Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1673

Relationship between Artificial Intelligence and

Business Process Optimization: Insights from
Selected Banks in Anambra State
Chikeluba Uzoamaka1 Bello Sunday Ade2
Scholar, Ballsbridge University, Commonwealth of Visiting Professor of Management, Entrepreneurship, and
Dominica, West Indies Leadership; Ballsbridge University, Commonwealth of
Dominica, West Indies

Abstract:- This study explored the relationship between 2021). Kraus et al. added that business process also refers to
artificial intelligence and business process optimization in a repeatable collection of steps that a company uses to
selected banks in Anambra State. The population accomplish a goal, ensuring that the process is designed to be
consisted of 745 employees from commercial banks in repeated, transparent, and adaptable to changing situations.
Anambra State, Nigeria. Using purposeful sampling, Business processes are critical to keeping a business
three banks from each senatorial district in the state were organized and on track, and they contribute to achieving
chosen, and 170 questionnaires were distributed to staff business goals by producing specific outcomes. This explains
members of these selected banks. Out of the 170 why its business practices—which include capital raising,
distributed questionnaires, 125 were completed and credit extension, risk management, and facilitating seamless
returned. A Pearson correlation critical value table was payments and transactions—the banking sector helps the
used to test the assumptions, and the Pearson product- economy of a nation (Omotosho, 2021). The efficiency and
moment correlation coefficient was the statistical smoothness of these transactions and even more, expose the
instrument for data analysis. The hypothesis results optimization level of the banks’ business processes.
indicated a significant correlation between business
process optimization in banks and artificial intelligence, Business process optimization in the banking sector
specifically in enhancing customer service relationships revolves around ensuring that the banking system meets the
and boosting cyber-security in the selected banks in needs of its customers, and can transact data and information
Anambra State. The study recommends that the banking as at when due while saving cost and resources. In the
industry should continue to implement artificial expressions of Bag, Wood, Mangla, and Luthra (2020),
intelligence cautiously to maintain a balance between business process optimization is simply the process of
innovative developments and the responsible and ethical enhancing business procedures by making them more
use of AI. This approach will ensure improved cyber- sensitive and flexible to the changing business user
security and customer service in banks. requirements. Svoboda (2023) claims that a variety of
problems the banking industry is currently facing could
Keywords:- Artificial Intelligence, Business Process jeopardize both its profitability and its traditional business
Optimization, Banking Sector, Anambra State. tactics. The twenty-first century has come with attendant
challenges to the banking industry especially as it concerns
I. INTRODUCTION the utilization of technologies. The rising rivalry from new
players, such as fintech companies and non-bank businesses
Banks are a necessary component of a functioning that use contemporary technologies to challenge traditional
society because they provide financial services such as banking services, is one of the main problems at the moment
accepting bills of exchange, lending money at interest, (Chahal, 2023). Customers now anticipate more personalized
converting domestic currency into foreign currency, and and convenient banking experiences as a result of the
storing money safely. The banking industry is crucial to the widespread availability of Internet and mobile banking
financial transactions, investment activity, and economic platforms (Svoboda, 2023). Because of this, financial
advancement that are made possible in today's rapidly institutions face tremendous pressure to adopt cutting-edge
changing economic landscape (Ojong, Ekpuk, Ogar, and technological solutions to stay relevant in the market. One of
Emori, 2024). One could argue that banks are an important such cutting-edge technical solution is Artificial Intelligence.
part of financial stability and economic growth because they
act as a conduit for savings and investments (Alley, 2023). Operationally, Artificial intelligence is the collection of
The relevance of banks is revealed in the rendition of their technologies that enable machines to sense, understand, plan,
services or in their business processes. act, and learn at levels of intellect comparable to those of
humans. In attempting to define AI, people have encountered
A business process is a standardized method a company some difficulties. In its broadest sense, for example, it is
uses to accomplish routine activities and reach a specific frequently associated with algorithms, but it is also
target (Kraus, Jones, Kailer, Weinmann, Chaparro-Banegas, commonly understood to be a technology that makes it

