International Journal of Information Management Data Insights 1 (2021) 100026

Contents lists available at ScienceDirect

International Journal of Information Management Data

Insights
journal homepage: www.elsevier.com/locate/jjimei

Developing banking intelligence in emerging markets: Systematic review

and agenda
Arjun R a,∗, Abhisek Kuanr b, Suprabha KR c
a
School of Computer Science and Engineering, Vellore Institute of Technology, Vellore, 632 014, India
b
Jindal Global Business School (NCR, Delhi), O.P. Jindal Global University (JGU), 131 001, India
c
National Institute of Technology Karnataka, Surathkal, 575 025, India

a r t i c l e i n f o a b s t r a c t

Keywords: The current banking industry is heavily dependent on technological artifacts supported by intelligent systems for
Decision support systems performance on operational and marketing parameters. However, the attributes for enabling practice between
Banking such technological interfaces with managerial adoption are been lagging creating a knowledge gap. To address
Systematic review
this, present research surveys the prior work from 1970 to 2020 on intelligent decision support models specific to
Bibliometrics
banking. Subsequently, findings are synthesized on quadrant outcomes; technology; employees, customers, and
Emerging markets
organizations for service ecosystems. In addition, the managerial perceptions of technology on work are captured
through short survey. Finally, scope of advancements like big data, internet of things (IoT), virtual reality (VR)
along other untapped conceptual relationships into this framework are discussed.

1. Introduction paradox on adoption (Gupta, Raychaudhuri & Haldar, 2018). As shown

recently, West-centric service value scales adoption applies only mod-
The research on intelligent decision support systems for banking erately precisely in developing markets (Roy, Paul, Quazi & Nguyen,
dates back to over four decades. Collins (1984) designed an expert sys- 2018). Using generalized assumptions also accelerates the digital di-
tem for personal selling in banking applications. But many studies had a vide that hampers financial services from sustainable goals (Katiyar &
lack of knowledge-based models affecting managerial decision-making. Badola, 2018; Lagna & Ravishankar, 2021; Rana, Luthra & Rao, 2019).
Around the 1990s, intelligent decision models used data mining that From the service provider’s view, changes like ATMs replaced human
augmented basic bank operations for insurance (Anand, Patrick, Hughes tellers for repetitive cash withdraws and deposits, reducing human in-
& Bell, 1998). Nevertheless, such developments made only incremental terventions (Huang & Rust, 2018). Hence, it’s paramount to identify
progress even in the developed markets industry. More recent works fo- the operations for efficient information management in banking. Exist-
cused on cross-selling or management decision-making tasks deploying ing empirical studies have been scarce and work like (Hasheminejad &
big data, artificial intelligence for digital marketing. Artificial intelli- Khorrami, 2018; Hoehle, Scornavacca & Huff, 2012). Banking as a key
gence has recently reduced up to 11% technical inefficiency for Indian service sector with localized capabilities remains unexplored, specifi-
banks, while combination with big data enables intelligent marketing cally from the expert systems functionalities. Hence, the present study
(Kushwaha, Kar & Dwivedi, 2021; Mor & Gupta, 2021; Verma, Sharma, is motivated by three empirical research questions.
Deb & Maitra, 2021). Latest industry reports suggest 25% of new U.S. RQ1: How does the adoption of intelligent decision support systems
bank customers switch service providers within the first 12 months, half (DSS) transform the banking system in emerging markets?.
churn before 90 days. Hence, this poses the question; what has gone RQ2: Which are conventional organizational processes impacted by
wrong? It could be a lack of a 360-degree view of the customer, oper- new technology (ex: artificial intelligence, machine learning, Internet of
ational silos in internal data, poor customer experience, or rising costs. things, big data, etc.)?
The Boston consulting group, 2019 report says that the USA, Germany, RQ3: What factors determine the customer-to-bank staff dyadic in
etc. are behind European nations like Spain, Poland, Netherlands, or improving the organizational outcomes?
Australia in digital sales-readiness. Remaining paper is organized as: Section 2: Literature Re-
While E-banking became popular in developing markets, heterogene- view, Section 3: Theoretical background & proposition development;
ity of firms necessitate more study of their efficacy due to decision Section 4: Methodology & data; Section 4: Findings & discussion;

∗
Corresponding author.
E-mail address: [email protected] (A. R).

