Managers' understanding of artificial intelligence in relation to marketing financial services: insights from a cross-country study

• Published in: International journal of bank marketing Vol. 40; no. 6; pp. 1272 - 1298
• Main Authors: Mogaji, Emmanuel, Nguyen, Nguyen Phong
• Format: Journal Article
• Language: English
• Published: Bradford Emerald Publishing Limited 01.09.2022; Emerald Group Publishing Limited
• Subjects: Artificial intelligence; Automation; Bank marketing; Big Data; Business operations; Chatbots; Customer satisfaction; Customer services; Data analysis; Digital marketing; Financial services; Machine learning; Market strategy; Regulation of financial institutions; Qualitative; Managers; Artificial intelligence; Financial services; Banking; Marketing
• ISSN: 0265-2323; 1758-5937
• DOI: 10.1108/IJBM-09-2021-0440

PurposeGiven that managers play a crucial role in developing and deploying AI for marketing financial services, this study was aimed at better understanding their awareness regarding AI and the challenges they are facing in providing the attendant technologies, as well as highlighting key stakeholders and their collaborative efforts in providing financial services.Design/methodology/approachExploratory, inductive research design. The data was gathered through semi-structured interviews with 47 bank managers in both developed and developing countries, including the United Kingdom, Canada, Nigeria and Vietnam.FindingsManagers are aware of the prospects of AI and are making efforts to address AI as a business need but find that there often exist certain challenges in accelerating AI adoption. The study also presents a conceptual framework of AI in relation to financial service marketing, which captures and highlights the interactions among the customers, banks and external stakeholders, as well as the regulators.Research limitations/implicationsBanks must understand their business objectives, the available resources and the needs of their customers. Managers should keep the ethical implications of their working relationships in mind when selecting a team or collaborating with partners. In addition, managers should be trained and assisted in comprehending AI in relation to financial services, while the regulators must be involved in the development of AI for financial service marketing. Finally, it is critical to communicate the prospects for AI to consumers.Originality/valueThis study provides empirical insight into the opportunities, prospects and challenges pertaining to the use of AI in the area of financial service marketing. It also specifically calls into question certain preconceptions regarding AI and its role in financial services, the chatbots adopted for financial service delivery and the role of marketing managers in developing AI.