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Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1673

possible for robots to mimic a variety of intricate human Artificial intelligence has the potential to produce a
abilities (Silver, Singh, Precup, and Sutton, 2021). But this wide range of beneficial results due to its innovative traits,
term is vague and can suggest that artificial intelligence including improved consumer experiences, higher
doesn't exist yet. In general, artificial intelligence (AI) has operational efficiency, more effective risk management, and
been defined as a branch of computer science research that sophisticated data analytics (Finio and Downie, 2023). Singh
creates and examines techniques and software that allow and Hess (2020) averred that financial institutions could be
machines to sense their surroundings and apply intelligence able to detect fraudulent activity, automate tedious activities,
and learning to make decisions that increase the likelihood offer individualized suggestions, and strengthen
that they will accomplish specific objectives (Zimmer, 2022). cybersecurity with the use of Artificial Intelligence (AI). The
Tay, Dehghani, Bahri, and Metzler (2022) define artificial researcher is concerned that banks' reliance on antiquated
intelligence (AI) as any kind of computer code that systems and architectures may not be well-equipped to
demonstrates a high level of intelligence, problem-solving, support the core banking capabilities and services of the
and learning and can be examined as such. future, given the problems faced by traditional banks in
Nigeria, notably in Anambra State. Given this, understanding
AI technology has significantly advanced along with how AI will impact the banking industry is essential if one is
worldwide scientific and technological breakthroughs. to consider the significance of the sector as well as the
Sreedharan, Kulkarni, and Kambhampati (2022) describe disruptive potential of AI. The thoughtful examination of
artificial intelligence (AI) as a machine's or computer's these possibilities has motivated the researcher to investigate
intelligence that allows it to duplicate or imitate human the relationship between artificial intelligence and business
talents. This term includes a wide range of technologies that process optimization in selected banks in Anambra State.
give machines the ability to think, feel, plan, act, and learn at
levels of intelligence comparable to that of humans. This was  Statement of the Problem
visible in Munn (2022) who affirmed that artificial In the twenty-first century, artificial intelligence (AI) is
intelligence (AI) makes use of a variety of technologies, being used in some commercial domains, such as genetics,
including computer vision, natural language processing, accountancy, insurance, internet, transportation, aerospace,
machine learning, and others, to comprehend human and advertising and targeting. The banking sector is still
language, learn from examples, and make predictions. With being tasked to brace up for evolution that will accommodate
the use of these technologies, computer systems are now able the import of Artificial Intelligence in line with the global
to observe their surroundings, identify objects, assist in trend.
making decisions, resolve challenging issues, draw lessons
from the past, and mimic patterns. The main objectives of AI, In actuality, the banking industry is changing, and banks
according to Rakova, Yang, Cramer, and Chowdhury (2021), are gradually adopting cutting-edge technologies like
are to help people solve problems, incorporate knowledge blockchain, cloud computing, and artificial intelligence (AI).
representation, make planning easier, permit continuous But since the human touch is still proving to be so important,
learning, and enable self-aware AI. This explains why they haven't quite reached the AI revolution's stage. The
artificial intelligence (AI) systems are made to function researcher is concerned that most banks in Nigeria, especially
autonomously; draw conclusions logically, mimic human Anambra State, continue to operate on antiquated systems
thought processes, and deal with ambiguous or insufficient and architectures that were not intended to serve the essential
data. According to Almustafa, Assaf, and Allahham (2023), banking functions and services of the future. Many banks are
artificial intelligence also constitutes a wide range of reluctant to engage in enhancing their service delivery skills
applications including chatbots, natural language processing, due to pressure to cut costs and risk. In contrast, modern non-
robotic process automation, and machine learning algorithms. traditional banks are well-positioned to provide financial
This explains why the strong family of technologies known services that have a high level of consumer appeal and the
as artificial intelligence (AI) is especially well-suited to offer potential to capture a large share of the Millennial market.
novel approaches to business process re-engineering.
An empirical study of this kind could give traditional
In the financial services sector, artificial intelligence banks reasons to consider the utmost accommodation of
(AI) refers to the application of technology, such as machine Artificial Intelligence as to achieve business process
learning (ML) and sophisticated algorithms, to analyze data, optimization. Against this backdrop, this study seeks to
automate processes, and enhance decision-making (Finio and determine the relationship between artificial intelligence and
Downie, 2023). The banking industry has seen tremendous business process optimization in selected banks in Anambra
change as a result of artificial intelligence (AI), which offers State.
financial institutions both benefits and challenges. To adapt
to changing customer tastes and set themselves apart from  Research Questions
rivals, financial institutions nowadays must be able to swiftly The study was guided by the following research
provide highly customized, user-friendly services while yet questions:
upholding high standards of quality and productivity. Service
delivery optimization is becoming essential as financial  What is the relationship between artificial and capacity to
services companies adopt new technology. It is no longer an enhance customer service relationships in selected banks
option. in Anambra State?