https://doi.org/10.1016/j.jjimei.2021.100026
Received 22 February 2021; Received in revised form 5 July 2021; Accepted 5 July 2021
2667-0968/© 2021 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license
(http://creativecommons.org/licenses/by-nc-nd/4.0/)
A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Section 5: Limitations & implications; Section 6: Conclusions & future the relationship between customer and organization, summarizing I.T.
scope. requirements for organizational success. Under the Technology accep-
tance model (TAM) framework, the risk negatively affects behavioral
2. Literature review intention for online banking, as found by Kesharwani & Bisht (2012). It
was also found that delay in task execution, dearth of time to obtain new
As early as the 1970s, the marketing information systems (MkIS) in knowledge, deficiency of cross-sectional training, dependence on tele-
banking had three essential functions; cross-selling, priority selling, and com operators, the substantial workload of banking staff and the hesi-
customer segmentation (Palumbo, 1973). Later, as the field developed, tancy to recruit more personnel are most significant factors that hinder
many theories of multidisciplinary nature were used by researchers. Re- business-IT alignment (Gbangou & Rusu, 2016). The following works
cent reports suggest banks tend to exhibit casual resistance to technol- list the top 5 articles in the last decade:
ogy from fear of costs causing bankruptcy, closure, or acquisitions even 1 Zhou, Lu & Wang (2010) (Google scholar TC=1460, per year: 61.64)
while global banking stayed resilient (Deloitte, 2019). (Goyal, Bhatia & proposed a mobile banking user adoption model that merged Task
Goyal, 2010) in the Indian context, found that the efficiency of bank- technology fit (TTF) and Unified Theory of acceptance and use of
ing operations is required to improve bureaucracy and data standards. Technology (UTAUT).
Moreover, while banking is heavily technology-dependent, the infor- 2 Trkman (2010) (Google scholar TC= 1271, per year: 45.73) in a case
mation systems research hasn’t grounded the constructs well (Sundarraj study at Slovenian bank that based on technology task fit theory,
& Wu, 2005). Also, several machine learning models and algorithms standardization of processes, information, automation along with
are useful for better decision-making (González-Carrasco, Jiménez- training and empowerment of employees is a key success factor.
Márquez, López-Cuadrado & Ruiz-Mezcua, 2019; Kar & Dwivedi, 2020). 3 Martins, Oliveira & Popovič (2014) (Google scholar total citations
A value barrier has a strong negative impact on mobile/internet banking T.C.: 1147, per year: 72.71) tested the framework on the UTAUT
adoption in the Finland context (Laukkanen, 2016). Hence, we examine model and perceived risk factor. Found that perceived risk is a sig-
different components of information management and technology from nificant predictor of Internet banking adoption intention.
prior literature. We adopt a dual perspective, i.e., service provider and 4 Shaikh & Karjaluoto (2015) (G.S. citations= 817, per year: 57.5)
the customer, to gain a holistic view of issues. Review article noted missing roadmap for m-banking development
1 P.C. (Personal computer) banking: Personal computing-based home from the survey of 55 empirical works.
banking was introduced earlier in the developed markets. Hitt & 5 Laukkanen and Kiviniemi (2010). (G.S. scholar TC= 327, per year:
Frei (2002) based on an empirical study from four organizations, 12.64) explored reasons that detriment mobile banking adoption and
concluded that the retention of customers adopting digital channels found that support and guidance from banks reduced usage barrier.
is higher in marginal terms and more profitable as well. It can be The image, value and risk from use also played a vital role.
seen that P.C. banking slowly evolved into other modes of service Table 1 lists critical studies based on research impact from an aca-
delivery channels to reach less tech-savvy customers. demic viewpoint. The A.I. job replacement theory has recently gained
2 E-banking (Electronic)/ Internet banking: From an early period, prominence, enabling organizations to rethink their internal strategy.
studies were conducted to measure aspects such as the loy- Also, literature has indicated the intricate relationship that banking or-
alty of customers and other factors (Aladwani, 2001; Methlie & ganizations have with strategic values and processes.
Nysveen, 1999). This study opined that no significant difference Frei, Kalakota, Leone & Marx (1999) shown that process variation
in loyalty under online the banking settings. Works were borrow- has to be suited to customer segments in developed markets, leading to
ing dimensions from the Technology acceptance model (TAM) with performance. In banking, client-provider confidentiality is paramount
the theory of planned behavior (TPB), also suggests including per- even under the implementation of decision support tools for regulations
ceived benefit and perceived risk (Lee, 2009). Additionally, the per- (Rowe, 2005). While improved infrastructure is critical, efficient self-
sonality of customers and the reputation of the brand play a ma- service channels must maintain the customer’s profitability and reten-
jor role (Khare, Khare & Singh, 2010; Marakarkandy, Yajnik & Das- tion (Xue, Hitt & Harker, 2007). A lot of technology transitions and
gupta, 2017). A study reported by Karjaluoto, Shaikh, Saarijärvi & changing service channels require finding the ideal fit for (SCF), i.e.,
Saraniemi (2019) in the context of mobile banking in Finland stresses service channel fit (Hoehle, Kude, Huff & Popp, 2017). A short survey
on need to improve managerial benefits if banks invest in improv- is done in addition to the literature review. More details of the survey
ing these. The post-adoption behavior was also studied in the Aus- are explained in the next section.
tralian context by Adapa & Roy (2017). Their work showed that
technology, channel, and value-for-money factors influenced cus- Proposition 1. There is a positive impact on sales practices by adopting an
tomers. Contrary to general intuition, social factors had little impact intelligent sales decision support system (DSS) in banking industries.
on decision-making. Also, in emerging markets like India, Roy, Bal- The manager’s response from the survey study: "Each bank employee
aji, Kesharwani & Sekhon, (2017) found using neural network mod- is a salesperson in the Indian banking scenario. New banking products are
eling that perceived ease of use, the external risk is significant for released in the market daily, and employees are always under pressure to
internet banking acceptance. learn and market these products. Application of A.I. and ML are in initial
stages in the banking industry in India". Most intelligent decision sup-
3. Theoretical background and proposition development port models’ applications focus on task augmentation instead of full-
scale automation. Specific outcomes from studies were mapped based on
The field of information management in banking has evolved, amal- Bitner, Brown & Meuter (2000) framework of service technology. Banks
gamating diverse theoretical views. I.S. alignment proved crucial for must develop appropriate infrastructure that necessitates budget allo-
banking industries, and empirical works have emphasized its role in de- cation before using intelligent technology. At the same time, negative
veloped markets (Broadbent & Weill, 1993; Reynolds & Yetton, 2015). consequences for employees or organizations need must be addressed
The scope of intelligent decision support models during then explored using appropriate policies.
in marketing, business process reengineering or information systems Proposition1A. There is a significant positive impact on cross-selling
perspectives (Davies, Moutinho & Curry, 1995; Heissel et al., 1994; and customer relationship management (CRM) prioritization tools.
Min, Kim, Kim, Min & Ku, 1996). I.T. has a moderating effect between A study on information systems requirements for customer advi-
organizational variables and efficiency, strategic outcomes, and innova- sory management found that process alignment captures a manage-
tion (Dewett & Jones, 2001). Likewise, Bose (2002) explored facets of rial element of sales information rated 4.5 out of 5. Simultaneously,

