THE ROLE OF AI IN TRANSFORMING CRM IN DIGITAL FINANCIAL SERVICES (in special reference of customer experience)

Artificial intelligence (AI) is rapidly becoming a transformative technology in our modern society that has redefined the concept of the relationship between businesses and their customers, from human-centered to AI-centered solutions with applications such as chatbots, virtual assistants, predictive analytics and automation. Financial institutions are increasingly using Artificial Intelligence (AI) to enhance customer satisfaction and service quality. Besides quality products, the consumers now require quick service and personalized care as well as convenient access. The digital finance services are being assisted by AI to fulfill these changing needs, which is good. As an illustration, chatbots and voice assistants provide continuous support and will respond to customer questions. Another way AI supports better decision-making and reduced operating expenses is by forecasting client needs via data analysis, machine learning, and natural language processing. Furthermore, Customer Relationship Management (CRM) is also greatly improved. It helps the banks to establish stronger and deeper relationships with their customers by being proactive in offering the services and making personal one-to-one communication. However It is not without challenges to deploy AI. There are challenges of data security, privacy, and transparency. Regardless of a number of drawbacks, the role of AI cannot be ignored. It can be greatly improved alongside human services to create a whole new customer experience. I believe that AI has already enlightened consumers and made them more aware. The next generation of technologies is likely to lead to faster, more improved and personalized services for people. Consequently, the work of financial institutions, as well as their relationships with consumers, is slowly transforming due to AI.