1. Home
  2. Vol 8, No 6 (2024)
  3. Kondybayeva

A New Concept of Transforming Service: Impact of Generative Voice Chatbots on Customer Satisfaction and Banking Industry Productivity

Saltanat Kondybayeva, Meruyert Daribayeva, Raffaele Fiume, Symbat Abilda, Olga Staroverova, Vadim Ponkratov, Larisa Vatutina, Galina Shapoval, Elena Mikhina, Irina Nikolaeva

Abstract


This study examines the impact of implementing generative AI voice chatbots on customer expectations and satisfaction in the banking sectors of Kazakhstan, Russia, and Italy. To achieve this objective, this study conducted a survey of 253 customers from 35 commercial banks in Kazakhstan, Russia, and Italy from November 2023 to early April 2024. This study employed partial least squares structural equation modelling (PLS-SEM) to assess and validate the validity and reliability of the research model. The study integrates the Expectation Confirmation Model with AI components to analyze factors influencing customer satisfaction with AI-enabled digital banking services. Key findings indicate that expectation confirmation, perceived performance, visual attractiveness, problem-solving capabilities, and communication quality significantly affect customer satisfaction with AI chatbots. However, trendiness and customization features showed minimal impact. The research also explores how customer satisfaction and corporate reputation influence chatbot adoption. Additionally, the study investigates the relationship between chatbot adoption and productivity performance in banking operations. The study provides several policy recommendations, including enhancing perceived performance, expectation confirmation, communication quality, visual attractiveness, and corporate reputation, which can improve customer satisfaction and increase confidence in generative AI voice chatbots in the digital banking industry.

 

Doi: 10.28991/ESJ-2024-08-06-09

Full Text: PDF


Keywords


Generative Voice Chatbots; Banks; Artificial Intelligence; Productivity; Customer Satisfaction; Bank Performance; Customer Expectation; Customer Focus; Distant Bank Customer Support Service.

References


Rahman, M., Ming, T. H., Baigh, T. A., & Sarker, M. (2023). Adoption of artificial intelligence in banking services: an empirical analysis. International Journal of Emerging Markets, 18(10), 4270–4300. doi:10.1108/IJOEM-06-2020-0724.

NBRK. (2024). Artificial Intelligence in the Financial Market of Kazakhstan. National Bank of Kazakhstan, Astana, Kazakhstan. Available online: https://nationalbank.kz/ru/news/informacionnye-soobshcheniya/16693 (accessed on November 2024).

Zaborovskaya, A., Gruzdeva, K., Borzemska, M., Kniazeva, E., & Klimenko, M. (2021). Russian Banking Sector under the Influence of Fintech Innovations. Proceedings of the XV International Conference “Russian Regions in the Focus of Changes” (ICRRFC 2020), 162. doi:10.2991/aebmr.k.210213.008.

Arnaudo, D., Del Prete, S., Demma, C., Manile, M., Orame, A., Pagnini, M., Rossi, C., Rossi, P., & Soggia, G. (2022). The digital transformation in the Italian banking sector. Bank of Italy - No. 682, Rome, Italy.

Giornalettismo (2023). Banks and AI: Which Ones Use It and How They Say They Use It. Giornalettismo, Genova, Italy. Available online: https://www.giornalettismo.com/banche-e-ai-istituti-usano-intelligenza-artificiale/ (accessed on July 2024).

Smirnov, N. (2024). VTB: Chatbot with AI inside. Director of Information Services, Moscow, Russia. Available online: https://cio.osp.ru/articles/040324-VTB-chat-bot-s-II-vnutri (accessed on November 2024).

Vasiljeva, M. V., Semin, A. N., Ponkratov, V. V., Kuznetsov, N. V., Kostyrin, E. V., Semenova, N. N., Ivleva, M. I., Zekiy, A. O., Ruban-Lazareva, N. V., Elyakov, A. L., & Muda, I. (2023). Impact of Corporate Social Responsibility on the Effectiveness of Companies’ Business Activities. Emerging Science Journal, 7(3), 768–790. doi:10.28991/ESJ-2023-07-03-08.

