AI-Powered Banking Chatbot: A Project Management Approach

Desklib offers past papers and solved assignments; this project explores AI in banking.

Contents
Introduction:....................................................................................................................................3
LO1 Establish project aims, objectives and timeframes based on the chosen theme......................4
P1 Devise project aims and objectives for a chosen scenario.....................................................4
P2 Produce a project management plan that covers aspects of cost, scope, time, quality,
communication, risk and resources..............................................................................................6
P3 Produce a work breakdown structure and a Gantt Chart to provide timeframes and stages
for completion..............................................................................................................................9
M1 Produce a comprehensive project management plan, milestone schedule and project
schedule for monitoring and completing the aims and objectives of the project......................11
LO2 Conduct small-scale research, information gathering and data collection to generate
knowledge to support the project...................................................................................................12
P4 Carry out small-scale research by applying qualitative and quantitative research methods
appropriate for meeting project aims and objectives.................................................................12
M2 Evaluate the accuracy and reliability of different research methods applied......................14
LO1 & 2.....................................................................................................................................14
D1 Critically evaluate the project management process and appropriate research
methodologies applied...............................................................................................................14
LO3 Present the project and communicate appropriate recommendations based on meaningful
conclusions drawn from the evidence findings and/or analysis....................................................15
P5 Analyse research and data using appropriate tools and techniques......................................15
P6 Communicate appropriate recommendations as a result of research and data analysis to
draw valid and meaningful conclusions....................................................................................19
M3 Evaluate the selection of appropriate tools and techniques for accuracy and authenticity to
support and justify recommendations........................................................................................20
LO4 Reflect on the value gained from conducting the project and its usefulness to support
sustainable organisational performance.........................................................................................21

P7 Reflect on the value of undertaking the research to meet stated objectives and own learning
and performance........................................................................................................................21
M4 Evaluate the value of the project management process and use of quality research to meet
stated objectives and support own learning and performance. .................................................21
LO3 & 4.....................................................................................................................................23
D2 Critically evaluate and reflect on the project outcomes, the decision-making process and
changes or developments of the initial project management plan to support justification of
recommendations and learning during the project.....................................................................23
Conclusion:....................................................................................................................................24
References:....................................................................................................................................25

Introduction:
Project management is the most important part of the management. It is a process to achieve
management objective. Project management use the skills, techniques, tools, and other things to
achieve an objective. The project is about Artificial intelligence in banking systems. This is a
banking chat bot system which is responsible to answer the queries of the customers. Which will
improve the performance of the bank as well as customer satisfaction. The main aim of the
assignment is to show the advantages and challenges that can occur due to involvement of AI
into a system.
The assessment includes research and information collection to support the project in terms of
knowledge. It also helps to produce a project management plan which includes cost, scope,
timeframes, issues and resources. After that it has an analysis part which is used to determine the
accuracy and reliability of the gathered data in research.

LO1 Establish project aims, objectives and timeframes based on the chosen
theme.
P1 Devise project aims and objectives for a chosen scenario.
Project management:
Project management is the set of procedures, principles, policies and plans to manage the project.
Project management plan helps as a guideline for the project which helps to achieve desired set
of results. Project management involves support of teams, various type of skills and resources to
achieve a common goal. It also requires a proper communication plan for the information
transmission easily.
There are several key phases of the project management:
 Initialization
 Planning
 Implementation
 Testing, monitoring and management
 Finishing
Advantages of using project management:
 It provides set of outlines
 Eliminates the risk of failure of project
 It enhances the quality of project and outcome
 Offers easy management of the project
Initiation of the project
Aim and objectives are required to be set by the project manager in order to complete the project.
Setting of goals and objectives helps to the members to achieve that goal and make a good plan
for the assignment.
Aim of the project: The project aim is to include artificial intelligence to improve the
performance and minimize the human intervention. This aims to resolve queries of the clients
related to banking and achieve client satisfaction.

Scoping of the project:
 Objectives: The project mainly aims to understand the advantages and challenges that
can occur from the involvement of the artificial intelligence in system or applications. It
helps to analyse the impact of artificial intelligence in the banking system.
Figure 1 Advantages of AI in banking systems
(Source: Marizza, 2019)
 Project Description: There are several banks which are using artificial intelligence to
achieve efficiency and minimize the human intervention to avoid errors. Bank of
America is also using artificial intelligence technology in their Intelligent virtual
assistant named Erica which is a chat assistant that is used to solve the problems related
to net banking and resolve queries efficiently. It acts as a bank representative which
provide solutions to the customers.
The given project is about an AI based banking bot which is used to answer queries and
solve customer problems using artificial intelligence technique. This system will be web
based which will understand the user query related to net banking, loans, accounts and so
on and resole them appropriately. The inbuilt AI system represent itself as a representor
which will give a feel of a real person (Sennaar, 2019). The AI chatting system of bank

offers achievable options and instant connectivity. It also helpful to minimize the
workload.
 Scope: In further advancement it will be used in setting up a high technological digital
branch that is equipped with AI technology. It includes planning, designing, project
development, testing of the project, hardware and software requirements and so on. It
also includes issues and drawbacks that should be resolved to improve future scope. To
enhance the AI support to the bank, it can be further used for fraud detection, risk
management, security, wealth management and so on.
 Purpose: It will make the banking system easy for clients and minimize the human
intervention to reduce errors.
 Activities: It is needed to ensure that there should be the capability to meet the budget
and other required sources of the project. it is also needed to maintain the quality of the
project and meet the client’s expectations. The project should also be able to give
competitive advantages.
P2 Produce a project management plan that covers aspects of cost, scope, time,
quality, communication, risk and resources.
Project management plan:
A plan should be made by the project manager for the project, to successfully complete the
project. To achieve desired results a proper planning is required in a project. Planning of project
includes budget and time considerations, resources availability, technical skills, communication
plans and so on. Methods to control, monitor, execute a project is included in the project
management plan. Documentation of projects helps in future as a reference to understand the
overall process and steps of the project. The documentation of the project includes the project
description, aim and objective of the project, project scope, budget or cost, time, resources and
personnel related information, steps and stages, desired or expected outcomes and so on (Project
Times, 2019).

