2026 Financial Services Customer Expectations: 4 Key Benchmark Report Findings

By Cindy Griffin, Financial Services Vertical Marketing Lead at Smart Communications 

Financial services firms are entering a moment where customer experience is being reshaped by two powerful forces: rising expectations for digital convenience—especially due to the Great Wealth Transfer–and growing interest in AI.  

But, data from the 2026 Customer Experience Benchmark report by Smart Communications tells us something important: financial services clients are not asking for technology for technology’s sake. They’re asking for experiences that are easier, clearer, more secure, and more connected.  

Here are four findings, specific to financial services, from the forthcoming report. 

Finding #1: AI Use Requires Transparency and Relevance 

Across financial services, there’s genuine openness to AI. More than half of financial services customers believe AI will improve their customer experience over the next five years, and next-gen investors are especially optimistic. But that enthusiasm is not universal. Confidence in AI handling personal information securely and ethically has softened, and customers are very clear about the conditions for trust. They want transparency, human oversight, data security, and disclosure when AI is being used. In fact, 83% of those surveyed said it is important that companies disclose when AI is part of an interaction. 

That is the first major takeaway: AI has to earn its seat at the table. It cannot feel like a black box. For financial institutions, the opportunity is not simply to use AI to automate communications or service interactions. The opportunity is to deploy AI in ways that are relevant, explainable, secure, and visibly governed. 

Finding #2: Outdated Data Collection Processes Drive Customers Away 

Data collection remains one of the biggest friction points in the customer journey. Financial services customers still abandon forms when they take too long, require repeated information, ask irrelevant questions, or make supporting documentation difficult to provide. And yet, when the data collection experience exceeds expectations, the upside is substantial. 63% of consumers say they are more likely to leave a positive review, 66% would recommend the company, 66% would do more business, and 78% would remain loyal. 

The second takeaway is that data collection and forms should not be treated as back-office plumbing. They are front-door experiences. In financial services, the account opening form, the servicing request, the loan application, the beneficiary update, or the onboarding questionnaire is often the moment where trust is either reinforced or quietly eroded. A clunky form can make a customer feel like their financial institution does not know them. A smart, guided, secure experience can feel like familiarity and competence. 

Finding #3: Communications Offer an Opportunity to Differentiate 

The third takeaway is that communications remain central to trust. 85% of financial services customers say communications are important to their overall experience. Roughly two-thirds say they would be likely to switch away from a company if communications did not meet expectations and that number rises to 70% and above for Gen Z and Millennials. The factors that build trust in these relationships are remarkably practical and similar across generations. Those are:  

Good communication also matters because unclear communications are a major reason customers end up contacting service teams. When a customer has to call because they didn’t understand a notice, couldn't access a document, or were unsure whether a request went through, that is more than a service issue. It's a communications failure with real operational cost. 

Finding #4: Reducing Friction is Critical to Meeting Modern Customer Demands 

The fourth and final takeaway is that omnichannel is still unfinished business and reducing friction in customer journeys remains a work in progress. Financial institutions need to make the entire customer journey consistent and cohesive across channels. Customers want their information and history to carry across channels, with 87% saying that seamless carryover is important.Yet, nearly half say they still sometimes or always need to repeat information when switching channels or representatives.  

While financial services customers are more satisfied with the quality of their omnichannel experiences than other industries, the number is still low at 56%. This is reflected in the fact that only 59% of customers surveyed felt that financial institutions always or almost always communicate on their preferred channel. These gaps make up the experience chasm and it is where digital ambition fails in reality. 

Connection, Not Channel, Equals Better Customer Experiences 

For financial institutions, the path forward is clear. Better customer experiences will not come from adding more channels, more messages, or more isolated digital tools. They will come from connecting the journey: collecting data intelligently, using that data responsibly, communicating clearly and consistently, and orchestrating ease across the customer lifecycle. 

To find out more about customer experience in financial services, register for the webinar on June 24th where I’ll dig into the data and offer insights on what the findings mean for your institution. 

Frequently Asked Questions 

Q: What do financial services customers expect from digital experiences in 2026?