Proceedings of the 17th International Conference on Humanities, Psychology and Social Sciences
Year: 2024
DOI:
[PDF]
Impact of Artificial Intelligence on Customer Relationship Management
Rui Murta, Victor Santos
ABSTRACT:
The study “Impact of Artificial Intelligence on Customer Relationship Management” explores the transformative role of Artificial Intelligence (AI) in Customer Relationship Management (CRM) within Portugal’s banking sector. Employing a case study methodology, the research examines AI adoption across five leading banks through 50 semi-structured interviews with middle and senior management. The findings underscore AI’s potential to revolutionize CRM by enhancing customer interaction, process automation, and data-driven decision-making. However, challenges persist, particularly in data agility, as many institutions lack the infrastructure necessary for efficient data utilization—an essential component for effective AI implementation. Trust in AI providers is another critical factor, with security, compliance, and data management capabilities heavily influencing vendor selection. This study proposes a diagnostic model to assess AI-CRM adoption stages, emphasizing the prerequisites for success: robust data management, organizational readiness, and employee training. Practical recommendations include fostering partnerships with trusted AI providers, ensuring data quality, and building internal capabilities. The research highlights the immediate need for banks to address these challenges to maximize the benefits of AI-driven CRM. The paper concludes with a call for future research to expand the scope of analysis, including diverse banking institutions and other sectors, to validate and enhance the applicability of the findings. By addressing these gaps, organizations can unlock AI’s full potential to deliver personalized, efficient, and secure customer relationship management.
keywords: Artificial Intelligence, Customer Relationship Management, Retail Banking, Data Agility