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Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1673

 What is the relationship between artificial and capacity to later on in addition to giving customers answers to their
enhance cyber-security in selected banks in Anambra questions without requiring human interaction.
State?
 Interaction with Customers across Social Media
 Objectives of the Study Platforms:
This study investigates the relationship between Financial institutions can use a specific algorithm in
artificial intelligence and business process optimization in conjunction with artificial intelligence (AI) and machine
selected banks in Anambra State. Specifically, the study learning to forecast and assess client behaviour and credit
sought to: scores (Kraus, Jones, Kailer, Weinmann, Chaparro-Banegas,
and Roig-Tierno, 2021). This makes it possible for banks to
 Ascertain the relationship between artificial and capacity create customized programs for their customers. Given this,
to enhance customer service relationships in selected banks may be able to better serve their customers by
banks in Anambra State. digitizing their procedures with the aid of artificial
 Determine the relationship between artificial and capacity intelligence. When it comes to providing modern customers
to enhance cyber-security in selected banks in Anambra with financial services, artificial intelligence might be the
State. way of the future (Ali, Ally, and Dwivedi, 2020). The
rationale for this is that customers can access a wide range of
 Research Hypotheses value-based e-services via the bank stations' network of self-
At the 0.05 level of significance, the following null service terminals, including bill payment and government
hypotheses were put out to direct the investigation: website interaction. This calls for extensive data analysis. The
financial sector uses data to improve customer connections,
 Ho 1: No significant relationship exists between artificial and as such, artificial intelligence could help with the
and capacity to enhance customer service relationship in structuring and organizing of data.
selected banks in Anambra State.
 Ho 2: No significant relationship exists between artificial  Fraud Detection:
and capacity to enhance cyber-security in selected banks AI's main objective in the banking sector is to replace
in Anambra State. human labor in tasks that were previously completed by
humans to safeguard the performance of business functions
 Scope of the Study from potential threats. The machine learning programming
The intent of the study was delimited to examining approach is the foundation of AI. Because corporate financial
relationship between artificial intelligence and business transactions are so large and the responsibilities of their jobs
process optimization in selected banks. The geographical are so complex, financial institutions are more often than
scope is in Anambra State, Nigeria. The content of the study other types of companies vulnerable to the risk of fraud
specifically investigated the relationship between artificial (Svoboda, 2023). Kumar and Sharma (2018) suggest that. As
intelligence and business process optimization (capacity to a result, using AI technology could make it simpler to prevent
enhance customer service relationships and capacity to fraud given that it could utilize complex algorithms and
enhance cyber-security) of banks. Members of staff of mathematical computing to monitor employee and customer
commercial banks in Anambra State served as respondents of behaviour through unsupervised learning programs
the study. (Svoboda, 2023).

