Artificial Intelligence in Support of Customer Proximity in Banking 5.0

Bernardo Nicoletti ()
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Bernardo Nicoletti: Temple University

Chapter Chapter 5 in Banking 5.0, 2021, pp 153-172 from Palgrave Macmillan

Abstract: 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.

Keywords: Customer proximity; Customer experience; CX; Customer journey; UD Universal Design (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psincp:978-3-030-75871-4_5

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DOI: 10.1007/978-3-030-75871-4_5

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