Customers’ retention in banking sector through artificial intelligence.

Customers’ retention in banking sector through artificial intelligence.

Mr. Antonio Isacco Latronico

Banco BPM S.p.A.

ABSTRACT

Customers are the strategic target of any bank. However, customers’ retention is not the main focus of most of the banks’ employees. Life inside a bank branch is not as easy as we can imagine. Line employees shortage and mergers on the horizon put a lot of pressure, therefore many bankers lost their targets and their focus on customers. The bigger the Bank the harder people’s management. Focus on customers is strategic, especially during mergers, when the customers are prone to change banks, due to fear on running into the so-called “Bail in”. Economic crisis, coronavirus pandemic are accentuating the problem and the need to retain customers. Customised experience and effective customer support are the main factors for choosing a bank. Therefore, providing a truly omnichannel customer journey, which integrates assistance at every step, is crucial for banks to improve the relationship with the customer, build personalized and lasting relationships and gain a competitive advantage. The challenge for brands is to make a cultural and technological leap, taking advantage of Big data and advanced analytics tools and pushing on CRM systems and on automation and artificial intelligence technologies to unify all customer data and contact channels and establish a constant dialogue with the consumer.

KEYWORDS

Banking; Artificial Intelligence; Customer retention.

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