Conversational AI for Personalized Financial Advice in the BFSI Sector

Praveen Kumar Maroju

Vol. 8, Issue 1, Jan-Dec 2022

Page Number: 156 - 177

Abstract:

In the context of emerging markets, where human intervention and infrastructure concerns are prevalent, the adoption of artificial intelligence (AI) in banking services faces unique challenges. However, this paper aims to highlight the immense potential of AI in these markets, and propose strategies for leveraging AI in banking services to create personalized experiences, taking into account the specific challenges of these markets. This optimistic view is based on the understanding that AI can overcome the prevalent human intervention and infrastructure concerns, and revolutionize banking services in emerging markets.

References

• Abdulquadri, A., Mogaji, E., Kieu, T.A. and Nguyen, N.P. (2021), “Digital transformation in financial services provision: a Nigerian perspective to the adoption of chatbot”, Journal of Enterprising Communities: People and Places in the Global Economy, Vol. 15 No. 2, pp. 1-18.
• Acikgoz, F. and Vega, R.P. (2022), “The role of privacy cynicism in consumer habits with voice assistants: a technology acceptance Model perspective”, International Journal of Human– Computer Interaction, pp. 1-15.
• Akhter, A., Al Asheq, A., Uzzal Hossain, M. and Mobarak Karim, M. (2020), “Exploring customer intentions to adopt mobile banking services: evidence from a developing country”, Banks and Bank Systems, Vol. 15 No. 2, pp. 105-116, doi: 10.21511/bbs.15(2).2020.1.
• Ashta, A. and Herrmann, H. (2021), “Artificial intelligence and fintech: an overview of opportunities and risks for banking, investments, and microfinance”, Strategic Change, Vol. 30 No. 3, pp. 211-222.
• Battisti, E., Graziano, E.A., Leonidou, E., Stylianou, I. and Pereira, V. (2021), “International marketing studies in banking and finance: a comprehensive review and integrative framework”, International Marketing Review, Vol. 56, pp. 1047- 1081.
• Bock, D.E., Wolter, J.S. and Ferrell, O.C. (2020), “Artificial intelligence: disrupting what we know about services”, Journal of Services Marketing Vol. 34 No. 3, pp. 317-334.
• Borau, S., Otterbring, T., Laporte, S. and Fosso Wamba, S. (2021), “The most human bot: female gendering increases humanness perceptions of bots and acceptance of AI”, Psychology and Marketing, Vol. 38 No. 7, pp. 1052-1068, doi: 10.1002/mar.21480.
• Braun, V. and Clarke, V. (2006), “Using thematic analysis in psychology”, Qualitative Research in Psychology, Vol. 3 No. 2, pp. 77-101, doi: 10.1191/1478088706qp063oa.
• Braun, V., Clarke, V. and Hayfield, N. (2022), “‘A starting point for your journey, not a map’: Nikki Hayfield in conversation with Virginia Braun and Victoria Clarke about thematic analysis”, Qualitative Research in Psychology, Vol. 19 No. 2, pp. 424-445.
• Camacho, L., Douzas, G. and Bacao, F. (2022), “Geometric SMOTE for regression”, Expert Systems with Applications, Vol. 193 No. 1, pp. 113-125, 116387.
• Cornelissen, J.P. and Thorpe, R. (2001), “The organisation of external communication disciplines in UK companies: a conceptual and empirical analysis of dimensions and determinants”, Journal of Business Communication, Vol. 38 No. 4, pp. 413-438, doi: 10.1177/002194360103800402.
• Cumming, J., Clarke, F.J., Holland, M.J., Parry, B.J., Quinton, M.L. and Cooley, S.J. (2022), “A feasibility study of the My Strengths Training for Life™(MST4Life™) program for young people experiencing homelessness”, International Journal of Environmental Research and Public Health, Vol. 19 No. 6, p. 3320.
