AI helps banks succeed amidst the keen competition in this sector. Achieving the full potential of AI in the banking industry is one of the main focuses of FinTech 2025 (HKMA 2022).īy incorporating AI into business processes, banks can provide seamless, digitalized financial services to meet customer demand. In line with global trends, the Hong Kong Monetary Authority (HKMA), the de facto central bank of Hong Kong, formulated the FinTech 2025 strategic framework with the goal of assisting the banking industry in fully implementing financial technology by 2025 (HKMA 2021). AI can substantially enhance banks’ ability to achieve greater profits, service personalization, distinctive omnichannel experiences, and rapid innovation cycles (Biswas et al. The study will help retail banks to design AI marketing activities and formulate better marketing and branding strategies for customer acquisition and retention.Īmong the many new technologies in recent years, artificial intelligence (AI) has become critical for the banking industry, and many banks around the world are integrating their operations with AI. Brand experience also mediated the relationship between AI marketing efforts and brand preference. Among AI marketing efforts, information, accessibility and customization exerted influences on brand experience, while interaction had no significant impact on it.
The findings indicate that AI marketing efforts affected brand experience, brand preference, and repurchase intention. Structural equation modeling was used to analyze 300 responses collected from a questionnaire survey of Generation Z subjects. Based on the stimulus–organism–response model, this study examined the influence of AI on brand preference for retail banks in Hong Kong. AI is crucial for offering better customer experiences, which strengthen the consumer–brand relationship and brand differentiation. Artificial intelligence (AI) technologies are increasingly integral to our world, as they serve as the foundation for new value propositions and distinctive customer experiences.
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