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Managers' understanding of artificial intelligence in relation to marketing financial services: insights from a cross-country study

Emmanuel Mogaji (Department of Marketing, Events and Tourism, University of Greenwich, London, UK) (University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam)
Nguyen Phong Nguyen (School of Accounting, University of Economics Ho Chi Minh City, Ho Chi Minh City, Vietnam)

International Journal of Bank Marketing

ISSN: 0265-2323

Article publication date: 30 December 2021

Issue publication date: 1 September 2022

3945

Abstract

Purpose

Given that managers play a crucial role in developing and deploying AI for marketing financial services, this study was aimed at better understanding their awareness regarding AI and the challenges they are facing in providing the attendant technologies, as well as highlighting key stakeholders and their collaborative efforts in providing financial services.

Design/methodology/approach

Exploratory, inductive research design. The data was gathered through semi-structured interviews with 47 bank managers in both developed and developing countries, including the United Kingdom, Canada, Nigeria and Vietnam.

Findings

Managers are aware of the prospects of AI and are making efforts to address AI as a business need but find that there often exist certain challenges in accelerating AI adoption. The study also presents a conceptual framework of AI in relation to financial service marketing, which captures and highlights the interactions among the customers, banks and external stakeholders, as well as the regulators.

Research limitations/implications

Banks must understand their business objectives, the available resources and the needs of their customers. Managers should keep the ethical implications of their working relationships in mind when selecting a team or collaborating with partners. In addition, managers should be trained and assisted in comprehending AI in relation to financial services, while the regulators must be involved in the development of AI for financial service marketing. Finally, it is critical to communicate the prospects for AI to consumers.

Originality/value

This study provides empirical insight into the opportunities, prospects and challenges pertaining to the use of AI in the area of financial service marketing. It also specifically calls into question certain preconceptions regarding AI and its role in financial services, the chatbots adopted for financial service delivery and the role of marketing managers in developing AI.

Keywords

Acknowledgements

This study was funded by the University of Economics Ho Chi Minh City under Grant Number 2021-09-26-0594.

Citation

Mogaji, E. and Nguyen, N.P. (2022), "Managers' understanding of artificial intelligence in relation to marketing financial services: insights from a cross-country study", International Journal of Bank Marketing, Vol. 40 No. 6, pp. 1272-1298. https://doi.org/10.1108/IJBM-09-2021-0440

Publisher

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Emerald Publishing Limited

Copyright © 2021, Emerald Publishing Limited

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