II. LITERATURE REVIEW  Analysis of Sentiments:

The behaviour that financial institutions expect from
A. Conceptual Review their clients is the most important factor in the creation of new
financial products and services. According to Matarazzo,
 Potential Uses of Artificial Intelligence in the Banking Penco, Profumo, and Quaglia (2021), artificial intelligence
Industry (AI) technology collects data to create and display content
that is tailored to the preferences and tastes of each user. It
 The Chatbot: also can predict the thoughts, feelings, and answers of clients
The Chatbot uses pre-programmed questions to engage via email, social media, and survey channels. This could help
with clients in a way that promotes polite, effective the finance industry better meet the individual needs of its
communication and timely issue resolution (Barbu, Florea, clients.
Dabija, and Barbu, 2021). Hoyer, Kroschke, Schmitt,
Kraume, and Shankar (2020), added that chatbots—AI  Automatic Control of Banking Services:
programs used in banking—may someday replace bank front Svoboda (2023) asserts that digital computers' rapid and
desk employees wherein customers may now enjoy precise cash counting is another instance of the technology of
personalized and intelligent digital experiences from AI- artificial intelligence being applied in the banking industry
driven robots that are created specifically for them, all thanks without requiring human input. With the use of automation
to chatbots. In the thoughts of Finio and Downie (2023), technologies, the banks' daily business volume increases,
chatbot technology in banks could gather data from user which also reduces work-related stress and the number of
inquiries, which could be utilized to handle unforeseen issues math errors linked to cash counting. In not too too-distant
future, the banking sector may experience increased

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productivity as a result of the deployment of automation the changing demands of consumers and adjust to shifting
technology. These would all enable the companies to replace market conditions. Silber's theory highlights the role that
tiresome and time-consuming tasks like form filling and competition plays in influencing the strategic choices made
back-end testing. by financial institutions and highlights its importance as a
catalyst for financial innovation.
 Planning and Management of Finances:
Millions who use mobile banking extensively have been Given the aforementioned, it is imperative to emphasize
made possible by the twenty-first century, suggesting that the significance of risk management. Financial organizations
they will probably be lured to artificial intelligence-powered innovate to successfully control risks as well as to maximize
banking mobile applications. Consumers have adapted to revenues. Innovation in financial products and services
mobile banking rather well. Personalized advice and insights frequently requires the development of new tools and
on how to save money can be obtained by applications that techniques for risk management to reduce and manage many
monitor a user's activities, according to Novák, Hendrych, types of risks, such as credit risk, operational risk, and market
and Kardela-Wojtaszek (2023). Making payments, risk. Financial institutions may strengthen their resilience,
transferring funds, and other regular financial duties have safeguard their assets, and preserve stability in the face of
become much simpler and easier with the use of mobile uncertainty by implementing innovative risk management
banking. Users can now manage their money more practices. Silber's thesis emphasizes how financial innovation
effectively, get more insightful financial advice, and finish plays a dual function in risk management and profit
transactions more quickly and efficiently thanks to artificial maximization, and how crucial it is to achieve a balance
intelligence in mobile banking (Novák, Hendrych, Kardela- between the two to guarantee the financial industry's long-
Wojtaszek, 2023). term success and sustainable expansion.

