IIARD International Institute of Academic Research and Development

Journal of Accounting and Financial Management (JAFM )

E-ISSN 2504-8856
P-ISSN 2695-2211
VOL. 10 NO. 8 2024
DOI: 10.56201/jafm.v10.no8.2024.pg459.476

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Integration of Artificial Intelligence for Enhanced Personalized Banking Services

Oloto, Ngozi U.

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Abstract

The integration of Artificial Intelligence (AI) into banking systems has been a transformative development, offering the potential to significantly enhance customer satisfaction and operational efficiency. This study explores the impact of AI-driven personalization on customer satisfaction, investigates data privacy and security challenges, and assesses the effectiveness of AI integration with existing banking infrastructure. Utilizing a survey of 133 banking professionals, the research reveals that a substantial majority of respondents experience positive outcomes from AI integration, with 71.4% noting improvements in customer satisfaction and 68.4% reporting enhanced operational efficiency. However, the study also identifies concerns regarding data security and various integration challenges, including technical compatibility issues and insufficient staff training. These findings highlight the need for banks to address these challenges through enhanced training programs, robust security measures, and strategic cost management to fully leverage the benefits of AI technologies. The results underscore the importance of continuous refinement and effective implementation strategies to maximize the positive impacts of AI while mitigating associated risks.

keywords:

AI, NLP, Personalized Banking, Machine Learning, Predictive Analytics, Chatbots &

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