Enhancing CRM Systems with AI-Driven Data Analytics for Financial Services
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Abstract
This research paper is aimed to provide the analysis of the phenomenon of artificial intelligence and data analytics in the context of the financial services industry with focus on the incorporation of these two concepts in Customer Relationship Management systems. The work takes a detailed look at the present and the contemporary developments in the field of CRM systems, the immense opportunities of applying artificial intelligences in the field of customer analytics, as well as the complex issues of implementation. In the case study, analysing machine learning algorithms, natural language processing, and complex predictive analyses, I show how AI improves customer information and personalisation operations, as well as decision-making. Lack of hard evidence of the performance of the AI-CRM system is an area that needs some improvement, Real-life examples taken from retail banking, wealth management businesses, and insurance industries show the effective adoption of the AI -CRM system. The research also incorporates invaluable questions concerning data privacy, compliance, and the ethical use of AI in the financial service industry. Last but not the least, it speaks about the current trends and offers a literature-backed guideline for the financial service providers who want to use the AI in the CRM and create possibilities for the future of the AI in the CRM system.
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