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A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Table 1
Major theoretical frameworks.

Author/Year Theory & context Findings Cited1

Tan and Teo (2000) Theory of planned behavior (TPB) and Factors affecting internet banking adoption are significantly 2337
Diffusion of innovations (DOI). Used in depending on attitudinal and perceived behavioral traits.
Singapore context Perception of government support required; hence
institutional factors adds into effect.
Bitner et al., 2000 Service technology model. Conceptual The service encounters can also be detrimental to customer 2280
(USA) engagement. Such an effect can only be overcome by
better staff training. Ex: fewer bank visits due to higher
ATM usage. (p.147)
1 Citation metrics data as of May-2021.

the cross-selling ability scored 4.0 to benefit from the business output before the design and testing of new products/services. Employees need to
(Messner, 2007). In developing markets, the implementation of CRM have product-oriented knowledge for job performance that could sometimes
technologies had a negative impact on cost efficiency while improving be lacking due to limited training activity. Self-learning is expected once em-
profits (Krasnikov, Jayachandran & Kumar, 2009). Padmavathy, Balaji ployee recruited for bank services".
& Sivakumar (2012) stated that organizational commitment, customer Personalized pricing in banking raises the issue of tweaking the
experience, process‐driven approach, reliability and technology orienta- price that may not differentiate, needing an integrated view of cus-
tion are positively associated with customer satisfaction. Manager feed- tomer persona. New service development (NSD) or product designs re-
back: "Cross-selling capabilities get enhanced for value addition and overall quires assessing the multidimensional constructs for innovation (Menor
service perception. Salespersons can cope with the customer with increased & Roth, 2007)
customer demands". As Fig. 2 depict, an iterative process required for decision-making in
Proposition 1B. There is a significant positive relationship between pricing uses sales data. Customer relationship information is important
the Business effect of information technology and customer trust with for pricing strategy for personalized products.
product/service offerings.
With firms exploring Next Best Offer (NBO) deals, intelligent pro- Proposition 2. There is an impact on bank sales performance us-
cesses, and I.T. facilitate decision-making for business users. Manager ing technology interfaces (Mobile/e-banking, Chatbot’s, Robo-advice, Vir-
feedback: "In usual scenarios, the target for sales after marketing plan is tual/Augmented reality/)
set and communicated from the zonal level-regional level-branch offices. i Chatbot’s
Branch/division managers have limited capacity or workload affecting cross-
selling insurance products based on direct interactions". Hussain Chan- Proposition 2A. There is a significant relationship between intel-
dio, Irani, Abbasi & Nizamani (2013) in the study of emerging mar- ligence and interactivity of chatbot services and loyalty/trust of cus-
kets, found that user acceptance of online banking information systems tomers in using banking channels.
(OBIS) strongly depends on perceived usefulness (P.U.), perceived ease Prior studies have indicated the moderating effect of type of channel
of use (PEOU) and trust, technological self-efficacy (TSE). Recent works on adoption of self-service type of technologies for banking in Jordan
have experimented with machine learning for claim analysis within the (Baabdullah et al., 2019b) While transcripts from large sets of online
insurance sector with robust results (Rawat, Rawat, Kumar & Sabitha, chats between salespeople and potential leads can be training (labeled
2021) data) for a chatbot to recognize answers to common queries leading to
Proposition 1C. There is a significant relationship between customer performance. Wells Fargo’s app, which uses artificial intelligence and
lifetime valuation (CLV) models and long-term bank profitability. Facebook Messenger to respond to users’ natural language messages,
More recently, SMAC (Social, Mobile, Analytics, and Cloud) has knows how much money is in their accounts, and locates the bank’s
gained industry attention. Banks can use real-time events and consumer nearest ATM, is an example of mobile chatbots. The product is keyword-
knowledge to deliver strategies where specific incidents deepen rela- driven, responding to customers 24/7, operating like other financial
tionships. The manager responded: "Most banks are undergoing structural products. Manager statement: "Chat boxes are used for customer interac-
changes due to mergers and acquisition policies; hence employees need to tions. Also, robots are trained to respond to frequent customer queries regard-
keep continuous performance to be sustained. Marketing and sales budget of ing banking products. Wider usage of these kinds of applications means sales-
banks both public/private are often utilized for services by internal or exter- people are pressured less. But in the long run, it may also cause a reduction in
nal sales consultants and activities that takes around 90% of allocated costs". the number of sales personnel and significant job loss in urban areas." Here
The preadoption drivers were found by Xue, Hitt & Chen (2011) that sug- the apprehension of computerization with technology interfaces can be
gested that customers adopting internet banking had a lower propensity observed. Trust also plays major role in formation of adoption patterns.
to churn. These tend to affect the postadoption behavior and profitabil- (Roy et al., 2015) Earlier works have explained how such retrenchment
ity levels. fears strategically affect executive decisions (Tarafdar & Vaidya, 2006).
Proposition 1D. There is a significant impact of Information technol-
ogy spending and acceptance of intelligent decision support systems. i Mobile app
Recent industry white papers suggest high Artificial Intelligence
Proposition 2B. There is a significant effect of customer usage level
(A.I.) potential for banking in three areas; 1) Pricing, 2) Originate
of m-banking apps on the performance of bank products/services.
products and services 3) Sell products & services. Few works have uti-
The behavioral intention dimensions and uncertainty avoidance phe-
lized text mining to improve the delivery of service-oriented industries
nomena for mobile bank or internet adoption is important. Few studies
(Kumar, Kar & Ilavarasan, 2021). These tasks can be related to strategy,
have been done under Delone & McLean success model or UTAUT frame-
operations, and CRM modules, respectively, within the organizational
work (Alalwan, Dwivedi, Rana & Williams, 2016; Baabdullah, Alalwan,
framework (Fig. 1). Sales or relationship managers will focus most of
Rana, Kizgin & Patil, 2019a; Jadil, Rana & Dwivedi, 2021; Sharma &
their time on potential lead generation based on rich CRM data insights.
Sharma, 2019; Sharma, Singh & Sharma, 2020). Though marketers tend
At the same time, subordinates handle fewer complex tasks. The man-
to view diverse electronic channels, such as mobile and e-mail, Inter-
ager says: "Banks are adopting new technology after internal discussion and
net in isolation, the reality is that an effective omnichannel strategy
consultation with I.T. teams. Here the customer requirements are understood
emerges as a winner. Interventions perceived wrong into personal space

