Unveiling the future: how Sri Lanka's banking sector is leveraging AI-powered applications for enhancing customer experience
Uddeniye Gedera, Dilusha; Herath, Nalinda Bandara (2024)
2024
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2024060420511
https://urn.fi/URN:NBN:fi:amk-2024060420511
Tiivistelmä
This study is done with the purpose of identifying and improving the use of AI-Powered applications to enhance customer experience in the Sri Lankan banking sector. This study aims to make recommendations to improve the use of AI-powered applications to enhance customer experience in the Sri Lankan banking sector. A comprehensive literature review was done to identify the theoretical background related to the objectives of the study.
This study followed a qualitative method. The research approach used in this study was abductive method. The researcher used semi-structured interviews to collect primary data. Purposeful snowballing sampling technique was adapted. The sample size was six top level managers and 12 operational level managers in different banks in the Colombo district with over10 years of experience in the industry. Thematic analysis was done covering the themes of types of AI powered applications used, methods to enhance customer journey, challenges and opportunities related to AI-powered applications and methods to improve the use of AI-powered applications for customer experience management.
The findings revealed that Sri Lankan banks are increasingly using chat bots and fraud detection AIs. Sri Lankan banks believe that it is important to ensure security, and accuracy and efficiency in operations can be achieved through the adoption of Ais,which increases the customer experience. However, it incurs higher costs of implementation and maintenance, which is a great challenge. It was recommended that it is important to invest in training, collaborating with Fintech innovators, and continuous investment in AI capabilities to improve the customer experience in banking.
This study followed a qualitative method. The research approach used in this study was abductive method. The researcher used semi-structured interviews to collect primary data. Purposeful snowballing sampling technique was adapted. The sample size was six top level managers and 12 operational level managers in different banks in the Colombo district with over10 years of experience in the industry. Thematic analysis was done covering the themes of types of AI powered applications used, methods to enhance customer journey, challenges and opportunities related to AI-powered applications and methods to improve the use of AI-powered applications for customer experience management.
The findings revealed that Sri Lankan banks are increasingly using chat bots and fraud detection AIs. Sri Lankan banks believe that it is important to ensure security, and accuracy and efficiency in operations can be achieved through the adoption of Ais,which increases the customer experience. However, it incurs higher costs of implementation and maintenance, which is a great challenge. It was recommended that it is important to invest in training, collaborating with Fintech innovators, and continuous investment in AI capabilities to improve the customer experience in banking.