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Leveraging conversational AI to better enable the customer journey: A practical guide to deploying chatbots at financial institutions
Journal of Digital Banking,
7
(1),
28-36
(2022)
Abstract
The global conversational artificial intelligence (AI) market size is projected to grow from US$6.8bn in 2021 to US$18.4bn by 2026, at a compound annual growth rate (CAGR) of 21.8 per cent during the forecast period. The major factors driving the growth of the conversational AI market are the increasing demand for AI-powered customer support services, omnichannel deployment and reduced chatbot development costs. This paper explores the practical application of leveraging the conversational AI market to advance customer service initiatives and enhance the customer journey.
Keywords: conversational AI; artificial intelligence; virtual assistants; chatbots; customer experience; digital experience
The full article is available to subscribers to the journal.
Author's Biography
Benjamin Maxim joined Michigan State University Federal Credit Union (MSUFCU) in 2007 and currently serves in a dual role as Vice President of Digital Strategy and Innovation for MSUFCU and as Chief Technology Officer for MSUFCU’s wholly owned CUSO Reseda Group and its subsidiaries Spave and Ever Green 3C. He is responsible for assessing emerging business trends and technologies, providing strategic direction for existing and future digital channels and facilitating innovation throughout the Credit Union, including leading their innovation centre, The Lab at MSUFCU. He is also responsible for the technology and product pillars of Reseda Group and its subsidiaries, including Spave, a financial wholeness FinTech, and Ever Green 3C, a financial education and consulting CUSO. Maxim began work as a web developer, and in 2014 he became e-commerce manager before moving into roles including assistant vice president of programming and development and assistant vice president of software development. He earned a bachelor’s degree from Michigan State University and a professional certificate in Innovation & Entrepreneurship from Stanford University.