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A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Fig. 1. Sales function hierarchy using A.I. (Author’s own).

customer needs. So digital banking products help the salesperson to meet cus-
tomer expectations more also the profitability of the organization. Banks are
now concentrating on relationship banking."

Proposition 3. There is a significant relationship between Perceived infor-

mation technology business value and sales performance of bank-firm.

Proposition 3A: There is a significant impact from introducing ad-

vanced sales techniques to the original customer-salesperson dyadic
among the banks.
More recently, it’s evident that new-age sales professionals utilize
networks (professional and social like LinkedIn/Facebook) to find leads.
Manager opinion in the survey: "Salesforce is now more easily market var-
ious products. Which in turn very beneficial for the bank also. Using digital
banking technologies gives Salesforce adaptation effective to the Internet and
mobile channels". Ideally, understanding customer needs starts from a hi-
Fig. 2. Marketing intelligence for pricing (source: Management Science review
blog). erarchical view of user activity decomposed into tasks and operations,
such as applying for loans or interacting with a sales representative. A
multilevel service design (MSD) allows different Portuguese bank set-
like mobile can hamper entire marketing campaign and brand. Never- tings without defining the service concept for redesigning the service
theless, mobile apps are ubiquitous among customers for C2C, C2B, and system (Patrício, Fisk, Falcão e Cunha & Constantine, 2011).
C2G mode transactions. It has also been argued that both subjective Proposition 3B. There is a significant effect of banking products’
and objective measures are needed to overcome bias and improve sys- servitization on customer engagement with product/service sales.
tem success (Motiwalla, Albashrawi & Kartal, 2019). Due to these as- Many banks have adopted separate sales and service modules (gener-
pects, developing service-oriented architectures (SOA) and multichan- ally max 3–4 employees per office) to ease back-office operations, CRM
nel banking decision support systems are essential (Hoehle et al., 2012). functions, etc. Grover & Kar, 2020 found that various content types like
Studies under the Elaboration likelihood model (ELM) also suggest elec- informational, entertainment and remuneration must be used by mobile
tronic word of mouth (e-WOM) is a key driver in m-banking adoption service payment providers using Twitter. These roles are designated as
(Shankar, Jebarajakirthy & Ashaduzzaman, 2020). Manager 2 feedback "Bank Mithra," meaning "Bank friends." Nevertheless, it’s essential to bal-
is: "Serving various segments like credit, liability and fee income relation- ance the role tasks with proper customer orientation not to maintain in-
ship banking plays very important. Different segments of customers can be teraction quality and sales performances. Mostly, customer service units
served effectively by this. Understanding customer needs very well, offering (CSUs) like these need quality information for orientation and response
customized products empowering the customers is also possible through rela- capabilities (Khuntia, Kathuria, Saldanha & Konsynski, 2019; Setia, Se-
tionship banking as the win-win proposition". tia, Venkatesh & Joglekar, 2013). The manager said: "Salesforce responds
very positively towards the structural changes consequent to internet banking
i Virtual advisor/ Robo assistant
and digital banking implementation. They are now able to market the bank’s
Proposition 2C. There is a significant impact on customer experience product very effectively. While offering a savings bank account, they can now
from virtual/augmented technology leading to sales. offer several digital products which enables the customer several value-added
Virtual advisor applications can help to bridge customers with bank services."
organizations conceptualizing business assistants in transactions. Inno- Proposition 3C. There is a significant effect of Leaders’ commitment
vations diffusion theory has been suggested better than the theory of to sales technology on the customer purchase intention leading to banks’
planned behavior (TPB) to understand the relationships (Liao, Shao, sales performance.
Wang & Chen, 1999) .ex: Orange Bank deployed its IBM Watson-based In an Accenture Financial Services global study of nearly 33,000
virtual advisor in 2017 to provide customers with a 24/7 virtual con- banking customers spanning 18 markets, 49% of respondents indicated
tact person. Mitra, a robot, is operational in the Canara Bank branch at that customer service drives loyalty. Manager feedback
Bengaluru, India (India’s Silicon Valley), can welcome clients into the "Wider usage of A.L., ML will facilitate more effective service offer-
office. Relationship banking has been crucial from a FinTech standpoint ing from a customer perspective. This is because an understanding of
as well (Jakšič & Marinč, 2019). Manager 2 opines, "Customers can man- queries/choices of customers leads to better user requirements and helps de-
age different banking needs from their site without visiting the branch. The velop more innovative products." During the overall survey, there is no
organization is also adapting different technologies to cope with changing mention of factors like leadership or performance parameters. Interest-

