Human-centered artificial intelligence: Creating a better customer experience In the banking sector

Changes in technology have shaped how corporate and retail businesses have evolved, and customers’ preferences have rapidly changed along with them. The advent of smart digital devices and social media has shaped how consumers interact and transact with their financial institutions over the past two...

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Main Author: OBUCHETTIAR, Arul Krishnaraj
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Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/etd_coll/401
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Institution: Singapore Management University
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spelling sg-smu-ink.etd_coll-13992022-06-28T08:57:28Z Human-centered artificial intelligence: Creating a better customer experience In the banking sector OBUCHETTIAR, Arul Krishnaraj Changes in technology have shaped how corporate and retail businesses have evolved, and customers’ preferences have rapidly changed along with them. The advent of smart digital devices and social media has shaped how consumers interact and transact with their financial institutions over the past two decades. However, this transformation has just begun. With the rapid evolution of new technologies and customers' growing preference for digital engagement with financial institutions, organizations need to adapt and align with emerging technologies that support speed, accuracy, efficiency, and security in a user-friendly manner. Today, consumers want hyper-personalized interactions that are more frequent and proactive. Moreover, there is a growing need for financial institutions to cater to consumers' new demands. Financial institutions, such as banks, continuously adapt to the latest technologies and keep pace with evolving customer behaviors, needs, and experiences. One such emerging technology is artificial intelligence (AI). Many organizations realize the potential of AI, and they are keen to use its advantages with a human touch. However, a human-centered AI system must be capable of understanding human characteristics and making decisions that are similar to humans. This study aims to help banks to understand the importance of processing customer emotions and minds from the unstructured data captured from various Omni channels in order to develop full-fledged human-centered AI-enabled products and services with AI transparency by practicing a co-development mindset between the key stakeholders (Banks, IT vendors, and Focus Groups). This paper discusses a theoretical model to study the effects of human-centered AI and a framework developed to help financial institutions adapt and build effective AI-enabled products and services with a human touch for a better customer experience and assist in staying competent during their digital transformation journeys. 2022-04-01T07:00:00Z text https://ink.library.smu.edu.sg/etd_coll/401 Dissertations and Theses Collection (Open Access) eng Institutional Knowledge at Singapore Management University Artificial Intelligence Human-Centered Human Emotions AI Transparency Co-development Customer Experience Artificial Intelligence and Robotics Software Engineering Technology and Innovation
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Artificial Intelligence
Human-Centered
Human Emotions
AI Transparency
Co-development
Customer Experience
Artificial Intelligence and Robotics
Software Engineering
Technology and Innovation
spellingShingle Artificial Intelligence
Human-Centered
Human Emotions
AI Transparency
Co-development
Customer Experience
Artificial Intelligence and Robotics
Software Engineering
Technology and Innovation
OBUCHETTIAR, Arul Krishnaraj
Human-centered artificial intelligence: Creating a better customer experience In the banking sector
description Changes in technology have shaped how corporate and retail businesses have evolved, and customers’ preferences have rapidly changed along with them. The advent of smart digital devices and social media has shaped how consumers interact and transact with their financial institutions over the past two decades. However, this transformation has just begun. With the rapid evolution of new technologies and customers' growing preference for digital engagement with financial institutions, organizations need to adapt and align with emerging technologies that support speed, accuracy, efficiency, and security in a user-friendly manner. Today, consumers want hyper-personalized interactions that are more frequent and proactive. Moreover, there is a growing need for financial institutions to cater to consumers' new demands. Financial institutions, such as banks, continuously adapt to the latest technologies and keep pace with evolving customer behaviors, needs, and experiences. One such emerging technology is artificial intelligence (AI). Many organizations realize the potential of AI, and they are keen to use its advantages with a human touch. However, a human-centered AI system must be capable of understanding human characteristics and making decisions that are similar to humans. This study aims to help banks to understand the importance of processing customer emotions and minds from the unstructured data captured from various Omni channels in order to develop full-fledged human-centered AI-enabled products and services with AI transparency by practicing a co-development mindset between the key stakeholders (Banks, IT vendors, and Focus Groups). This paper discusses a theoretical model to study the effects of human-centered AI and a framework developed to help financial institutions adapt and build effective AI-enabled products and services with a human touch for a better customer experience and assist in staying competent during their digital transformation journeys.
format text
author OBUCHETTIAR, Arul Krishnaraj
author_facet OBUCHETTIAR, Arul Krishnaraj
author_sort OBUCHETTIAR, Arul Krishnaraj
title Human-centered artificial intelligence: Creating a better customer experience In the banking sector
title_short Human-centered artificial intelligence: Creating a better customer experience In the banking sector
title_full Human-centered artificial intelligence: Creating a better customer experience In the banking sector
title_fullStr Human-centered artificial intelligence: Creating a better customer experience In the banking sector
title_full_unstemmed Human-centered artificial intelligence: Creating a better customer experience In the banking sector
title_sort human-centered artificial intelligence: creating a better customer experience in the banking sector
publisher Institutional Knowledge at Singapore Management University
publishDate 2022
url https://ink.library.smu.edu.sg/etd_coll/401
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