Implementing AI in banking customer service: A review of current trends and future applications

Lawrence Damilare Oyeniyi 1, *, Chinonye Esther Ugochukwu 2 and Noluthando Zamanjomane Mhlongo 3

1 Barclays Bank, United Kingdom
2 Independent Researcher, Lagos, Nigeria
3 City Power, Johannesburg, South Africa
 
Review
International Journal of Science and Research Archive, 2024, 11(02), 1492–1509.
Article DOI: 10.30574/ijsra.2024.11.2.0639
 
Publication history: 
Received on 05 March 2024; revised on 11 April 2024; accepted on 13 April 2024
 
Abstract: 
In the dynamic realm of banking, the advent of Artificial Intelligence (AI) has catalyzed a transformative shift, redefining the paradigms of customer service and operational efficiency. This scholarly paper delves into the intricate interplay between AI and banking, aiming to elucidate the multifarious impacts of AI integration within this sector. Anchored in a robust thematic analysis and an exhaustive literature review, the study meticulously navigates through the evolution, current applications and prospective future of AI in banking, with a particular focus on enhancing customer experience and addressing the operational challenges. The methodology adopted herein, comprising both qualitative and quantitative analyses, facilitates a comprehensive exploration of AI's role in banking, unveiling its potential to revolutionize service delivery, risk management and customer engagement.
The findings from this investigation underscore the significant enhancements in customer service metrics attributed to AI, alongside the emergence of personalized banking experiences. Furthermore, the study illuminates the strategic implications for banks adopting AI technologies, highlighting the necessity of navigating ethical and privacy concerns meticulously. The conclusions drawn advocate for a balanced approach towards AI adoption, emphasizing the imperative of ongoing research and development, coupled with ethical considerations, to harness AI's full potential responsibly.
In essence, this paper offers a scholarly synthesis of AI's transformative impact on banking, providing a roadmap for future explorations in this domain. It lays down the gauntlet for banks to leverage AI's potential judiciously, guiding the banking sector towards a future where technology and human ingenuity converge to redefine banking's essence. The recommendations proffered herein underscore the importance of ethical governance and continuous innovation in navigating the AI-driven future of banking.
 
Keywords: 
Artificial Intelligence; Banking; Customer Experience; Operational Efficiency; Ethical Considerations; Future Research.
 
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0