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Fig. 3. Literature selection protocol.

Table 2
Systematic review of the banking sales process.

Customer phase Touchpoints Data type and sources Supporting literature

Purchase intention (P.I.) Physical branch/ E-bank/ Mobile app Highly unstructured (tele-inquiry, online Hong, 2019; Kim, Shin & Lee, 2009
downloads etc. credit card, offer alerts, mail signup,
etc.)
Purchase (P) or Service Branch/ ATM /E-Banking (loan/EMI Semi-structured (sales data history, e-mail Agarwal et al., 2020; Garg et al., 2012;
etc.)/Mobile payments invoices, transaction records etc.)
Customer loyalty (CL) Branch (Credit card signup)/ E-bank Structured (internal company databases, Bach et al., 2014; Malhotra et al., 2020;
(Loyalty points claim)/ M-Banking clickstreams, feedback. Know your Methlie and Nysveen, 1999
customer (KYC) records)
Customer advocacy (C.A.) Omnichannel Highly structured (Software tools in CRM, Anand et al., 1998; Jannach, 2004;
ERP, etc.) Zhou et al., 2020

ingly, it’s one of the major factors suggested in prior literature for the
successful transform legacy systems (Cho, Park & Michel, 2011)

4. Methodology

Overall research strategy follows an exploratory analysis with de-

ductive inference. For surveying articles relevant to the topic, literature
was extracted as follows.
A simple keyword search using "bank∗ " AND "information manage-
ment" in Google Scholar returned over 1,98,000 results.
Only journal articles, proceedings from Web of Science/Scopus with
U.K. Chartered ABS or ABDC ranked titles are chosen (Fig. 3). The ar-
ticles were sorted based on per year Scopus citations. After literature
collection, a systematic review is done qualitatively (thematic coding),
four codes: Purchase intention (P.I.) and Purchase or Service (P)/(S),
Customer loyalty (CL), and Customer advisory (C.A.) (Table 2). Positive Fig. 4. Stages of the customer journey (source: literature).
outcomes are denoted by ’+’ and detrimental impacts by ’-’ symbols.
Fig. 4 explains the customer journey is in sync with bank marketing
under the SME’s context and CRM (Ngai, Xiu & Chau, 2009). 4.2. Conceptual model development

Fig. 5 shows the proposed conceptual model synthesized using the

4.1. Survey study literature and inter-nomological network. The construct discovery tool
can be used to interconnect the underexplored variable relationships
Primary data is collected through e-mail, WhatsApp/ Telephony, further (Larsen and Bong, 2016) from results attached in Appendix- III.
etc., virtually due to the pandemic from bank manager respondents
(branch level). Answers were elicited through open-ended questions and 4.3. Key milestones & qualitative analysis
transcribed for exploratory analysis. The employees represented both
public and private categories chosen through convenience sampling. A textual analysis of data collected is done, and a word cloud is
Responses were analyzed qualitatively following a systematic review generated and shown. Fig. 6 depicts the visualization generated using
process as given in Fig. 6. In Table 3, we codify the various studies im- R software. The R program code used for visualization is provided in
plementing intelligent decision support models based on the application Appendix- II. Document term matrix (DTM) has been applied on em-
method. ployee feedback data to reveal emerging themes from corpus-based on

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A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Table 3
Implications of intelligent decision support models in banking.

