Survey finds consumers warming to AI, frustrated by omnichannel gaps
29 Jun 2025 06:00pm
Global consumers are increasingly open to AI in healthcare, finance and insurance customer experiences, signalling a shift in expectations for personalised and efficient service. - 123RF photo
KUALA LUMPUR - A growing number of global consumers are ready to embrace artificial intelligence (AI) in customer experiences within healthcare, financial services and insurance sectors but continue to be frustrated by poor omnichannel services and outdated data collection processes, according to new research by Smart Communications.
In its 2025 Customer Experience Benchmark report, the technology firm said the survey, which polled 3,000 consumers worldwide, found 62 per cent rated communications from service providers in these sectors as good or excellent, with notable gains in banking (67 per cent), insurance (46 per cent) and healthcare (75 per cent). Despite growing AI acceptance, many consumers remain frustrated by inconsistent omnichannel services and complex digital forms, highlighting the need for simpler, faster data collection processes. - Photo illustrated by Sinar Daily
However, the report also noted that 67 per cent of respondents would switch service providers if communications did not meet their expectations, underlining the importance of effective engagement, according to a statement.
"Customer expectations are shaped by top brands in retail and technology. When sectors like healthcare and banking fall short, they risk losing customer loyalty,' said Smart Communications chief executive officer, Leigh Segall.
The survey revealed a shift in consumer attitudes towards AI, with 54 per cent open to receiving health recommendations, 51 per cent to insurance plan changes, and 46 per cent to financial advice powered by AI. Meanwhile, concern over data security and ethical use has declined, with only about 31 to 32 per cent of respondents expressing hesitation.
Despite this growing trust, only 13 per cent of consumers believe generative AI surpasses humans in crafting customer communication content, while 46 per cent insist on human oversight of AI-generated content.
On omnichannel experience, just 54 per cent of respondents expressed satisfaction, and 60 per cent said they would trust companies more if these experiences were consistent. Preferences varied by generation, with email most favoured by the Silent Generation (48 per cent) and least by Generation Z (39 per cent). Print ranked lowest across all groups.
The study also highlighted challenges with data intake processes. Some 66 per cent of consumers, including 73 per cent of Millennials and 71 per cent of Generation Z said they would abandon interactions if forms were too complex.
About 90 per cent of respondents ranked speed and simplicity as key when completing forms, while 63 per cent preferred guided digital forms over fillable PDFs. A further 77 per cent expressed a preference for digital over manual processes such as printing or mailing. - BERNAMA
More Like This
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
3 days ago
- Malay Mail
Three in Four Singaporeans Prioritise Leaving an Inheritance for Future Generations
Millennials and Gen Zs lead the charge in proactive wealth planning; Gen Zs also have the highest expectations towards receiving an inheritance Wealth Transfer Insights Report 2025 Nearly half (46%) of Singaporeans have plans to or have already initiated wealth transfers during their lifetime, shifting away from solely relying on transfers upon their passing. have plans to or have already initiated wealth transfers during their lifetime, shifting away from solely relying on transfers upon their passing. About half of Singaporeans surveyed (49%) actively use insurance as an instrument for wealth transfer , recognising it as an effective method for legacy planning beyond basic protection. , recognising it as an effective method for legacy planning beyond basic protection. Most Singaporeans preparing to pass on wealth involve their family in financial planning conversations (42%) and instilling values of responsibility and diligence (41%) . A notable 18% still lack a plan for successor readiness. . A notable 18% still lack a plan for successor readiness. Wealth transfer comes with complexities. Key worries for Singaporeans regarding wealth transfer include family conflict (36%), maintaining their own financial security (34%), and fears of mismanagement of wealth (31%). Key worries for Singaporeans regarding wealth transfer include family conflict (36%), maintaining their own financial security (34%), and fears of mismanagement of wealth (31%). One in three Singaporeans now involve a financial advisor in their wealth transfer planning, reflecting a growing recognition of the critical need for expert guidance in navigating complex legacy decisions. SINGAPORE - Media OutReach Newswire - 19 August 2025 - A new report by Etiqa Insurance Singapore spotlights growing trends in intergenerational wealth transfer, with 77% of Singaporeans prioritising leaving a financial legacy to future generations. With two-thirds of Singaporeans having either received, transferred or expect to receive or transfer their wealth, a commitment most pronounced among those aged 55 and above (74%), proactive wealth planning and management for Singaporeans is more crucial than ever.78% of Singaporeans aged 55 years and above prioritise the importance of discussing inheritance matters with their families, signalling a clear cultural shift toward open and proactive legacy planning. This reflects a broader societal shift towards greater transparency and responsibility in legacy planning, as older Singaporeans recognise the importance of wealth transfer conversations before one's half of Singaporeans surveyed (53%) have either received or expect to receive an inheritance. This expectation is even higher among younger Singaporeans, with 62% under the age of 24 expecting to receive an inheritance. This indicates the need for early financial literacy and planning to ensure wealth is managed Singaporeans who expect to receive or give an inheritance, one in five anticipate a windfall of $1 million or more. With large sums potentially involved, financial education becomes key, and recipients need financial planning and management to manage this Singaporeans who have received their inheritance, 53% believe the inheritance plays a critical role in their long-term financial stability. In contrast only 35% of Singaporeans who have yet to receive an inheritance see it as critical factor that ensures their long-term financial the true value of an inheritance often becomes clear only after it is received, proactive financial guidance is essential to help individuals integrate it effectively into their long-term financial key findings of the survey include:"Our Wealth Transfer Insights Report findings indicate that wealth transfer is increasingly viewed not just as a financial event, but as a purposeful act of next generation empowerment," said Raymond Ong, CEO of Etiqa Insurance Singapore. "It is heartening that Singaporeans are having conversations about wealth planning through open family dialogue and meticulous planning, fundamental to ensuring financial well-being of their families.""While Singaporeans demonstrate a strong commitment to securing their family's financial future through wealth transfer, potential challenges such as wealth mismanagement and preserving this wealth for next generation need to be addressed," Mr. Ong emphasised. "More strategic and informed legacy planning to bridge existing gaps and fostering continuous open dialogue are essential steps to ensure that legacies not only endure but truly empower future generations."Etiqa Insurance Singapore supports the community through financial planning literacy workshops and activities designed to empower individuals across all age groups. These initiatives, that will be rolled out in phases in coming years, aim to equip participants with the essential knowledge to protect, grow, and manage their wealth effectively. Find out more at: The Etiqa Insurance Singapore Wealth Transfer Insights Report was conducted in collaboration with Kantar in June 2025, surveying 1,008 Singapore citizens and permanent residents across four age groups: Gen Z (18 to 28 years old), Millennials (29 to 43 years old), Gen X (44 to 59 years old), and Seniors (60 and above). This study delves into the attitudes, expectations and strategies around both receiving and passing wealth to the next #EtiqaInsurance The issuer is solely responsible for the content of this announcement. Etiqa Insurance Pte. Ltd. Etiqa Insurance Pte. Ltd. (EIPL) is a life and general insurance company licensed and regulated by the Monetary Authority of Singapore and governed by the Insurance Act 1966. Having protected customers in Singapore since 1961 under the name United General Insurance Co. Sdn. Bhd., the company transitioned into the Singapore branch of Etiqa Insurance Berhad in 2009. Today, EIPL in Singapore stands as the pivotal operating entity of Etiqa Insurance Group, a leading insurance and takaful provider in ASEAN. EIPL offers a comprehensive range of life and general insurance products accessible through its diverse distribution channels, including bancassurance, agents, brokers, financial advisers, partnerships, direct and online sales via Tiq by Etiqa. Etiqa is rated 'A' by credit rating agency Fitch for the group's 'Favorable' business profile. EIPL is owned by Maybank Ageas Holdings Berhad, a joint venture combining local market expertise with international insurance knowledge, with 69% ownership by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group operating across 13 countries.
