Generative Artificial intelligence Applications in Banking and Finance sector
Data scientist, Regions Bank
Research Article
World Journal of Advanced Research and Reviews, 2024, 23(01), 3105-3120
Publication history:
Received on 09 May 2024; revised on 17 July 2024; accepted on 20 July 2024
Abstract:
In the changing financial environment, improving customer experience is essential for banks. A fundamental aspect of this experience is Customer Support Services (CSS). The banking business has traditionally utilized technology tools such as Interactive Voice Response (IVR) Systems and chatbots; nevertheless, their rule-based design frequently limits their adaptability. This study investigates the capacity of Generative AI to revolutionize Customer Support Services within the banking sector. In contrast to conventional systems, Generative AI's capacity to produce original material facilitates a more tailored and contextually aware engagement. We have evaluated traditional approaches against sophisticated Generative AI capabilities using a scenario-based methodology. The findings elucidate how Generative AI may transform Customer Support Services across digital platforms, ensuring an enhanced customer experience.
Keywords:
Generative AI; Customer Support Services; Banking; Interactive Voice Response; Finance
Full text article in PDF:
Copyright information:
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