Kasilingam, D. L. (2020). Understanding the attitude and intention to use smartphone chatbots for shopping. Technology in Society, 62, 101280. doi:10.1016/j.techsoc.2020.101280.

Huang, D., Markovitch, D. G., & Stough, R. A. (2024). Can chatbot customer service match human service agents on customer satisfaction? An investigation in the role of trust. Journal of Retailing and Consumer Services, 76, 103600. doi:10.1016/j.jretconser.2023.103600.

Banerjee, S., Agarwal, A., Ghosh, P., & Bar, A. K. (2024). Boosting Workplace Well-Being: A Novel Approach with a Mental Health Chatbot for Employee Engagement and Satisfaction. American Journal of Artificial Intelligence, 8, 5–12. doi:10.11648/j.ajai.20240801.12.

Paluch, S., & Wittkop, T. (2023). Role of Risk on Employees’ Willingness to Collaborate with Artificial Intelligence and Its Impact on Wellbeing. Artificial Intelligence in Customer Service: The Next Frontier to Personalized Engagement, 281–302. doi:10.1007/978-3-031-33898-4_12.

Borges, A. F. S., Laurindo, F. J. B., Spínola, M. M., Gonçalves, R. F., & Mattos, C. A. (2021). The strategic use of artificial intelligence in the digital era: Systematic literature review and future research directions. International Journal of Information Management, 57, 102225. doi:10.1016/j.ijinfomgt.2020.102225.

Hsu, C. L., & Lin, J. C. C. (2023). Understanding the user satisfaction and loyalty of customer service chatbots. Journal of Retailing and Consumer Services, 71, 103211. doi:10.1016/j.jretconser.2022.103211.

Tamara, C. A. J., Tumbuan, W. J. F. A., & Gunawan, E. M. (2023). Chatbots in E-Commerce: a Study of Gen Z Customer Experience and Engagement – Friend or Foe? Jurnal EMBA : Jurnal Riset Ekonomi, Manajemen, Bisnis Dan Akuntansi, 11(3), 161–175. doi:10.35794/emba.v11i3.49501.

Priya, P. K., Rudra, K., Kandula, D. S., Teja, G. C., & Venkata Koushik Reddy, K. (2023). An innovative analysis of AI-powered automation techniques for business management. Toward Artificial General Intelligence: Deep Learning, Neural Networks, Generative AI, 269–286. doi:10.1515/9783111323749-013.

Gamboa-Cruzado, J., Carbajal-Jiménez, P., Romero-Villón, M., Mujica Ruiz, O. H., Lalupu, J. C., & Miranda, M. C. (2022). Chatbots for Customer Service: a Comprehensive Systematic Literature Review. Journal of Theoretical and Applied Information Technology, 100(19), 5587–5598.

Kumar, T. D. M. (2024). Assessment of the Relationship between Foreign Direct Investment in India and the Top-5 GDP Countries: a Panel Study. Istanbul Journal of Social Sciences and Humanities, 2(1), 43–50. doi:10.62185/issn.3023-5448.2.1.4.

Fgaier, M., & Zrubka, Z. (2022). Cost-effectiveness of using chatbots in healthcare: a systematic review. IEEE Joint 22nd International Symposium on Computational Intelligence and Informatics and 8th International Conference on Recent Achievements in Mechatronics, Automation, Computer Science and Robotics, CINTI-MACRo 2022 - Proceedings, 305–310. doi:10.1109/CINTI-MACRo57952.2022.10029478.

Babatunde Adeyeri, T. (2024). Economic Impacts of AI-Driven Automation in Financial Services. International Journal of Scientific Research and Management (IJSRM), 12(07), 6779–6791. doi:10.18535/ijsrm/v12i07.em07.

Ding, C., Liu, C., Zheng, C., & Li, F. (2022). Digital economy, technological innovation and high-quality economic development: Based on spatial effect and mediation effect. Sustainability (Switzerland), 14(1), 216. doi:10.3390/su14010216.

Solakis, K., Katsoni, V., Mahmoud, A. B., & Grigoriou, N. (2024). Factors affecting value co-creation through artificial intelligence in tourism: a general literature review. Journal of Tourism Futures, 10(1), 116–130. doi:10.1108/JTF-06-2021-0157.