The Star
4 days ago
- The Star
Spend now, stress later: The double-edged sword of buy-now-pay-later deals for Malaysians
Ever been caught off-guard by an unexpectedly large bill at the end of an online shopping spree? For seasoned shopaholics sticker shock is nothing new, but for some Malaysians who have just been introduced to the world of easy deferred digital payments, those readily accessible impulse buys (a few ringgit here, a few ringgit there) can quickly snowball into a financial burden. Faced with bills they simply cannot afford to repay, many then resort to taking out one personal loan after another to pay each subsequent debt off, inadvertently becoming ensnared in a vicious cycle of ever worsening debt. Posts about late payment notices, account freezes, and strategies to shuffle debt between various fintech creditors pepper a Facebook group centred around buy-now-pay-later (BNPL) apps. In the same feed, anonymous users outline the debts weighing on them and the anxiety of working to pay them off, side-by-side with posts from others celebrating their new account getting approved or gushing about the next BNPL deal. According to Dr Paul Anthony Maria Das, a senior lecturer at the Taylor's University School of Accounting and Finance, such stories have become a dime a dozen in recent years, especially among young working adults and low-income earners. From Paul Anthony's point of view, the rise in popularity of BNPL among Gen Z and Millennials has not been matched with a deeper understanding of the cost structure and the real consequences of late payments. — Taylor's University 'The growth of digital consumption, combined with the economic aftershocks of the pandemic, has led many to embrace BNPL and instant loans as a financial cushion. 'My biggest concern is that the use of BNPL is becoming habitual and normalised, rather than being viewed as a temporary support tool,' he says. The first half of 2025 alone saw RM9.3bil worth of recorded BNPL transactions, a 31% increase from RM7.1bil in the second half of 2024, according to Finance Minister II Datuk Seri Amir Hamzah Azizan. The Credit Counselling and Debt Management Agency (AKPK) warns that many consumers, drawn in by the accessibility of such services, may not fully grasp their consequences. 'Many Malaysians, especially young adults, may underestimate the long-term impact of using BNPL or quick loans. These services may seem convenient, but without financial literacy, they can easily become a debt trap,' the agency says. From Paul Anthony's point of view, the rise in popularity of BNPL among Gen Z and Millennials has not been matched with a deeper understanding of the cost structure and the real consequences of late payments. 'Many see it as a cost-free way to defer payments, unaware that missed instalments can trigger penalty fees. 'According to the Consumer Credit Oversight Board (CCOB), while 88% of users repay on time, the remaining 12% hold overdue debts amounting to a staggering RM121.8 billion. 'Of these users, 70% earn less than RM5,000 per month, making them highly susceptible to financial shocks,' he says. Similarly worried about the trend is Mohammad Ridzuan Abdul Aziz, an industry advisory panel member with the Asia Pacific University of Technology and Innovation (APU). He points out the generally low level of financial literacy among Malaysian consumers, alongside the low awareness of their rights as consumers. 'Borrower rights are not properly protected as the terms and conditions differ from one type to another type of lender, under the current (disjointed) regulatory framework,' he says, adding that most users are unaware of the common pitfalls related to BNPL providers. Finance Minister II Datuk Seri Amir Hamzah Azizan notes that while some BNPL creditors do not impose interest, others charge 1.5% a month, or equivalent to 18% annually, and some even have annual rates as high as 30%. (For context, credit card interest rates can only go up to a maximum of 1.5% per month, the equivalent of 18% per annum across the board, according to Bank Negara Malaysia.) Paul Anthony further notes a major rise in BNPL use for consumer items like electronics, clothing, and travel, rather than medical expenses or emergencies, which highlights a 'cultural shift toward borrowing for convenience rather than necessity'. He adds that the sheer ease of borrowing has served as a double-edged sword in a way, obfuscating the burden of what will eventually need to be paid back. 'People often do not track how much they owe across platforms, which can lead to financial stress or even default. For many in the B40 group, even a small delay in income or unexpected expense can trigger a default chain reaction,' he says. Approaching regulation Mohammad Ridzuan believes that a major concern is how BNPL operators were previously not required to be licensed in Malaysia. Mohammad Ridzuan believes that a major concern is how BNPL operators were previously not required to be licensed in Malaysia. — APU This is something the government seeks to remedy with the passing of the Consumers Credit Bill 2025 in the Dewan Rakyat last month. The Bill saw the formation of the Consumer Credit Commission (CCC), which now seeks to develop a code of conduct for credit practices, including those offered by BNPL apps, aiming to implement structured licensing and registration in unregulated sectors. As reported by The Star on July 22, Deputy Finance Minister Lim Hui Ying said that under the CCC's frameworks, BNPL providers are required to report the credit data of their customers to credit reporting agencies, such as Credit Tip-Off Service (CTOS), via a centralised database. AKPK says that it supports the move, stressing that they represent key steps in providing protections to Malaysians from unregulated and irresponsible lending practices. 'These frameworks will regulate BNPL, instant credit facility, and other emerging credit services that currently fall outside traditional financial regulations,' the agency adds. Alongside the regulatory move, Paul Anthony believes that there needs to be urgent attention given to consumer awareness and behaviour. 'Financial literacy among Malaysians, particularly within the B40 segment and younger demographics, remains low. Many do not fully understand the cost implications of BNPL or the importance of credit scores and repayment timelines. 'Without nationwide financial education campaigns and stronger financial capability building efforts, we risk repeating a cycle of compliance without comprehension. 