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Leveraging conversational AI to better enable the customer journey: A practical guide to deploying chatbots at financial institutions

Author

Listed:
  • Maxim, Benjamin

    (MSU Federal Credit Union, USA)

Abstract

The global conversational artificial intelligence (AI) market size is projected to grow from US$6.8bn in 2021 to US$18.4bn by 2026, at a compound annual growth rate (CAGR) of 21.8 per cent during the forecast period. The major factors driving the growth of the conversational AI market are the increasing demand for AI-powered customer support services, omnichannel deployment and reduced chatbot development costs. This paper explores the practical application of leveraging the conversational AI market to advance customer service initiatives and enhance the customer journey.

Suggested Citation

  • Maxim, Benjamin, 2022. "Leveraging conversational AI to better enable the customer journey: A practical guide to deploying chatbots at financial institutions," Journal of Digital Banking, Henry Stewart Publications, vol. 7(1), pages 28-36, June.
  • Handle: RePEc:aza:jdb000:y:2022:v:7:i:1:p:28-36
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    More about this item

    Keywords

    conversational AI; artificial intelligence; virtual assistants; chatbots; customer experience; digital experience;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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