B. Theoretical Framework About this study, the constraint-induced financial

innovation theory is of great essence given that in this twenty-
 The Constraint-Induced Financial Innovation Theory first century wherein data has become the order of the day,
American economist William Silber first proposed the financial innovation ought to be driven by the necessity to
constraint-induced financial innovation idea in 1975. William overcome constraints, both external (such as policies) and
Silber's theory of constraint-induced financial innovation internal (like organizational management), that impede profit
emphasizes that financial organizations innovate largely for- maximization. Silber's theory emphasis on the role of profit
profit maximization. According to Silber's view, financial maximization as the central driver of financial innovation
innovation is fuelled by the need to get past internal and implies that in this twenty-first century, it is only fitting that
external barriers to profit maximization, like organizational banks employ innovations like artificial intelligence to not
management and laws. These limitations can lower an just overcome constraints and maximize profit but also to
organization's efficiency even while they guarantee maximize positive customer relationships.
management stability, which is why financial institutions
work to remove these obstacles. According to Silber's view,  Towards Implementing Business Process Optimization in
the primary force behind financial innovation is profit Banking Industry Using Artificial Intelligence
maximization, with financial institutions coming up with new Banking firms must thoroughly plan for successful
ideas to go around and over obstacles in the way of improving integration, assess the possible benefits of AI, and acquire in-
their financial performance. depth knowledge of its capabilities to use AI effectively
(Smit, 2024). Given this, Achary (2021) proposed that banks
William Silber's theory of constraint-induced financial should first understand how artificial intelligence (AI) may
innovation postulates that financial institutions use optimize their offerings in terms of goods and services,
innovation to adjust to shifting market dynamics, advances in enable process efficiency, reduce operating expenses, and
technology, and legal and regulatory requirements. Financial enhance risk management. This is predicated on the idea that
institutions can enhance their overall financial health, draw in banks, their staff, and their clients will benefit most from
new clients, and maintain their competitiveness by well-informed decisions regarding the application of AI.
innovating. According to Silber's thesis, financial innovation According to Smit (2024), this approach should start with a
is a dynamic process motivated by the urge to get past well-considered business case before a bank decides to
challenges and take advantage of openings in the financial onboard AI. The business case needs to clearly define,
environment. To prosper in a continuously changing evaluate, and discuss the benefits and drawbacks of artificial
environment, financial institutions must be able to adapt and intelligence and prioritize projects that would yield
respond to opportunities and restrictions. immediate benefits for the company, being clear about the
deployment's goals (Alsheibani, Cheung, Messom, and
This theory also emphasizes how competition pushes Ahosni, 2020). This is because the bank's capacity to execute
innovation in the financial sector. Financial institutions must present and future AI initiatives may be hampered by taking
innovate in a competitive market to set themselves apart, on too difficult or time-consuming AI projects upfront
draw clients, and obtain a competitive advantage. Because of (Fountaine, McCarthy, and Saleh, 2019). Thus, the
the intense competition, the financial industry has developed implementation of AI should occur in areas of the bank where
a culture of innovation that has resulted in the creation of new it may lessen the need for human intervention to achieve
goods, services, and procedures that are better able to satisfy quick victories (Achary, 2021). To ensure the successful