• Dahl, A.J., Milne, G.R. and Peltier, J.W. (2021), “Digital health information seeking in an omnichannel environment: a shared decision-making and service-dominant logic perspective”, Journal of Business Research, Vol. 125, pp. 840-850.
• Ding, Z., Chen, Z., Liu, J., Evrendilek, F., He, Y. and Xie, W. (2022), “Co-combustion, life-cycle circularity, and artificial intelligence-based multiobjective optimization of two plastics and textile dyeing sludge”, Journal of Hazardous Materials, Vol. 426 No. 2, pp. 12-69.
• Dwivedi, Y.K., Hughes, L., Ismagilova, E., Aarts, G., Coombs, C., Crick, T., Duan, Y., Dwivedi, R., Edwards, J., Eirug, A., Galanos, V., Ilavarasan, P.V., Janssen, M., Jones, P., Kar, A.K., Kizgin, H., Kronemann, B., Lal, B., Lucini, B., Medaglia, R., Le Meunier-FitzHugh, K., Le Meunier-FitzHugh, L.C., Misra, S., Mogaji, E., Sharma, S.K., Bahadur Singh, J., Raghavan, V., Raman, R., Rana, N.P., Samothrakis, S., Spencer, J., Tamilmani, K., Tubadji, A., Walton, P. and Williams, M.D. (2021a), “Artificial Intelligence (AI): multidisciplinary perspectives on emerging challenges, opportunities, and agenda for research, practice and policy”, International Journal of Information Management, Vol. 57, 101994, doi: 10.1016/j.ijinfomgt.2019.08.002.
• Dwivedi, Y.K., Ismagilova, E., Hughes, D.L., Carlson, J., Filieri, R., Jacobson, J., Jain, V., Karjaluoto, H., Kefi, H., Krishen, A.S., Kumar, V., Rahman, M.M., Raman, R., Rauschnabel, P.A., Rowley, J., Salo, J., Tran, G.A. and Wang, Y. (2021b), “Setting the future of digital and social media marketing research: perspectives and research propositions”, International Journal of Information Management, Vol. 59, 102168.
• Farinloye, T., Mogaji, E., Aririguzoh, S. and Kieu, T.A. (2019), “Qualitatively exploring the effect of change in the residential environment on travel behaviour”, Travel Behaviour and Society, Vol. 17, pp. 26-35, doi: 10.1016/j.tbs.2019.06.001.
• Fernandes, T. and Pinto, T. (2019), “Relationship quality determinants and outcomes in retail banking services: the role of customer experience”, Journal of Retailing and Consumer Services, Vol. 50, pp. 30-41, doi: 10.1016/j.jretconser.2019.01.018.
• Flick, U. (2002), An Introduction to Qualitative Research, 2nd ed., SAGE Publications, UK
• Font, X., English, R., Gkritzali, A. and Tian, W.S. (2021), “Value co-creation in sustainable tourism: a service-dominant logic approach”, Tourism Management, Vol. 82, p. 104200.
• Forero, R., Nahidi, S., de Costa, J., Mohsin, M., Fitzgerald, G., Gibson, N., McCarthy, S. and Aboagye-Sarfo, P. (2018), “Application of fourdimension criteria to assess rigour of qualitative research in emergency medicine”, BMC Health Services Research, Vol. 18 No. 1, doi: 10.1186/s12913-018-2915-2.
• Griggs, R.A. and Ransdell, S.E. (1987), “Misconceptions tests or misconceived tests?”, Teaching of Psychology, Vol. 14 No. 4, pp. 210-214.
• Hajro, N., Hjartar, K., Jenkins, P. and Vieira, B. (2021), What’s Next for Digital Consumers, McKinsey & Company, available at: https://www.mckinsey.com/businessfunctions/mckinsey-digital/ourinsights/ whats-nextfor-digital-consumers
• Hartwig, K., von Saldern, L. and Jacob, F. (2021), “The journey from goods-dominant logic to service dominant logic: a case study with a global technology manufacturer”, Industrial Marketing Management, Vol. 95, pp. 85-98.

Back Download