Mi Alnaser, F., Rahi, S., Alghizzawi, M., & Ngah, A. H. (2023). Does artificial intelligence (AI) boost digital banking user satisfaction? Integration of expectation confirmation model and antecedents of artificial intelligence enabled digital banking. Heliyon, 9(8), e18930. doi:10.1016/j.heliyon.2023.e18930.

Kaur, R., Dharmadhikari, S. P., & Khurjekar, S. (2024). Assessing the customer adoption and perceptions for AI-driven sustainable initiatives in Indian banking sector. Environment and Social Psychology, 9(5), 1934. doi:10.54517/esp.v9i5.1934.

Pillai, R., Ghanghorkar, Y., Sivathanu, B., Algharabat, R., & Rana, N. P. (2024). Adoption of artificial intelligence (AI) based employee experience (EEX) chatbots. Information Technology and People, 37(1), 449–478. doi:10.1108/ITP-04-2022-0287.

Bhat, M. N., Ikram, F., & Rahman, M. N. (2024). Foreign direct investment and imports in India: Exploring institutional dimensions. Journal of the Knowledge Economy, 15(1), 1386-1417. doi:10.1007/s13132-023-01136-9.

Hariguna, T., & Ruangkanjanases, A. (2024). Assessing the impact of artificial intelligence on customer performance: A quantitative study using partial least squares methodology. Data Science and Management, 7(3), 155–163. doi:10.1016/j.dsm.2024.01.001.

Xu, J., Wang, H., Zhong, Y., Qin, L., & Cheng, Q. (2024). Predict and Optimize Financial Services Risk Using AI-driven Technology. Academic Journal of Science and Technology, 10(1), 299-304. doi:10.54097/6zrqef25.

Yadav, V., Verma, P., & Katiyar, V. (2023). Long short term memory (LSTM) model for sentiment analysis in social data for e-commerce products reviews in Hindi languages. International Journal of Information Technology (Singapore), 15(2), 759–772. doi:10.1007/s41870-022-01010-y.

Turnadžić, T., Peštek, A., & Činjarević, M. (2024). The Role of Social Factors in the Acceptance of Artificial Intelligence-Based Services: the Example of the Banking Sector of Bosnia and Herzegovina. South East European Journal of Economics and Business, 19(1), 145–158. doi:10.2478/jeb-2024-0010.

Sachdeva, K., & Dhingra, M. (2024). Role of Bank Chatbots in Managing Business during Crisis: A Study of Customers’ Perceptions of ICICI Bank and SBI Bank. Building Resilience in Global Business During Crisis: Perspectives from Emerging Markets, 38–57. doi:10.4324/9781032719870-4.

Bialkova, S. (2024). Chatbot Efficiency—Model Testing. The Rise of AI User Applications, 75–92. doi:10.1007/978-3-031-56471-0_5.

Rane, N., Choudhary, S., & Rane, J. (2024). Artificial Intelligence (AI), Internet of Things (IoT), and blockchain-powered chatbots for improved customer satisfaction, experience, and loyalty. SSRN Electronic Journal, 1-16. doi:10.2139/ssrn.4847274.

Makudza, F., Jaravaza, D. C., Makandwa, G., & Mukucha, P. (2024). Disruptive artificial intelligence: Augmenting consumer experience through chatbot banking. Digital Influence on Consumer Habits: Marketing Challenges and Opportunities, 1–18. doi:10.1108/978-1-80455-342-820241001.

Ltifi, M. (2024). Do Consumers Favor a Social Presence When Using Voice Chatbots? Advances in Digital Marketing in the Era of Artificial Intelligence, 236–252. doi:10.1201/9781003450443-15.

Naqvi, M. H. A., Hongyu, Z., Naqvi, M. H., & Kun, L. (2024). Impact of service agents on customer satisfaction and loyalty: mediating role of Chatbots. Journal of Modelling in Management, 19(2), 470–491. doi:10.1108/JM2-01-2023-0004.