'Furthermore, enforcement mechanisms must be robust and agile. For example, monitoring 16 BNPL providers especially as more emerge requires institutional capacity and data integration,' he says. Mohammad Ridzuan concurs: 'The current state of a disjointed non-bank consumer credit ecosystem that is governed and administered by three different ministries desperately needs to be revamped, realigned, and cautiously restructured, as it creates a regulatory arbitrage, ineffective supervision, and allows indiscriminate behaviour by the lenders towards their consumers. 'It puts consumers at a higher risk of not being adequately protected by the existing regulatory framework, and financially paying more compared to those who are using credit cards and/or obtaining loans from banks,' he adds. Paul Anthony further calls for transparency in the decision-making process on future credit ceiling and interest caps, along with data privacy measures to ensure that the centralised credit data system is not misused. Credit challenges Other overlooked areas are the weak understanding of repayment terms and compounding fees, as well as a limited awareness on how BNPL is expected to impact credit scores, particularly with reporting to CTOS, says Paul Anthony. 'The persistent lack of clarity around fee structures and repayment obligations highlights a critical financial literacy gap, one that the new Consumer Credit Commission (CCC) must urgently address through focused public education and transparent provider practices,' he says. This is not to say that BNPL offerings are strictly something to avoid. As laid out by Mohammad Ridzuan, there are both positives and negatives. 'It is good for consumers who understand the terms and conditions of these credit facilities, their purposes, and it is commensurate with their capability to service the repayment obligations timely and diligently, as well as their rights from a legal perspective. 'However, it could be otherwise for consumers who failed to understand the legal terms and conditions, their rights, and are unable to repay timely and adequately.' Paul Anthony further notes a major rise in BNPL use for consumer items like electronics, clothing, and travel, rather than medical expenses or emergencies, which highlights a 'cultural shift toward borrowing for convenience rather than necessity'. — Pixabay Citing data from the CCOB task force, Mohammad Ridzuan further says that BNPL and instant loans are the most attractive to consumers who are not eligible for credit cards, those who need short-term cash management, and impulsive shoppers. Paul Anthony too believes that such fintech credit solutions could serve those with irregular income flows like gig workers, freelancers, or those in between pay cycles who might find themselves temporarily cash-constrained. This is due to their level of accessibility, speed of approval, and minimal documentation in comparison to traditional bank loans. But this does not come without risk. 'Unlike traditional financial institutions, BNPL providers often lack stringent credit checks, allowing users to easily accumulate multiple short-term debts across different platforms without fully realising their total liabilities. 'This fragmentation increases financial vulnerability. Additionally, as BNPL delays the 'pain of paying', users can become psychologically detached from the actual cost, leading to chronic overconsumption, poor financial planning, and long-term indebtedness,' he says. Paul Anthony acknowledges that while such options can help with temporary liquidity gaps, they are not suited to the long-term, or for those without stable income or budgeting discipline. He adds that: 'The key issue is not the product itself, but how it is used and understood by the consumer.' Back on track When it comes to using these fintech credit options responsibly, Paul Anthony suggests treating them like any other form of debt, with 'careful planning of repayments, having discipline, full understanding of repayment terms, and limiting usage'. He recommends against engaging with too many BNPL platforms at the same time, as it can easily lead to confusion and result in financial strain, while also making sure to avoid missed payments to avoid penalties or damage to credit scores. 'If an individual is already juggling other debts, adding a new BNPL obligation can be risky. In such cases, it is wiser to pause and reassess financial priorities before proceeding. 'To stay on top of commitments, consumers are encouraged to use budgeting apps or financial planning tools to monitor all monthly obligations,' he says. Paul Anthony adds that anyone currently struggling with debt should start by taking stock of all their commitments, including the amount owed, the providers, repayment terms, and due dates. 'This comprehensive overview allows for better planning and decision-making. Once this is done, prioritise repayments, especially those with higher penalties or the potential to negatively impact your credit record. 'It is important to reach out to BNPL or loan providers to explore options for repayment restructuring, deferment, or even consolidation, which can ease the monthly burden,' he says. He also advises refraining from making new BNPL purchases or taking out any new loans during the recovery process, and instead to make adjustments such as revising budgets to 'cut non-essential expenses and redirect funds toward clearing existing debts' and 'cancelling unused subscriptions or reducing discretionary spending'. Meanwhile, Mohammad Ridzuan points to AKPK – which offers Malaysians free, confidential guidance on managing and overcoming debt – as another resource for those who need help with their finances. The agency also assists with renegotiating existing debts with licensed banks, and provides advice after restructuring personal debts. At the end of the day, however, he believes that it is up to consumers to be disciplined with their debt management. 'Without their willingness to improve their knowledge of personal finances, no external facilitation would be able to facilitate improvement in their debt management matters,' he says. He further advises to avoid spending beyond their means, noting that most consumers get into trouble due to the impulse to chase instant gratification. Paul Anthony's wish is for Malaysians to understand that borrowing is a liability, and that 'every sen borrowed must be repaid, often with additional costs'. 'The ease of access to credit today, especially through digital platforms, has blurred this line,' he says, stressing that a 'well-managed loan can improve your financial position, but uncontrolled borrowing can be devastating'. 'It is not just about knowing the mechanics of BNPL or instant loans, it is about recognising when not to borrow. 'Empowering people with this mindset, especially from a young age, is the most powerful debt prevention tool we have,' he says.
