Customer Satisfaction in Bank Services After Arrival of AI

Abstract

The introduction of Artificial Intelligence (AI) through the banking industry has initiated a revolutionary change in the delivery of customer service, as well as its overall satisfaction. This paper will discuss the ways that AI technologies (chatbots, automated customer service, robo-advisors, predictive analytics) have transformed the customer experience in banking. The results of the surveys showed that 78 percent of the participants considered AI-based services to be faster and more effective, and 61 percent preferred human contact in complicated situations. Also, 54% expressed privacy issues in the use of data and transparency. The paper concludes that even though AI helps to improve operational efficiency and personalization, there is the highest level of customer satisfaction when AI becomes combined with human-centric service models. It has given recommendations that could enable the banks to strike the right balance between automation and empathy, trust and transparency.