Implementation and Integration of Artificial Intelligence for Financial Process Innovation of Commercial Banks in Nigeria
Keywords:
Artificial Intelligence (AI), Commercial Banks, Financial Process InnovationAbstract
This study investigated the strategic implementation of artificial intelligence (AI) for financial process innovation within commercial banks in Nigeria. With the increasing adoption of AI technologies globally, particularly in the banking sector, understanding its impact on efficiency, innovation, and customer experience is crucial. Through a mixed-method approach, data was collected from 143 participants comprising staff from 10 major banks in Uyo, Akwa Ibom State, Nigeria. A structured questionnaire, “Artificial Intelligence Applications for Financial Process Innovation Questionnaire” (AIAFPIQ), was utilized to gather data on the implementation of AI for personalized banking experiences and credit risk management. Statistical analysis, including means, standard deviations, and t-tests, was conducted to examine the relationship between AI adoption and financial process innovation. The findings indicated a significant positive impact of AI implementation on financial process innovation within Nigerian commercial banks. Recommendations include investment in AI infrastructure, ethical AI practices, customer education, and regulatory support. By embracing AI technologies and implementing recommended strategies, Nigerian banks can drive innovation, enhance customer satisfaction, and achieve sustainable growth in the digital era.
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