Artificial Intelligence as a Driver of Business Performance in the Nigerian Financial Services Sector

Abstract

This study investigated the impact of Artificial Intelligence (AI) on the performance of business in the Nigerian banks. The study was inspired by the proliferation of AI technologies among organizations that have identified enhancing their operational efficiency, decision-making, innovation, and customer service delivery as a key priority. In particular, the study explored how far AI is impacting business performance by integrating cutting-edge analytics, machine learning, automation, and data-driven processes. The research design used was quantitative and the data collected was structured questionnaires and a total of 305 employees were used. Data were analyzed using descriptive statistics (frequencies, percentages, mean scores) and regression analysis was used to check the correlation between adoption of AI and business performance. The results showed that the adoption of AI in business workflows can have a major impact on business efficiency, employee productivity, service quality, and overall performance. The study found that AI is a strategic technological tool that improves the functioning of organizations and their competitiveness. It suggests that organisations invest in AI-powered systems, increase the digital skills of their workforce, and create supportive policies to enable efficient adoption of AI technologies for long-term business growth and performance.