Integration of Artificial Intelligence Applications for Financial Process Innovation by Commercial Banks in Nigeria
Abstract
Artificial intelligence is increasingly being adopted globally in finance and by commercial banks with increasing penetration into the Nigerian financial market. This study investigated the Integration of Artificial Intelligence (AI) applications for financial process innovation by commercial banks in Nigeria. Three specific objectives and three research questions and hypotheses were stated for the study. The variables of the study were AIs for credit risk management, personalized banking experience and the challenge of implementing AI in commercial banks in Nigeria. A sample size of 143 selected from a population of 174 comprisin accounting lecturers in public universities in Akwa Ibom State and bank managers, operational staff and key personnel in commercial banks operating in Uyo, Akwa Ibom State were used for the study. Descriptive survey research design was employed for the study. The research instrument used for the study was a researcher- developed questionnaire tagged “Artificial Intelligence Applications for Financial Process Innovation Questionnaire” (AIAFPIQ). The instrument developed by the researcher was face validated by three experts in the Faculty of Social Sciences, Akwa Ibom State University. The instrument was administered to 20 persons who were not part of the sample but part of the study population. The result was then coded for testing using cronbach alpha technique. The reliability index yielded 0.89. The data generated was analyzed using mean, standard deviation and t-test Analysis. Findings of the study revealed that AI can be applied for credit risk management and personalized banking experience. Furthermore, Experts (Bankers and Accounting Lecturers) do not differ significantly on their responses on application artificial intelligence (AI) in credit risk management and personalized banking experience in promoting financial process innovation by commercial banks in Nigeria. It was recommended among others that AIs should be systematically implemented by banks, not just as a form of competition but as an overall business strategy; and that The international financial community should actively cooperate to share new scientific and technological achievements, to establish and improve the financial market of AI, so that the welfare of the society brought by financial AI will ultimately shine on mankind.
Author
- Eno Gregory Ukpong Department of Accounting Akwa Ibom State University