Development of the project plan:
Following elements must be included in the project management plan.
 Planning of timescales: Time limit should be specified by the project manager to
accomplish the project tasks. By using proper time management skills and segregation of
duties, the project can be completed in 3 months. Some extra days are required to review
the performance and quality.
 Cost: Total cost of ownership of the project is $7,80,000 which includes cost of
resources, management, personnel, testing and other expenses. It requires some additional
cost for managing risk, backup and recovery that can be goes up to $30,000.
Figure 2 Cost distribution
 Quality: If the quality is not achieved then the project implementation is not successful.
quality of the project can be determined on the basis of performance, efforts, time, cost
and outcomes. AT each stage of the project quality standard should be achieved to ensure
the possibility for desired outcome.
 Communication: communication is very important for the project. project manager
needs to communicate with team members and related parties. Communication plan is
made to achieve successful communication to avoid conflicts. Communication methods
Cost
direct cost
Labour software and
hardware cost training
indirect cost
administration
risk
management
cost
managemnt
cost

in the project are emails, shared folders, social media, video or audio conference calling
and so on. To achieve a common goal and understanding of the project, timely meetings
should be arranged.
 Risk and resources: every business have some resources and related risks. There can be
many risks attached with the project. Occurring of risk can affect the quality and
performance of the project. Risk can be related to security, cost, time, and resources can
be knowledgeable people, experience in the AI field, funding and so on. To handle these
risks, risk management techniques should be used. That includes, risk identification, risk
mitigation, determination of risk tolerance etc. Risk management ensures the minimum
loss of data and cost as well as ensures high availability of services.
 Issues: Issues can occur during the project can be the knowledge level in the field of
artificial intelligence and availability of high-tech resources (Ray and Ray, 2019).
The project management plan for the AI banking project is given below:
Figure 3 project management plan
Initialization of
the project
description and
planning of the
project
launching and
execution of the
project
testing of the
project and
perfromance
control
termination of
the project

P3 Produce a work breakdown structure and a Gantt Chart to provide timeframes
and stages for completion.
Work breakdown structure and Gantt chart offers timeframes and phases for completion. These
helps to manage the project in an effective manner.
Work breakdown structure:
Work breakdown structure is used to break a complex task into small tasks that are easy to
manage rather than managing a complete task. This simplify the execution of project. This work
breakdown structure can be used in any field to easily handle the task. To make a work break
down structure the initial phase is identification of the project deliverables then the project task is
divided into small tasks of the project. The project task can be divided into a number of sub tasks
according to need. work break down structure easily give visibility to risky and important work
efforts. There are some rules to make a work break down structure one is “two weeks” rule and
8/80 rule (www.tutorialspoint.com, 2019).
Two-week rule: In refers that the task should be divided in such a way that the sub task is can be
completed within 2 weeks. This defines the maximum time limit of the sub task.
8/80 rule: This rule refers that to the minimum and maximum time limit of the sub-task. This
state that a project should be divided in such a way that the minimum required time to complete
the subtask is 8 hours and the maximum time limit is 80 hours (Workbreakdownstructure.com,
2019).
Table 1 work breakdown structure
Sr no. Phases of the
project
Days required Employees required
1 Initialization 5 3
2 Description and
planning
20 2
3 Launching and
execution of the
project
50 20
4 Testing and
performance control
10 3
5 Termination of the
project
6 2
Total 90 30

Figure 4 Work breakdown structure

Gantt chart:
It is used to keep an eye on the progress of the tasks derived by the work break down structure.
This is used for the management of the project. It helps to effectively use the resources and
reduce the chances of errors and total cost of ownership. It also helps to complete the project
within time by creating milestones.
Work break down structure of the project has been given in the above Gantt chart. Tasks of the
project completed in the mentioned time to finish the project within time limit.

M1 Produce a comprehensive project management plan, milestone schedule and
project schedule for monitoring and completing the aims and objectives of the
project.
A project management plan helps in easy management of the project. The project management
plan includes the stages of the project, the goals and objective of the project, schedule of the
meetings and activities, time duration to complete the sub tasks, required resources and source,
dependencies of the components, cost, team information, roles and responsibilities and so on.
Project management plan:
The project management plan of AI banking includes following things:
 Determination of the scope of the project: It refers to the future scope of the project. This
includes the identification of the objective, functionalities and features, deadlines, budget.
 Resource allocation: allocation of required resources to the team members. Resources can
be tools, hardware or software, funding and so on.
 Designing of the schedule: Schedule refers to the task and their allocated time duration.
Meetings also be scheduled to ensure a proper communication.
 Identification of the dependencies: This includes the listing of the components which
depends on other components. It is used to make a link between them to generate an alert
when one component is modified.
 Documentation and report: Documentation and report of the project helps in the future as a
reference to check what is done in the project