Borneo Post
5 days ago
- Borneo Post
From print to screen, Chinese Gen-Zs reshapes reading in digital era
A child tries an AR device at the provincial library of Guizhou in Guiyang, southwest China's Guizhou Province on April 21, 2024. – Xinhua photo BEIJING (Aug 17): Shoulder to shoulder with strangers on a swaying subway car, Li Zining plugs in her earbuds, and as the narrator of the sci-fi epic 'The Three-Body Problem' begins, the clang of doors and hum of conversation fade, leaving her adrift in a quiet, otherworldly realm of her own. Across China, millions of Gen Z readers are seeking the same hush, their glowing screens now serving as the new parchment. 'Just got into sci-fi, so I started with the classics,' Li said, noting that whether cooking or running, she's always got an audiobook playing, and before she knew it, she'd plowed through several hefty sci-fi titles. China's digital natives born between 1995 and 2009, also known as 'Generation Z', have rewritten the rules of how stories are discovered, consumed and shared. Making up nearly one-fifth of the country's total population, they are more likely to download e-books onto their phones and tablets than to visit bookstores or libraries for physical copies. They consume vast amounts of online literature, share reviews and annotations on social media platforms, follow 'book bloggers,' and seek out 'reading buddies'. Data from WeChat Reading shows that 6.56 million, or 46 per cent, of its monthly active users belong to Generation Z. On Zhangyue, the iReader Technology platform, about one-third of monthly active users are Gen Z, who spend an average of 120 minutes per day on the platform. Chen Wenting, who holds an annual subscription to a reading app, believes that e-reading allows for 'reading whenever and wherever you want' and is relatively cost-effective. A survey by the Chinese Academy of Press and Publication shows that last year, 38.5 per cent of adult citizens engaged in reading through audiobooks. For the youngsters, books are not only read but also experienced through others' interpretations. Cheng Nan, a college student, has recently become engrossed in watching explanatory videos of the Nobel Prize-winning novel 'One Hundred Years of Solitude' on the video-sharing platform Bilibili. 'I found it hard to muster the courage to read such a classic, but the explanatory videos were quite engaging,' she said. These videos not only cover the plot but also provide background and extended insights, often accompanied by animations or clips from TV adaptations, making them very appealing, Cheng added. When a content creator drops a video clip on social media with illustrations about the Chinese novel 'White Deer Plain', the view counter races past 20 million more quickly than most first printings sell out. In 2024, the number of reading videos longer than five minutes on the Douyin platform increased by 336 per cent year on year, with a 137 per cent increase in their views. Meanwhile, book review videos and images saw a 135 per cent increase in views and a 518 per cent jump in cumulative shares. Some Gen-Z readers also enjoy finding like-minded 'reading buddies'. According to Xiao Xia, a college student, reading with a 'buddy' not only helps keep schedules on track and encourages timely completion of books, but also offers fresh perspectives and knowledge, uncovering blind spots in one's thinking. On the WeChat Reading platform, users can interact with others by highlighting and commenting on specific sentences. 'You can record your thoughts when reading a book or a particular sentence. When you don't understand something in the book, you can see what others think and sometimes have an epiphany,' Chen Wenting said. Reading weighty volumes becomes more interesting when you can read along with comments from other readers, Chen added. Traditional publishers are now chasing the digital glow, using big data to target readers and livestreaming to launch new titles. 'We are in a critical period of redefining product forms and industry rules,' said Huang Zhijian, chairman of the China Publishing Group. 'The core of the publishing industry is knowledge sharing, which should not be limited to physical books.' 'The publishing sector must actively use new technologies to make quality content more accessible and perceptible for the young population,' said Cong Ting, a professor at the school of publishing, University of Shanghai for Science and Technology. – Xinhua China digital Gen Z reading Xinhua
