Role of Artificial Intelligence (AI) based Customer Relationship Management (CRM) in Customer Retention: An Empirical Investigation for Fintech Organisations

Abstract

The present research work aims to recognise the use of Artificial Intelligence in Customer Relationship Management towards customer retention in the Fintech industry. Through this paper, we are going to understand the way the Fintech organizations interact with its customers to build a strong relationship.  However, it also examines how Artificial Intelligence-based CRM helps enhance the customer experience in the Fintech industry. Fintech companies provide personal financial services by installing AI tools and automation to support the customers and to follow the rules as well.  Using AI-based CRM helps an organisation study all data in real-time, predict customer needs, and connect with them as early as possible. Thereby, leading to enhanced customer satisfaction and loyalty. The study also showed that AI-based security systems improve customer satisfaction and their engagement in Fintech companies. This proves that these tools help build satisfaction, engagement, and loyalty among customers. The paper also concludes by sharing views about the challenges in using AI in CRM, and the future changes that may shape this growing area. A sample of 208 respondents from the CRM department was surveyed to determine the factors that show different roles of AI-based CRM in customer retention, and also to know the impact of AI-based CRM on customer retention. The results indicate that there is a significant impact of AI-based CRM on customer retention.