Artificial Intelligence and Financial Technology: Redefining Financial Services Delivery in Nigeria

Artificial Intelligence (AI) has been incorporated into the operations of Financial Technology (FINTECH) companies to streamline operations, render round-the-clock financial services and ensure efficiency. Notwithstanding the advantages of AI in the operations of FINTECH companies, there exist some perceived disadvantages. Therefore, this study examined the influence of AI on financial services delivery of FINTECH companies operating in Nigeria using primary data sourced from respondents through the use of structured questionnaire. Percentage and regression techniques were employed in the analysis of data. The results indicated that Robotic Process Automation, AI-powered Chatbots and Virtual Assistants, as well as AI Credit Scoring have significant positive influence on financial services delivery of FINTECH companies. Thus, it was concluded that the use of AI has enhanced financial services delivery of FINTECH companies in Nigeria. The study recommended that the application of Robotic Process Automation in FINTECH should be sustained and the conventional banks should also employ such technology to improve their financial services delivery. Also, AI-powered Chatbots and Virtual Assistants should be upgraded to handle complex customers’ complaints logically and accurately without frequent recourse to human customer agents. Finally, The AI Credit Scoring should be programmed to store and upgrade customers’ credit rating continuously. This would make it possible for old customers who complied duly in repayment of their previous loans, but have not taken another loan for a while, not to start from the lowest level of consideration whenever they are ready to request for another loan.