Artificial Intelligence Impact in Revolutionizing the Nigerian Banking Industry: An Assessment of Selected Deposit Money Banks in Abuja

Abstract

This study assessed the impact of artificial intelligence on the performance of selected deposit money banks in FCT, Abuja, Nigeria. A cross-sectional descriptive research design was adopted by the researcher through the use of a structured questionnaire designed for this purpose. The study population comprises the employees of five (5) selected deposit money banks within the FCT metropolis in Abuja, Nigeria, which totaled 135 employees. The study adopted the use of census since the population was relatively minimal. Statistical Package for Social Sciences (SPSS Version, 22) was used to run the results of the multiple regression analysis to achieve the objectives of this study. Findings from this study showed that the adoption of Artificial Intelligence positively and significantly enhances efficiency, effectiveness, and productivity, improves customer satisfaction, and enhances the overall performance of the selected deposit money banks in FCT, Abuja, Nigeria. Hence, the study concluded that deposit money banks have the potential to bring significant benefits to their firms and customers by leveraging (AI) to improve customer experience, better understand customer needs, enhance competitiveness, and manage risk. The study recommended appropriate digital education for customers and employees of the selected deposit money banks in FCT, Abuja, Nigeria to enjoy some of the gains brought about by the use of Artificial Intelligence to enhance competitive advantage and outperform their competitors.