EFFECT OF ARTIFICIAL INTELLIGENCE ON FINANCIAL PERFORMANCE OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

Abstract

The main objective of the study is to investigate into how artificial intelligence affects the financial performance of Nigerian listed deposit money banks. Return on Assets and Return on equity were employed as a dependent variable, with chatbots (CHB), automated biometrics (AUB), and credit scoring (CSR) serving as independent variables. The research is based on the expost-facto research design, since it uses previously generated data to predict current behaviour of variable used in this study and task-technology fit theory was employed. The study sampled 13 Nigerian deposit money banks from the population. Secondary data were acquired from banks' annual reports from 2013 to 2022. The data extracted were analysed using descriptive and inferential statistics. The analysis shows that AUB and CSR significantly affect the financial performance of Nigerian listed deposit money banks, while CHB has an insignificant effect. The implication of the result is that Nigerians are reportedly moving away from traditional banking practices, which enable banks to interact with customers using artificial intelligence. Therefore, the study recommended Therefore, the study recommended that bank managers should ensure adequate and significant expenditures on acquisitions of automated biometrics and credit scoring.