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Artificial Intelligence in Support of Customer Proximity in Banking 5.0

In: Banking 5.0

Author

Listed:
  • Bernardo Nicoletti

    (Temple University)

Abstract

This chapter deals with customer proximity. It underlines the importance of interactions with the customers and assures a best customer journey. Customers are changing their ways of conceiving relationships with financial institutions. Financial institutions should not remain static in their positions. They should look forward and try to delight their customers and predict their competitors’ actions. There are many competitors based on the five forces model of Porter. Financial institutions should understand why and how their customers are changing and how they can use it to find more effective approaches, improve their interactions, and build trust-based relationships, especially online proximity. Financial institutions should understand who their profitable customers are. Customer relationships management system (CRM) can help in many ways, such as analyzing data associated with customers’ costs and revenues, customer behavior related to products and services, finding profitable customers, and those with potential. This chapter examines artificial intelligence-supported customer relationship applications. The chapter suggests using the Universal Design (UD) method to improve the proximity with all the customers.

Suggested Citation

  • Bernardo Nicoletti, 2021. "Artificial Intelligence in Support of Customer Proximity in Banking 5.0," Palgrave Studies in Financial Services Technology, in: Banking 5.0, chapter 0, pages 153-172, Palgrave Macmillan.
    • Handle: RePEc:pal:psincp:978-3-030-75871-4_5
    DOI: 10.1007/978-3-030-75871-4_5
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