Yoganathan, V., & Osburg, V. S. (2024). The mind in the machine: Estimating mind perception’s effect on user satisfaction with voice-based conversational agents. Journal of Business Research, 175, 114573. doi:10.1016/j.jbusres.2024.114573.

Humairoh, H., Limakrisna, N., & Moeins, A. (2024). Intelligent Banking Chatbot: Intention to Continue Through Millennial Customer Satisfaction in Indonesia Using the TAM Method. Dinasti International Journal of Economics, Finance & Accounting, 4(6), 816–827. doi:10.38035/dijefa.v4i6.2277.

Selwin, S., Saseendran, H., Vemavarapu, K. R., Shaikh, I., Shaikh, Z. H., & Harris, S. B. (2024). Ai-driven employee engagement: Transforming banking workforce dynamics using the BEULA model. Studies in Systems, Decision and Control, 525, 413–428. doi:10.1007/978-3-031-54383-8_32.

Giordani, J. (2024). Mitigating Chatbots AI Data Privacy Violations in the Banking Sector: A Qualitative Grounded Theory Study. European Journal of Applied Science, Engineering and Technology, 2(4), 14–65. doi:10.59324/ejaset.2024.2(4).02.

Salem, M. (2024). Use of Chatbots and Its Role in Enhancing Customer Experience: a Study of the Banking Industry. Studies in Managerial and Financial Accounting, Vol. 36, 107–114. doi:10.1108/S1479-351220240000036010.

Rezvani, M. Q., Choudhary, N., Mangal, U., Kamranullah, Chandel, J. K., & Vashisht, S. (2024). Application of artificial intelligence: Organizational commitment and productivity in Indian banking sector. Multidisciplinary Science Journal, 6, 413. doi:10.31893/multiscience.2024ss0413.

Al Naqbi, H., Bahroun, Z., & Ahmed, V. (2024). Enhancing Work Productivity through Generative Artificial Intelligence: A Comprehensive Literature Review. Sustainability (Switzerland), 16(3), 1166. doi:10.3390/su16031166.

Chen, L., & Huo, C. (2022). The Measurement and Influencing Factors of High-Quality Economic Development in China. Sustainability (Switzerland), 14(15), 9293. doi:10.3390/su14159293.

Greenan, P. (2023). Unleashing potential: Exploring generative AI’s role in banking. KMPG, Amstelveen, Netherlands. Available online: https://kpmg.com/xx/en/our-insights/ai-and-technology/unleashing-potential-exploring-generative-ai-role-in-banking.html (accessed on November 2024).

Shekshueva, S. V, & Tatyanin, G. V. Introduction of chatbots with artificial intelligence into remote banking services as a way to increase the competitiveness of a commercial bank. Modern science-intensive technologies. Regional Application, 3(75), 47–51.

Fedoseeva, S. M., & Vasilyev, I. I. Chatbots and robo-advising in banking. Financial Markets and Banks, 11, 176–180.

Gigante, G., & Zago, A. (2023). DARQ technologies in the financial sector: artificial intelligence applications in personalized banking. Qualitative Research in Financial Markets, 15(1), 29–57. doi:10.1108/QRFM-02-2021-0025.

WAHBI, A., KHADDOUJ, K., & LAHLIMI, N. (2023). Study of the relationship between chatbot technology and customer experience and satisfaction. International Journal of Accounting, Finance, Auditing, Management and Economics, 4(6–1), 758–771. doi:10.5281/ZENODO.10442472.

Jaiwant, S. V. (2021). Artificial Intelligence and Personalized Banking. Handbook of Research on Innovative Management Using AI in Industry 5.0, IGI Global, 74–87. doi:10.4018/978-1-7998-8497-2.ch005.

Husain, A. R. A. M., Hamdan, A., & Fadhul, S. M. (2022). The Impact of Artificial Intelligence on the Banking Industry Performance. Studies in Computational Intelligence, 1037, 145–156. doi:10.1007/978-3-030-99000-8_8.

Bălan, C. (2023). Chatbots and Voice Assistants: Digital Transformers of the Company–Customer Interface—A Systematic Review of the Business Research Literature. Journal of Theoretical and Applied Electronic Commerce Research, 18(2), 995–1019. doi:10.3390/jtaer18020051.

