Page 24 - Banking Finance October 2024

ARTICLE

fresh yet relevant outputs, often looking human-made. decisions is essential for effective marketing strategies,
Unlike regular AI rules, Generative AI uses deep learning and Generative AI is key in extracting valuable insights
and neural networks to understand patterns, and mimic from large amounts of data. Banks utilize AI-powered
those to produce content that makes sense and fits what's analytics tools to better understand customer behaviour,
needed. market trends, and competitor strategies. This allows
them to refine their marketing campaigns and optimize
For marketing, Generative AI has many awesome uses their investments.
that change how brands connect with people. Some of the
Key applications include: AI Transforming Indian Banking:
Content Creation: Generative AI can make a wide In our country, banks face intense competition and
range of marketing content, such as blog posts, social customers have rapidly evolving expectations. Indian
media updates, and product descriptions. By studying banks are using Generative AI in their marketing to gain
existing content and customer preferences, it can produce an advantage and provide better customer experiences.
engaging and relevant material quickly, saving time and Here are some ways Generative AI is transforming
resources needed for content creation. marketing strategies in Indian banks:

Personalization: One of the biggest advantages of Indian banks have a large customer base with diverse
Generative AI is its ability to tailor marketing campaigns financial needs. They are using Generative AI to analyse
based on individual customer preferences and behaviour. customer data like transaction history, spending patterns,
By analysing lots of data, including purchase history, and life events. This allows them to identify the right
browsing patterns, and personal details, banks can create products and services for each customer, boosting cross-
highly targeted offers and suggestions customized for each selling and upselling.
customer's needs.
Generative AI can further help Banks create more
Visual Marketing: Visual content plays a vital role in personal emails for their customers. By studying
marketing, especially in industries like banking where customers' past transactions, spending habits, and
trust and reputation are crucial. Generative AI can create background data, banks can customize email content to
high-quality images, videos, and graphics that align with match each person's preferences. These personalized
the brand's identity and connect with the target audience. messages improve the customer experience, which boosts
From personalized ads to interactive infographics, banks engagement and loyalty. In addition to that Generative
can effectively use visual content to enhance their AI lets banks automate email campaigns efficiently,
marketing efforts. saving time and money while keeping the content
relevant. With personalized emails, Banks can strengthen
Customer Service: Beyond traditional marketing customer bonds, build brand loyalty, and drive business
channels, Generative AI can also improve customer growth effectively.
service experiences. AI-powered chatbots can provide
instant support, answer questions, and even assist with Social media is a powerful tool for banks to reach and
account management tasks, leading to better customer engage with customers, especially younger ones. Indian
satisfaction and retention. Generative AI is transforming banks are using Generative AI to create compelling social
customer service by improving user experience through media content, like posts, videos, and interactive
natural conversations and understanding the context. AI experiences, to connect effectively with their audience.
and predictive analytics are transforming customer service By understanding trending topics and consumer
by anticipating needs and behaviours, leading to highly preferences, banks can stay relevant and maintain an
customized experiences. active presence on social media. Generative AI helps
banks gain insights into social media behaviour to
Customer Insights and Analytics: Using data to make personalize their product offerings effectively. By

22 | 2024 | OCTOBER | BANKING FINANCE