Application of AI in Customer Experience Management

Abstract

As a megatrend, artificial intelligence (AI) is profoundly shaping the economy and society and changing the way we live and think. According to a survey conducted by Deloitte in 2019, 79% of German companies already consider AI as a crucial factor for sustainable business success. (Cf. Deloitte GmbH (State of AI in the enterprise – 3rd edition. Ergebnisse der Befragung von 200 AI-Experten zu Künstlicher Intelligenz in deutschen Unternehmen 3rd ed. (text file). Internet: https://www2.deloitte.com/content/dam/Deloitte/de/Documents/technology-media-telecommunications/DELO-6418_State%20of%20AI%202020_KS4.pdf 2020), p. 6–8.) Especially in the financial sector, AI technologies have been increasingly implemented in recent years. There are multiple reasons for this—to name the most important ones: The financial sector is subject to more stringent regulations, as it has a significant impact on the overall economic function of a state and it deals with sensitive customer data. As a result, financial organizations have no choice but to accept this challenge and adapt AI among the entire value chain (and customer journey) as quickly and efficiently as possible. This will be demonstrated by the example of banks, since they, compared to other financial institutions, are more advanced in the implementation of AI technology.