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application of AI technology, banks must use the business implement new projects, including developing data
case to validate their strategic goal. The organization should architecture and coding, defining user experience,
use this instance as a guide, using it to determine the best rearrangement of IT infrastructure, deploying organizational
course of action and the financial requirements necessary for capabilities, and securing finance (Uyyala and Yadav, 2023).
its success (Alsheibani, Cheung, Messom, and Ahosni, 2020).
Additionally, banks need to make sure that AI
The organization's highest levels should be the ones to technology is compatible with their internal procedures.
champion the AI transformation journey in addition to Banks must modify all aspects of their internal operations,
allocating a sufficient budget for AI deployment. Fountaine, consumer-facing protocols, and business practices to meet
McCarthy, and Saleh (2019) conclude that once the customer expectations. This was disclosed by Met, Kabukçu,
organization has established its key initiatives, it is imperative Uzunoğulları, Soyalp, and Dakdevir (2020). Antiquated
to get sufficient funds for AI transformation. For banks with systems, protocols, and workflows must be carefully updated.
decentralized budgets, it can be challenging to form cross- While challenging, this work is essential for businesses
functional teams for company-wide implementation and to undergoing AI transformation.
negotiate the challenges of budgeting reconfiguration
(Alsheibani et al., 2020). Enough money must be set up for  Possible Challenges Facing the Implementation of
both the purchase of AI technology and its integration Artificial Intelligence in the Banking Sector
throughout the entire organization.
 Cost of Implementation:
Moreover, it is imperative to have the support of the When using artificial intelligence (AI) in the financial
CEO, senior executives, and an expert team in charge of AI sector, the cost of implementation is a crucial factor to take
design and implementation. With the CEO's support, the into account because the initial investment in talent
leadership team will be inspired to take charge of the acquisition, AI infrastructure, and system integration can be
transformation and fully advocate for it, highlighting its large. Many financial organizations may find it difficult to
advantages and encouraging acceptance and usage use AI solutions due to the high cost of development and
throughout the company while significantly reducing errors system integration (Nagarajan, Arunadevi, Banu,
and expenses (Alsheibani et al., 2020). Mohideenm, and Lakshmi, 2023). This leads to several
problems, including expensive development expenses,
Considering what has been said so far, it is clear that licensing and subscription fees, integration, and maintenance,
getting the best outcomes requires AI to operate on a reliable to name a few.
IT platform and have access to high-quality data in order to
develop and learn. Qahtani and Alsmairat (2023) assert that  Data Quality and Accuracy:
in order to create an atmosphere in which AI solutions may When applying artificial intelligence (AI) in the
meet high standards, gain the trust of users, and exhibit ease financial industry, data correctness and quality are critical
of use, a solid IT foundation is required. Additionally, factors to take into account. For AI systems to produce
Alsheibani et al. (2020) emphasize that deploying AI requires reliable forecasts and judgments, high-quality data is
having access to high-quality data. A strong IT infrastructure essential. If this data is corrupted, the results might be
will guarantee that artificial intelligence (AI) can develop disastrous for an organization's finances and reputation. For
without being hindered by technological limitations, as AI accurate and useful insights, banks must thereby address
technology primarily depends on the information it can safely problems with data consistency, cleanliness, and
gather to learn and develop. completeness. Geetha (2021) lists these as follows: Financial
institutions deal with enormous volumes of data, which can
Last but not least, the implementation of AI successfully result in errors and inconsistencies. This makes data
depends on more variables than only technology, data, and inconsistencies a significant concern. It can be challenging to
change management. Reorganizing its business models, find and fix these discrepancies, particularly when handling
procedures, and organizational structures are also necessary intricate financial transactions. Another difficulty is
for banks. Furthermore, Fountaine et al. (2019) conclude that maintaining data integrity, as financial institutions have to
businesses need to reorganize to take advantage of AI's make sure that their information is current, accurate, and
compelling value-add. AI-using companies ought to think comprehensive. Inaccurate data has the potential to spread
about establishing a central department in charge of throughout an organization's activities, with dire implications
managing several corporate functions, including like financial losses and noncompliance with regulations.
partnerships, performance management, human resources, Another problem is data governance, since preserving data
rules, and processes. The section is also in charge of keeping quality requires the implementation of strong data
AI-related standards and systems up to date. governance structures. To guarantee data integrity and
compliance, this involves integrating data quality initiatives
In the end, a network of business divisions with analysts inside a strong data governance structure.
and product managers for AI in charge of putting strategies
into action, selecting solutions, and keeping an eye on  Cybersecurity Risks:
business unit success should be supervised by the center Banks need to put strong cybersecurity measures in
division. A cross-functional divide between the centre and place to prevent breaches because AI systems are susceptible
business units is also required to manage change and to cyberattacks. Artificial intelligence (AI) systems,

