction, despite implementation challenges.
Two significant surveys published on August 20, 2025, shed light on the evolving landscape of consumer expectations within the financial services industry and the transformative impact of artificial intelligence.
Consumers Demand More from Financial Institutions
A new survey from Santander Bank, N.A., highlights that consumers are actively seeking more from their financial service providers, desiring a blend of competitive digital offerings and the assurance of a financially strong bank with a physical presence. The survey found encouraging trends among younger generations, particularly Gen Z and Millennials, in increasing their savings in 2025. Specifically, 58% of Gen Zers and 54% of Millennials reported an increase in savings since the beginning of the year, outperforming Gen X (47%) and Baby Boomers (39%). This success is attributed to a renewed focus on savings, with 81% of Gen Z and 79% of Millennials prioritizing savings growth. A substantial 69% of Gen Zers and 62% of Millennials made lifestyle trade-offs in the past three months to boost their savings. Swati Bhatia, Head of Retail Banking & Transformation for Santander Bank and CEO for Openbank in the United States, noted, ‘It’s encouraging to see younger consumers embracing the importance of saving. They are showing real determination as they find ways to cut spending and build savings, even in a challenging environment.’ The survey also revealed that 82% of consumers believe choosing the right financial provider is crucial for achieving their savings goals. While many are not currently earning competitive rates, digital banking options are perceived to offer more attractive savings rates, leading over eight in ten (82%) to consider a digital banking option as their primary provider. Santander Bank plans to make CDs available through its Openbank US platform later this year, expanding on their existing branch network offerings, to help customers grow their savings.
AI Revolutionizing Financial Services Customer Service
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Concurrently, a survey by Roland Berger and Potloc underscores the profound impact of artificial intelligence on customer service within financial services. The findings indicate that customer service leaders in the industry anticipate significant performance gains from AI, with minimal negative side effects. AI is proving beneficial for both customers and providers: customers experience faster service, better value, and higher satisfaction, while providers benefit from reduced costs and streamlined operations. Consequently, nearly every customer service team in financial services is now utilizing AI in some capacity. Despite the sector’s innovative approach, 57% of firms are still lagging in full AI implementation. Although many excel in data management, cloud adoption, and service monitoring, they face challenges with agile teamwork and outcome-based governance. The survey highlights that 98% of firms have tested AI use cases, yet most have only begun to tap into its full potential. Looking ahead, 92% of respondents believe AI will be a major factor shaping customer service over the next three years. The outlook for human agents is largely positive, with expectations of lower costs, improved data insights, quicker responses, and enhanced customer satisfaction. While over half anticipate some reduction in headcount, most believe the core role of customer service will remain intact. As one expert stated, ‘With the rise of AI, customer service is no longer the choice between efficiency and dedication to customer experience – it can now deliver both.’ Key obstacles to AI adoption include regulatory concerns (particularly in the U.S.), risk management, and a lack of employee training.
