Banking Library Progress: A Study on application of AI and big data analysis for leveraging customer satisfaction in Indian Banking

Abstract

Talk about the Digital Banking (DB) transition has taken centre stage in industry discussions these days. The way individuals conduct transactions and do business has been altered by digital disruption. Nevertheless, the bankers encountered several issues during the DB changeover process. The primary problems with database transformation are that, instead of emphasising the customer satisfaction, many banks continue to believe that digital transformation is only about processes and technologies.

These days, Big Data Analytics (BDA) and Artificial Intelligence (AI) have emerged and become significant components of the new banking period. The current BDA and AI trends allow banks to be more customer-centric based on data generated. Customisation services are emerging as a key tactic for maximising current customer interaction and drawing in new business from prospective clients.

This study investigates the use of BDA and AI in banking to improve customer satisfaction. Data for this study were gathered through interviews and a review of the literature. To get insight into the use of AI and BDA in India, we spoke with a number of people in the banking sector. The study presents the best practices for using AI and BDA in banking form in India.

The study's recommendations for digital innovation in AI and BDA, as well as the suggested enterprise architecture, allow financial organisations to capitalise on consumer satisfaction.