Artificial Intelligence Milieu: Implications for Corporate Performance in the Nigerian Banking Industry

Abstract

Artificial Intelligence (AI) is being used in the banking industry in Nigeria to scale new heights in customer relationship management. The function and popularity of Artificial Intelligence was soaring by the day and the banking industry had shown a moderate level of adaptation to AI. This study examined the implication of the usage and prospects of AI in the Nigerian banking industry. Survey research design was used for this study. The population covers members of staff of four Commercial Banks in Nigeria. The study adopted Multi stage Sampling techniques. Content validity techniques were used to validate the accuracy of the research instrument. The research findings depict that all variables are significant at 0.01 level. The results showed that adaptation of AI in the banking operation has positive implications in terms of customer satisfaction, customer retention, fraud, risk reduction and enhanced maximization. The study recommends that “enabling environment, some of which are in turn strongly influenced by larger political economic realities, especially the peculiar Artificial Intelligent setting in Nigeria is one obvious factor that need to be addressed. In conclusion, the study concluded that Artificial Intelligence in Nigeria banking industry has resulted in customer satisfaction, risk reduction and customer’s wealth maximization since Artificial Intelligence plays the role of detecting mismatch in transactions, provides personalised advisory services and developing solutions for eliminating human errors.