The Transformative Power of Artificial Intelligence in Banking Client Service

Maseke, Bernardus Franco (2024) The Transformative Power of Artificial Intelligence in Banking Client Service. South Asian Journal of Social Studies and Economics, 21 (3). pp. 93-105. ISSN 2581-821X

[thumbnail of Maseke2132024SAJSSE112811.pdf] Text
Maseke2132024SAJSSE112811.pdf - Published Version

Download (216kB)

Abstract

The financial industry is experiencing a paradigm shift driven by Artificial Intelligence (AI). This manuscript delves into the profound impact of AI on banking client services, exploring how it revolutionizes the industry. As banks strive to elevate customer experiences, reduce operational costs, and maintain their competitive edge, AI emerges as a critical enabler. This study employs a mixed-method research approach to comprehensively investigate the impact of Artificial Intelligence (AI) on client service in the banking sector. To test the hypothesis, we conducted a regression analysis with customer satisfaction as the dependent variable and AI integration and operational efficiency as independent variables. The results demonstrate a statistically significant relationship between AI integration and customer satisfaction (β = 0.632, p < 0.001). The research reveals that clients perceive a moderate level of AI integration into banking operations, with room for further enhancement. Notably, clients express high satisfaction with AI-enhanced services, underscoring its positive influence, as corroborated by existing literature. Recommendations emphasize strategic actions to maximize AI's potential: augmenting AI integration beyond chatbots to encompass predictive analytics and fraud detection, initiating customer education programs to familiarize clients with AI-powered services, prioritizing data privacy and security measures, and providing comprehensive staff training in AI ethics and customer interaction. In conclusion, "The Transformative Power of Artificial Intelligence in Banking Client Service" serves as a timely guide for banking professionals, policymakers, and researchers eager to harness AI's potential for the betterment of the financial industry and its clients. This research paints a compelling picture of how AI is reshaping the future of banking, offering insights into its transformative capacity. As AI continues to evolve, this manuscript provides a roadmap for financial institutions, highlighting the need to adapt, collaborate, and strategize effectively to thrive in the rapidly changing landscape.

Item Type: Article
Subjects: Open Research Librarians > Social Sciences and Humanities
Depositing User: Unnamed user with email support@open.researchlibrarians.com
Date Deposited: 07 Feb 2024 07:25
Last Modified: 07 Feb 2024 07:25
URI: http://stm.e4journal.com/id/eprint/2474

Actions (login required)

View Item
View Item