AI-Driven Customer Insights: Personalizing Cardholder Experience in the Digital Era

Arunkumar Paramasivan

doi:10.5281/zenodo.14551557

AI-Driven Customer Insights: Personalizing Cardholder Experience in the Digital Era

Author(s)	Arunkumar Paramasivan
Country	India
Abstract	Retracing the use of Artificial Intelligence (AI) in the financial services industry, particularly in the credit card service, has eased the industry through a new level of personalization. Powered by large volumes of transactional and behavioral data, AI systems help issuers better understand customers and their lifestyles. This process employs sophisticated algorithms like micro and macro analyzing, whereby the behavior of customers in the future, based on previous ones, is predicted, and systems that offer specific products and services to specific customers are recommended. It also increases customer contact, which is a valuable way of creating and providing relevant services promptly in accordance with the customer’s desires. This has been facilitated by machine learning and deep learning to provide a powerful capability to enhance customer satisfaction and customer loyalty, enhancing the competitive advantage of financial institutions in the digital environment. However, such personalization is based on the application of AI to cardholders’ experience, and the perks come with a number of limitations and ethical questions. Because AI systems interrogate private customer data, issues concerning data protection, permission, and appropriate use of the customer’s information emerge. Issues such as instances where some demographic type is given a raw deal also come into play while dealing with a model, thus forcing issuers to consider model fairness and transparency in their systems. Also, the problem of customer trust emerges as a critical priority since customers become more informed and worried about their data. In this paper, the author focuses on the possible ways financial institutions can be used to harness AI to the advantage of the customers without violating the customers’ rights to privacy and trust.
Keywords	Artificial Intelligence, Customer Insights, Personalization, Cardholder Experience, Predictive Analytics, Financial Services, Data Privacy, Customer Trust.
Field	Computer > Artificial Intelligence / Simulation / Virtual Reality
Published In	Volume 5, Issue 3, March 2024
Published On	2024-03-05
Cite This	AI-Driven Customer Insights: Personalizing Cardholder Experience in the Digital Era - Arunkumar Paramasivan - IJLRP Volume 5, Issue 3, March 2024. DOI 10.5281/zenodo.14551557
DOI	https://doi.org/10.5281/zenodo.14551557
Short DOI	https://doi.org/g8wtcv

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AI-Driven Customer Insights: Personalizing Cardholder Experience in the Digital Era

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