Rana, R., & Hatibaruah, P. Das. (2023). Revolutionizing customer service and experience: The impact of artificial intelligence. Leveraging AI and Emotional Intelligence in Contemporary Business Organizations, 253–275. doi:10.4018/979-8-3693-1902-4.ch015.

Agnihotri, A., & Bhattacharya, S. (2024). Chatbots’ effectiveness in service recovery. International Journal of Information Management, 76, 102679. doi:10.1016/j.ijinfomgt.2023.102679.

Ramli, N. A., Latan, H., & Nartea, G. V. (2018). Why should PLS-SEM be used rather than regression? Evidence from the capital structure perspective. International Series in Operations Research and Management Science, 267, 171–209. doi:10.1007/978-3-319-71691-6_6.

Hair, J., & Alamer, A. (2022). Partial Least Squares Structural Equation Modeling (PLS-SEM) in second language and education research: Guidelines using an applied example. Research Methods in Applied Linguistics, 1(3), 100027. doi:10.1016/j.rmal.2022.100027.

Cheung, G. W., Cooper-Thomas, H. D., Lau, R. S., & Wang, L. C. (2024). Reporting reliability, convergent and discriminant validity with structural equation modeling: A review and best-practice recommendations. Asia Pacific Journal of Management, 41(2), 745–783. doi:10.1007/s10490-023-09871-y.

Henseler, J. (2012). Why generalized structured component analysis is not universally preferable to structural equation modeling. Journal of the Academy of Marketing Science, 40(3), 402–413. doi:10.1007/s11747-011-0298-6.

Franke, G., & Sarstedt, M. (2019). Heuristics versus statistics in discriminant validity testing: a comparison of four procedures. Internet Research, 29(3), 430–447. doi:10.1108/IntR-12-2017-0515.

Sharma, S., Mukherjee, S., Kumar, A., & Dillon, W. R. (2005). A simulation study to investigate the use of cutoff values for assessing model fit in covariance structure models. Journal of Business Research, 58(7), 935–943. doi:10.1016/j.jbusres.2003.10.007.

Jain, V., & Raj, T. (2013). Evaluating the variables affecting flexibility in FMS by exploratory and confirmatory factor analysis. Global Journal of Flexible Systems Management, 14(4), 181–193. doi:10.1007/s40171-013-0042-9.

James, B. V., Joseph, D., & Daniel, N. (2024). Young adults’ experience of housing and real estate chatbots in India: effort expectancy moderated model. International Journal of Housing Markets and Analysis, 17(4), 1050–1066. doi:10.1108/IJHMA-01-2023-0004.

Bakshi, S. S., Jaiswal, R. K., & Jaiswal, R. (2021). Efficiency Check Using Cointegration and Machine Learning Approach: Crude Oil Futures Markets. Procedia Computer Science, 191, 304–311. doi:10.1016/j.procs.2021.07.038.

Xie, C., Wang, Y., & Cheng, Y. (2024). Does Artificial Intelligence Satisfy You? A Meta-Analysis of User Gratification and User Satisfaction with AI-Powered Chatbots. International Journal of Human-Computer Interaction, 40(3), 613–623. doi:10.1080/10447318.2022.2121458.

Wahab, H. A. (2023). Exploring the effect of AI Chatbots on Customer experience, Satisfaction and Advocacy: New Evidence from the Banking sector in Egypt. التجارة والتمويل, 43(2), 116–146. doi:10.21608/caf.2023.303703.

Srivastava, M., Rao, A., Parihar, J. S., Chavriya, S., & Singh, S. (2023). What do the AI methods tell us about predicting price volatility of key natural resources: Evidence from hyperparameter tuning. Resources Policy, 80, 103249. doi:10.1016/j.resourpol.2022.103249.

Ge, L., Du, T., Li, C., Li, Y., Yan, J., & Rafiq, M. U. (2022). Virtual Collection for Distributed Photovoltaic Data: Challenges, Methodologies, and Applications. Energies, 15(23), 8783. doi:10.3390/en15238783.

