Reference no: EM132428353

Project proposal document

Overview:

In current day context, all banks and financial institutions are on an eternal quest towards achieving their primary objective of providing a superior customer experience to their customers - be it internal or external. In addition, they also focus on streamlining day to day operations whilst exploring ways and means of lowering the costs incurred during the process. As a result such institutions are increasingly looking for solutions via modern tech innovation, and AI (Artificial intelligence) has proven to be one such wonder which has the potential to transform the way that financial institutions and banks engage with their customers.

With various social media platforms growing immensely over recent times, banks and financial institutions now realize that the crux of their business is built around conversations, and not just around various transactions. Hence there seems to be a current wave of sorts among leading banks across the globe to launch their own "chat-bots", in order to keep up with their competitors.

Aims and Objectives:

The focus of this research is to;
- Evaluate the benefits and other positive aspects which are achieved by the proper usage of AI (in the form of a ‘chat-bot') in the banking and financial institution industry.
- Look at the areas to be improved, in order to optimize benefits which could be derived by effective usage of the technology.
- Evaluate the negative repercussions of the chat-bot.