Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies
The banking industry's shift towards digitalization, particularly Web 2.0 banking, signifies a profound change in the bank-client relationship. This transformation integrates digital elements into consumers' lives, digitising everyday activities and highlighting the importance of online s...
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| Format: | Article |
| Language: | English |
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University of Economics – Varna
2024-09-01
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| Series: | Business & Management Compass |
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| Online Access: | https://bi.ue-varna.bg/ojs/index.php/bmc/article/view/66 |
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| _version_ | 1823859117211516928 |
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| author | Tajudeen Alaburo Abdulsalam Rofiat Bolanle Tajudeen |
| author_facet | Tajudeen Alaburo Abdulsalam Rofiat Bolanle Tajudeen |
| author_sort | Tajudeen Alaburo Abdulsalam |
| collection | DOAJ |
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The banking industry's shift towards digitalization, particularly Web 2.0 banking, signifies a profound change in the bank-client relationship. This transformation integrates digital elements into consumers' lives, digitising everyday activities and highlighting the importance of online social platforms and digital business operations. AI's growing interest in academia and commerce underscores its significant role in customer service. The study examines AI strategies in the banking industry, focusing on service areas and adaptation to the evolving technological landscape, particularly in customer service in developing economies. By adopting an interpretivist philosophy emphasising practicality, a qualitative approach was employed through a systematic literature review of 90 articles using thematic analysis. The research highlights AI's growing use in process automation, customer experience, stock market trend prediction, credit risk management, online banking, marketing management, and auditing. It concludes AI's positive impact on banking operational efficiency and customer service by recommending ethical AI usage, stakeholder collaboration, trust in data handling, and robust internal control systems. Additionally, it suggests exploring the association between organisational culture, leadership, and AI integration in developing economies. The research contributes to the theoretical and empirical frameworks that explain how AI is optimally integrated into banking operations, guiding policymakers and practitioners in leveraging AI to foster financial inclusion and economic growth. Future researchers should include non-profit institutions and non-financial performance metrics to gain insights into AI’s sustainability implications in banks beyond financial metrics.
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| format | Article |
| id | doaj-art-91a22b1eca2e49e9a3ddee93f8e78da6 |
| institution | Kabale University |
| issn | 3033-0106 |
| language | English |
| publishDate | 2024-09-01 |
| publisher | University of Economics – Varna |
| record_format | Article |
| series | Business & Management Compass |
| spelling | doaj-art-91a22b1eca2e49e9a3ddee93f8e78da62025-02-11T09:00:22ZengUniversity of Economics – VarnaBusiness & Management Compass3033-01062024-09-0168310.56065/9hfvrq20Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging EconomiesTajudeen Alaburo Abdulsalam0https://orcid.org/0009-0008-1481-1265Rofiat Bolanle Tajudeen1https://orcid.org/0009-0005-2265-7390Department of Marketing, University of Ilorin, Ilorin NigeriaDepartment of Marketing, University of Ilorin, Ilorin, Nigeria The banking industry's shift towards digitalization, particularly Web 2.0 banking, signifies a profound change in the bank-client relationship. This transformation integrates digital elements into consumers' lives, digitising everyday activities and highlighting the importance of online social platforms and digital business operations. AI's growing interest in academia and commerce underscores its significant role in customer service. The study examines AI strategies in the banking industry, focusing on service areas and adaptation to the evolving technological landscape, particularly in customer service in developing economies. By adopting an interpretivist philosophy emphasising practicality, a qualitative approach was employed through a systematic literature review of 90 articles using thematic analysis. The research highlights AI's growing use in process automation, customer experience, stock market trend prediction, credit risk management, online banking, marketing management, and auditing. It concludes AI's positive impact on banking operational efficiency and customer service by recommending ethical AI usage, stakeholder collaboration, trust in data handling, and robust internal control systems. Additionally, it suggests exploring the association between organisational culture, leadership, and AI integration in developing economies. The research contributes to the theoretical and empirical frameworks that explain how AI is optimally integrated into banking operations, guiding policymakers and practitioners in leveraging AI to foster financial inclusion and economic growth. Future researchers should include non-profit institutions and non-financial performance metrics to gain insights into AI’s sustainability implications in banks beyond financial metrics. https://bi.ue-varna.bg/ojs/index.php/bmc/article/view/66AIBanking IndustryCustomer Service JourneyDigitalizationDeveloping Economies |
| spellingShingle | Tajudeen Alaburo Abdulsalam Rofiat Bolanle Tajudeen Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies Business & Management Compass AI Banking Industry Customer Service Journey Digitalization Developing Economies |
| title | Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies |
| title_full | Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies |
| title_fullStr | Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies |
| title_full_unstemmed | Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies |
| title_short | Artificial Intelligence (AI) in the Banking Industry: A Review of Service Areas and Customer Service Journeys in Emerging Economies |
| title_sort | artificial intelligence ai in the banking industry a review of service areas and customer service journeys in emerging economies |
| topic | AI Banking Industry Customer Service Journey Digitalization Developing Economies |
| url | https://bi.ue-varna.bg/ojs/index.php/bmc/article/view/66 |
| work_keys_str_mv | AT tajudeenalaburoabdulsalam artificialintelligenceaiinthebankingindustryareviewofserviceareasandcustomerservicejourneysinemergingeconomies AT rofiatbolanletajudeen artificialintelligenceaiinthebankingindustryareviewofserviceareasandcustomerservicejourneysinemergingeconomies |