Rege, A. (2023). The Impact of Artificial Intelligence on the SupplyChain in the Era of Data Analytics. International Journal of Computer Trends and Technology, 71(1), 28–39. doi:10.14445/22312803/ijctt-v71i1p105.

Streukens, S., & Leroi-Werelds, S. (2016). Bootstrapping and PLS-SEM: A step-by-step guide to get more out of your bootstrap results. European Management Journal, 34(6), 618–632. doi:10.1016/j.emj.2016.06.003.

Uddeniye Gedera, D., & Nalinda, W. (2024). Unveiling the future: how Sri Lanka’s banking sector is leveraging AI-powered applications for enhancing customer experience. Kajaani University of Applied Sciences, Kajaani, Finland.

Choudhary, S., Kaushik, N., Sivathanu, B., & Rana, N. P. (2024). Assessing Factors Influencing Customers’ Adoption of AI-Based Voice Assistants. Journal of Computer Information Systems, 1–18. doi:10.1080/08874417.2024.2312858.

Dewasiri, N. J., Karunarathna, K. S. S. N., Hansini Rathnasiri, M. S., Dharmarathne, D. G., & Sood, K. (2024). Unleashing the challenges of chatbots and ChatGPT in the Banking Industry: Evidence from an emerging economy. The Framework for Resilient Industry: A Holistic Approach for Developing Economies, 23–37. doi:10.1108/978-1-83753-734-120241002.

Ekechi, C. C., Chukwurah, E. G., Oyeniyi, L. D., & Okeke, C. D. (2024). AI-infused chatbots for customer support: a cross-country evaluation of user satisfaction in the USA and the UK. International Journal of Management & Entrepreneurship Research, 6(4), 1259-1272. doi:10.51594/ijmer.v6i4.1057.

Niu, B., & Mvondo, G. F. N. (2024). I Am ChatGPT, the ultimate AI Chatbot! Investigating the determinants of users' loyalty and ethical usage concerns of ChatGPT. Journal of Retailing and Consumer Services, 76, 103562. doi:10.1016/j.jretconser.2023.103562.

Ullah, A., & Pizzichini, L. (2023). Impact of Artificial Intelligence on Customer Experience : A mixed-methods approach to study the impact of Artificial Intelligence on Customer Experience with Voice of Customer as the mediator. . Jönköping University, Jönköping, Sweden.

Kossymbayeva, Z. & Temirbulatova, D. (2024). AI-Driven Marketing Advancements: the perspective of AI implementation in Kazakhstani digital marketing (Bachelor Thesis), M. Narikbayev KAZGUU University, Astana, Kazakhstan.

Semin, A., Vasiljeva, M., Sokolov, A., Kuznetsov, N., Maramygin, M., Volkova, M., Zekiy, A., Elyakova, I., & Nikitina, N. (2020). Improving early warning system indicators for crisis manifestations in the Russian economy. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 1–21. doi:10.3390/joitmc6040171.

Park, Y., Kim, J., Jiang, Q., & Kim, K. H. (2024). Impact of artificial intelligence (AI) chatbot characteristics on customer experience and customer satisfaction. Journal of Global Scholars of Marketing Science: Bridging Asia and the World, 34(3), 439–457. doi:10.1080/21639159.2024.2362654.

Rane, N. (2023). Enhancing Customer Loyalty through Artificial Intelligence (AI), Internet of Things (IoT), and Big Data Technologies: Improving Customer Satisfaction, Engagement, Relationship, and Experience. SSRN Electronic Journal. doi:10.2139/ssrn.4616051.

Huong, T. T. T., Hanh, N. T., Trang, H. T. D., & Chi, N. T. K. (2023). The impact of AI chatbots on customer experience in online retailing in an emerging economy. International Journal of Process Management and Benchmarking, 15(2), 182–197. doi:10.1504/IJPMB.2023.133154.

Sagitova, G. K., & Mukhamedzhanova, G. S. (2020). Prospects and features of the development chat-bot as a simple and convenient method of obtaining information. Herald of the Kazakh-British Technical University, 17(1), 164–169.


Full Text: PDF

DOI: 10.28991/ESJ-2024-08-06-09

Refbacks

  • There are currently no refbacks.