Study Service task Theory/Modeling method used Employee (E), Organization (O) & Customer (C) outcomes

Ali, Akçay, Sayman, Yılmaz & Cross-selling (C.A.), Private retail Non-linear mixed-integer program 1 (O+) Bank profits improved while creating a win-win
Özçelik, 2017 banking in Turkey with Predictive model-based CRM scenario for customers, firms.
2 (C+) “Right product to the right customer at the right time”

(O+) The New SOM-Ward algorithm extracted three

Bach et al., 2014 Segmentation (CL), Banking B2B in Self-organizing maps (SOM) segments & attributes from the input.
Croatia (O-) The model must be improved by data
dimensionality reduction and using two-dimensional
visualization of segmenting.

Hasheminejad & Customer Lifetime Value (CLV) Data mining (Supervised machine (O+) A meta-analysis review of 17 years (2001–2017). The
Khorrami, 2018 model (C.A.), German retail learning algorithms) study with the highest volume of data (6.2 million records)
banking used the Classification and regression tree (CART) model
based on Markov-chain modeling.

Lourenço, Dellaert & Donkers, Customer advisory (C.A.), Intelligent bots using natural (C+) Consumers’ perceptions of trust and expertise of the
2020 Financial firms in the Netherlands language processing firm in automated online financial advice are key drivers
for advice acceptance. Affected by channels.

(E+) Undisclosed chatbots are four times more effective

Luo, Tong, Fang & Qu, 2019 Customer purchases (P), Financial Chatbots than inexperienced workers in engendering customer
services in Asia purchases.
(O-)Early customer disclosure has a negative effect
reducing the purchase rate by 80%.

Shoolapani & Jinka, 2011 Sales experience (P)- B2C, Indian Virtual simulation, Augmented 1 (O+) Requires I.T. infrastructure. Virtual simulation
Banking reality helps the selling process. (C+). Services use
face/eye-tracking and rich experiences.

Sundararajan et al., 2011 Marketing optimization for GEMB Genetic algorithm-based predictive 1 (O+) The financial impact of over $0.5 million saved
retail bank, Poland.To generate the model. Uses Programming models per year with less than 1million$ invested for the
next best offer for sales finance and simulation project. Also, enhanced decision-making.
and personal loan. 2 (E+) Comprehensive training for analysts on model use.
3 (C-) Customers can be contacted through possible
channels, but the propensity to accept the offer differs
based on the channel. (Telemarketing and text
messages, mail)

1. (E+) Lesser authorizations required, lower working hours

Tay & Mourad, 2020 Optimization of bank teller process Support vector machine (SVM) 2. (C+) Lesser service wait time
3. (O+) Authorization overhead reduced and
semi-automated role configurations policies enforced.

word frequency. Following are important themes generated from word faction. A detailed understanding of banking and fintech as an ecosys-
cloud, i.e. ‘customer’, ‘digital’, ‘products’, ‘relationship’, ‘performance’, ‘in- tem comprised of competing services in emerging markets is evident as
teraction’, ‘cross selling’, ‘employees’ and ‘requirements’ and ‘salesforce’. well (Muthukannan, Tan, Gozman & Johnson, 2020; Son, Kwon, Tayi
& Oh, 2020). The institutional factors have a huge impact on the im-
5. Discussion plementation of information communication technologies and, in some
cases, leads to a negative impact on employee job performance in In-
5.1. Theoretical contributions and implications dian banks (Venkatesh, Bala & Sambamurthy, 2016, 2010). The system
and task complexity of banking operations and dependencies may hin-
The current study has seemingly integrated the job characteris- der users from effectively learning functionalities (Lauterbach, Mueller,
tics model and UTAUT framework under emerging markets banking. Kahrau & Maedche, 2020). While adoption has a major impact, the in-
While this is achieved, technical advances like Service-Oriented Ar- tention to continue usage depends on consistent service quality (Raman
chitectures (SOA) usage hold potential for large banking institutions & Aashish, 2021).
(Basias, Themistocleous & Morabito, 2013). Already open banking APIs Hence the ICT implementation and information management prac-
(Application Programming Interface) are promoted, serving plug-and- tices need clear guidelines and training for employees. With fast-
play functionality for bankers to design and create services. From a changing technology, the theory of planned behavior (TPB) tenets re-
managerial perspective, it’s found that opening or closing branches of quire dynamic reinterpretations in emerging market contexts.
retail banks can introduce a learning spillover effect, causing higher
or lower digital channel transactions by customers (Zhou, Geng, Ab- 5.2. Implications for practice
hishek & Li, 2020). Recent works have already shown that structural
assurances by banks moderate e-satisfaction and e-loyalty, and market A detailed survey is vital to understand intricate linkages in intel-
share is important to optimize customer loyalty (Malhotra, Sahadev, ligent sales information systems implementation. There is skepticism
Leeflang & Purani, 2020). Hence smaller banks would require substan- from managers on job loss from technology takeover, emphasizing the
tial inputs where the loyalty of consumers is eroded to maintain satis- need for training. Virtual reality (V.R.) and augmented reality (A.R.)

