Possibilities of Applying Artificial Intelligence in Neuromarketing Research to Improve the Efficiency of Promoting Banking Products

Abstract

This article aims to identify and analyze the possibilities of applying artificial intelligence in neuromarketing research, remarkably increasing the effectiveness of promoting banking products and services. Nowadays, artificial intelligence is used in many industries, including neuromarketing. This is facilitated by the unique capabilities of artificial intelligence, such as analyzing large amounts of data, searching for patterns, drawing conclusions, and making predictions. The market for banking products and services is characterized by great competition, innovation, and, as a rule, large marketing budgets. Marketing of banking services has its peculiarities, which are related to the characteristics of banking services and the fears of consumers related to money. Neuromarketing helps financial institutions understand their consumers better and learn their behavior and preferences to prepare an effective marketing strategy to promote banking products and services and attract new customers. The combination of neuromarketing and artificial intelligence makes it possible to deeply understand the consumer and predict their behavior depending on certain factors. This unique information allows banks to create personalized content and make advertising more effective. Websites are one of the most important channels of communication with consumers. On banks' websites, consumers get helpful information, learn about offers, and find solutions to meet their needs. A competently designed website allows banks to promote their products and services, generate consumer confidence, and motivate them to request further cooperation. To demonstrate the possibility of using AI-driven neuromarketing technology, I have analyzed the websites of four commercial banks of the Republic of Moldova. This study confirmed the feasibility of using artificial intelligence in combination with neuromarketing to more effectively promote banking products and services. DOI: https://doi.org/10.53486/dri2024.16; UDC: 004.8:[339.138:336.71]; JEL: M31