ARTIFICIAL INTELLIGENCE AND CUSTOMER SATISFACTION OF SELECTED DEPOSIT MONEY BANKS IN LAGOS STATE, NIGERIA

Many banks have recently started implementing technology to improve customer interactions, automate procedures, examine trends in behavior, maximize wealth management, and more.. The study examines the effect of artificial intelligence on customer satisfaction of selected deposit money banks in Lagos State, Nigeria. The specific objectives are to: examine the effect of electronic payment system on Customer experience of systematically important banks in Lagos, Nigeria and ascertain the effect of robotic advisory system adoption on customer loyalty of systematically important banks in Lagos, Nigeria. Multi-stage sampling technique was employed to select the respondents across the four selected Banks, which included First Bank, United Bank for Africa (UBA), Zenith Bank, and Guaranty Trust Bank (GTB). Structured questionnaire was used to collect the data from the respondents. Cochran (1977) formula was used to determine the sample size 385 customers of selected banks. The study used multiple regression analysis to analyse the formulated hypotheses. The findings of the study were that: electronic payment system has significant effect on customer experience:(electronic fund transfer) t = 4.670, p = 0.000, ? = 0.680, (digital wallet) t = 1.199, p = 0.001, ? = 0.550, (mobile pay) t = 24.402, p = 0.000, ? = 0.909 and robotic advisory system has significant effect on customer loyalty. (technical competency robotic advisor) t = 7.086, p = 0.000, ? = 0.466, (revenue stream robotic advisor.) t = 1.261, p = 0.003, ? = 0.101, (financial planning robotic advisor) t = 4.411, p = 0.000, ? = 0.417. The study concluded that electronic payment system contributes positively towards the customers’ experience. The study recommended that the banking sector of Nigeria should look into how to educate their customers on artificial intelligence providing them with information on what they can easily do without coming to the banking hall through the help of artificial intelligence aid provided.

1 01 Dec, 2024

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