6
A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Fig. 5. Conceptual framework for future research (Author’s own).

Similarly, Similarly, 5 G and Wi-Fi 6 offer higher bandwidth and faster

connectivity. It can enable retail banks to use the Internet of things (IoT)
technology to leverage more insights from the internal data. For exam-
ple, banks can use location data combined with IoT proximity sensing to
predict foot traffic, decide when to open and close branches. The current
study reinforces evidence about the impact of digitalization on the well-
being of employees in the bank (Umans, Kockum, Nilsson & Lindberg,
2018). More importantly, proper boundary conditions set in place for
A.I.-based decision-making improves interaction quality among employ-
ees (Strich, Mayer & Fiedler, 2021). For customers, a tradeoff between
actual/perceived risk and convenience affects their m-banking intention
(Pal, Herath & Rao, 2020)

5.3. Limitations

While the study offers thorough theoretical foundations, it is not free

from limitations. The primary data collection was limited to employ-
ees of 4 banking organizations, and the sample of respondents was lim-
ited due to pandemic. The conceptual model arrived at using the inter-
Fig. 6. Word cloud of interview responses (source: R Studio 1.2).
nomological network needs empirical validation. Future research using
correlational research can assess the relative influence of a Leader’s com-
mitment, information technology spending and the business value on
also find other banking applications like customer awareness with V.R. overall information technology. Though the focus of the current study is
headset about intangible goods, long-term savings, and pension plans customer-facing, studies from the employer/employee perspective on in-
for immersive service experience. Mühlematter & Donno (2016) inves- telligent decision models also warrant testing (Azadeh, Saberi & Jiryaei,
tigated the bank employee’s user expectations and technology accep- 2012). The empirical research can further validate the mediating role of
tance for augmented reality (A.R.) using smart glasses for visual object I.T. alignment and CRM prioritization tools on the organizational out-
localization and found them as ’early adopters’ with little resistance. comes reflected in financial or other performance indicators. Further-

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A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

