The Impact of Artificial Intelligence on Customer Relationship Management in the Indian Banking Industry

Abstract

The banking sector in India is a crucible of technological evolution, and AI-driven CRM is at the forefront of this transformative journey. AI’s revolutionary impact on CRM is undeniable, offering highly personalized and efficient services. It streamlines customer interactions, automates routine tasks, enhances predictive analytics, and fortifies security and fraud detection. Chatbots are becoming pivotal in the real-time assistance of customers, significantly improving response times and reducing customer service costs. Predictive analytics enables banks to anticipate customer needs and recommend tailored financial products, driving customer retention rates and business growth. The study reveals that AI technologies are playing a transformative role in reshaping the landscape of customer relationship management in the Indian banking industry. With the continuous evolution of AI technologies, Indian banks are well-positioned to navigate the changing banking landscape and deliver innovative services while upholding the highest standards of security, data privacy, and regulatory compliance.