more, research needs to investigate challenges towards ensuring cus- Further reading
tomer loyalty from a bank customer to disseminate how they perceive
the digitalization process. • For Banks, a Long Way to Excellence in Digital Sales,
Boston Consulting Group Report. Accessed from https://image-
src.bcg.com/Images/BCG-For-Banks-a-Long-Way-to-Excellence-in-
5.4. Future research work Digital-Sales-Feb-2020_tcm21–238978.pdf
• How to Learn from Data, Management Science Journal Blog.
More emerging technologies and CRM capabilities are viewed for URL: https://www.informs.org/Blogs/ManSci-Blogs/Management-
collaborative and co-creation aspects (Adikari, Burnett, Sedera, de Silva Science-Review/How-to-Learn-from-Data-with-a-Wrong-Model
& Alahakoon, 2021). Big Data analytics and IoT technologies also enable • Kearns, G.S., & Sabherwal, R. (2006). Strategic alignment between
banks to improvise upon their services and maintain better customer re- business and information technology: a knowledge-based view of be-
lationships in the industry 4.0 paradigm (Saxena & Al-Tamimi, 2017). haviors, outcome, and consequences. Journal of Management Informa-
In addition, blockchain is gaining a lot of importance in banking and tion Systems, 23(3), 129–162.
insurance (Arjun & Suprabha, 2020; Kar & Navin, 2020). Agent tech- • Larsen, K.R. and Bong, C.H., 2016. A Tool for Addressing Construct
nology for efficient processes in information management is yet another Identity in Literature Reviews and Meta-Analyses. MIS Quarterly,
unexplored arena (Dignum, 2000). Recent works also explore the appli- 40(3), pp.529–551.
cation of formal methods for internal control of a firm’s investment ser- • Larsen, K. R., and Bong, C. H. 2015. “Inter-Nomological Net-
vices (Raucci, Santone, Mercaldo & Dyczkowski, 2020). Deep learning work Search Engine,” Human Behavior Project: Boulder, Colorado.
and visual data extraction are applied to automate customer document https://inn.theorizeit.org/
processing with better results over traditional methods (Oral, Emekligil, • Lu, Y. and K. Ram Ramamurthy, 2011. Understanding the link be-
Arslan & Eryiǧit, 2020). Another possible area for future research is to tween information technology capability and organizational agility:
study the bank situation in other emerging countries to determine if An empirical examination. MIS quarterly, pp.931–954.
the perception of customer loyalty and digitalization is shared across • Mathieu, J., Ahearne, M. and Taylor, S.R., 2007. A longitudinal
the emerging countries (Saheb, Amini & Alamdari, 2021). A final area cross-level model of leader and Salesperson influences on sales
for possible future research is to investigate the elasticity of customer force technology use and performance. Journal of Applied Psychol-
loyalty in banking instead of other financial service industries. The fol- ogy, 92(2), p.528.
lowing are some research directions worthy of investigating in hetero- • Tallon, P.P., 2010. A service science perspective on strategic choice,
geneous banking environments. I.T., and performance in U.S. banking. Journal of Management Infor-
Future research questions: mation Systems, 26(4), pp.219–252.
• Tallon, P.P., Kraemer, K.L. and Gurbaxani, V., 2000. Executives’ per-
1 How can bank firms migrate their information management prac- ceptions of the business value of information technology: a process-
tices over legacy systems with blockchain-based technologies to en- oriented approach. Journal of management information systems, 16(4),
hance managerial decision-making? pp.145–173.
2 What are new and innovative service products that can be offered to • Zablah, A.R., Bellenger, D.N., Straub, D.W. and Johnston, W.J.,
bank customers? (ATM cash door delivery etc.) 2012. Performance implications of CRM technology use: a multilevel
3 What are strategies for customer data integration across channels field study of business customers and their providers in the telecom-
to improve service quality? (Smart alerting services, Offer pricing munications industry. Information Systems Research, 23(2), pp.418–
models etc.) 435.
4 How can the service offerings be rendered seamlessly, assuming a
new normal/post covid world? (Contactless payments using Near Appendix-I
field communications (NFC) etc.)
Standard interview questions
1 How do technologies like Artificial intelligence/machine learning af-
6. Conclusions fect your role as manager or sales staff in your bank?
2 How do traditional salespersons cope or adapt to increased demands
Based on the work, there are several insights for researchers and from customers of your organization?
practitioners, and organizations. DSS is a topic far from exhaustive
in banking. Emerging technologies such as adaptive Business intelli- Appendix- II
gence (B.I.) and optimization will boost DSS and banking performance
(Moro, Cortez & Rita, 2015). Answers to research questions posed can be To install necessary packages for text mining and graphic visu-
summarized as 1: Adopting intelligent sales technologies is bound to im- alization: install.packages("wordcloud") library(wordcloud)install.
prove organizational and employee benefits. However, technology per- packages("RColorBrewer") library(RColorBrewer)install.packages
ception and acceptance depend on market factors 2: While conventional ("wordcloud2) library(wordcloud2) install.packages("tm") li-
sales tasks like credit card inquiries are bound to be automated, higher- brary(tm)#Create a vector containing only the text text <- data$text#
level decision-making functions still need human supervision. Technol- Create a corpus docs <- Corpus(VectorSource(text))
ogy serves as an enabler for making the right decisions. 3: The exist- Cleaning the text data: docs <- docs%>% tm_map(removeNumbers)
ing evidence shows that customers are affected by service experience %>% tm_map(removePunctuation)%>% tm_map(stripWhitespace) docs
attributes like convenience, security and perceived value, etc., in line <- tm_map(docs, content_transformer(tolower)) docs <- tm_map(docs,
with Garg, Rahman, Qureshi & Kumar (2012). Many job characteristics removeWords, stopwords("english"))
also need to be factored in to balance job performance and efficiency Creating the document term matrix (DTM): dtm <- TermDocument-
while maintaining job satisfaction. Similar to findings by Agrawal et al. Matrix(docs) matrix <- as.matrix(dtm) words <- sort(rowSums(matrix),
(2020), Puri & Verma (2020), the banks can use techniques like AHP decreasing=TRUE) df <- data.frame(word = names(words),freq=words)
(Analytical Hierarchy Processing) or MCDM (Multiple Criteria Decision Generating the word cloud (Only words appearing atleast 100
Models) to assess levels of service quality or other factors. As Doumpos times): wordcloud(words = df$word, freq = df$freq, min.freq = 100,
& Zopounidis (2010) stated, such approaches enable analysts to examine max.words=200, random.order=FALSE, rot.per=0.35,
large parameters and optimize the rating performance. scale=c(3.5,0.25), colors=brewer.pal(8, "Dark2"))

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A. R, A. Kuanr and S. KR International Journal of Information Management Data Insights 1 (2021) 100026

Appendix- III i Does information technology enable the identification of market

trends?
1 Variable: Information technologies business value: Marketing and ii Does information technology increase the ability to anticipate
sales customer needs?
Definition: The contribution of information technology to firm per- iii Does information technology enable salespeople to increase sales
formance: marketing and sales. per customer?
Source: Tallon, 2010 iv Does information technology improve the accuracy of sales fore-
2 Variable: Leaders commitment to sales technology casts?
Definition: Information technology use as the degree to which sales- v Does information technology help track market response to pric-
people integrate different information technology tools into their ing strategy
sales activities. 5 items set made on a 7-point Likert agreement scale
Source: Tallon et al., 2000
for leaders and a 7-point extent scale for salespersons.
Source: Mathieu et al., 2007 1 Variable: Information technology spending
3 Variable: Business effect of information technology Definition: The ratio of information technology budget to sales rev-
Definition: The extent to which information technology has con- enue.
tributed to an increased market share of products/services, increased Measurement questionnaire designed from prior literature support
sales revenues, creation of systems that are difficult for competitors and using a reflective model on 7-point Likert scale operationalizing
to imitate, and creation of systems that are significantly different following constructs.
from competitors’; the extent to which information technology has i I.T. Infrastructure Capability
successfully been used to differentiate the organization’s products or ii I.T. Business Spanning Capability
services. Measured using a 5-item scale. iii I.T. Proactive Stance
Item(s): iv Operational Adjustment Agility
i I.T. has contributed significantly to increased market share of v Market Capitalizing Agility
products/services.
Source: Lu and Ramamurthy, 2011
ii I.T. has contributed significantly to increased sales revenues.
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