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especially those that use deep learning and machine learning, C. Empirical Studies
may be subject to a variety of threats that could jeopardize Chahal (2023) conducted a study to find out about
their accuracy and integrity. Oyeniyi, Ugochukwu, and digital transformation and business process optimization in
Mhlongo (2024) list the following: data poisoning problems, the financial industry in the literature. The research was
which arise from the vulnerability of AI systems to data directed by three research questions. The literature was
poisoning attacks, in which malicious data is purposefully screened using a systematic review research design to find
inserted into the training data to alter the behaviour of the answers. To obtain information, academic journals and other
model, resulting in erroneous predictions and monetary data sources such as PubMed, IEEE Xplore, and Google
losses. Another problem is data leakage, which occurs when Scholar were made available. The utilization of literature
sensitive information is taken from the training set or the analysis has made it possible to evaluate the different
internal workings of the model, jeopardizing client concepts.
information and financial security. AI systems are susceptible
to these attacks. Data integrity attacks are feasible in that they The study's conclusions showed that the financial
can target AI systems to change or erase the data used for services industry has benefited greatly from the digital
testing or training, which could result in inaccurate model revolution and that robotic process automation (RPA) and
behaviour and monetary losses. artificial intelligence (AI)-based algorithms are primarily
responsible for efficiency gains in risk assessment operations.
 Skill Gap and Workforce Adaptation: The need for financial institutions to be adaptable and
The application of artificial intelligence (AI) in the competitive at all times in the quickly evolving digital
financial industry presents some difficulties with workforce ecosystem was again underlined by the study. As a result, AI
adaptation and skill gaps. Finance workers need to become has improved customer satisfaction rates and data security
accustomed to new technology and acquire the skills needed within financial institutions.
to use AI effectively as it transforms the financial sector. For
generative AI to be implemented successfully, a highly Almustafa, Assaf, and Allahham (2023) conducted
qualified staff that can comprehend and use the technology is research to determine how artificial intelligence is being used
required. Banks may encounter difficulties hiring fresh talent by Jordanian commercial banks to innovate their financial
with experience in AI and machine learning or upskilling processes. Two research questions and two hypotheses that
their current workforce. Pattnaik, Ray, and Raman (2024) list were evaluated at the 0.05 level of significance served as the
these issues as follows: the financial sector needs to adjust to study's compass. To achieve the research aims, a systematic
new technologies like chatbots and robo-advisors to improve research design is employed, with survey approaches acting
productivity and service quality, which means training for as the primary means of data collection. For participation, 143
new technologies. Another issue is the "soft skills quagmire," workers from significant banks in Amman, Jordan, are
which refers to the need for soft skills like flexibility, chosen as a sample. The survey comprises inquiries intended
professional ethics, and social perceptiveness in addition to a to obtain data regarding the present condition of artificial
technical understanding of AI to adapt to the impact of AI in intelligence integration, obstacles encountered, and possible
the workplace. The issue of the disconnect between education advantages in the domains of credit risk management and
and industry is another one; it appears that current educational other financial services. A statistical analysis was conducted
curricula and the rapidly evolving demands of AI applications using t-tests, means, and standard deviations. Utilizing t-tests
are not keeping up with the times. at the.05 level of significance, the hypotheses were examined
to answer research concerns about the mean and standard
 Concerns about Data Privacy and Security: deviation.
The use of artificial intelligence (AI) in the financial
sector has given rise to some concerns about data privacy and The study's findings show how integrating AI has the
security. Generative AI relies on large datasets, which may potential to drastically change the way Jordanian commercial
contain personally identifiable information (PII) and financial banks conduct business. Credit assessment, market risk
details. It is imperative to protect this data from breaches and analysis, financial forecasting, risk model validation, and
unauthorized access. These concerns, as outlined by Kumar creditworthiness evaluation could all benefit from artificial
and Kumar (2022), include Data collection and utilization intelligence (AI). The study also demonstrates how AI has the
concerns, which are based on the fact that AI applications in potential for customized customer care solutions, improving
finance involve the collection and processing of enormous user experience, and pointing customers toward suitable
amounts of sensitive financial data, including financial and financial services. The benefits of applying AI-driven
personal information that could be exploited by hostile actors innovation to boost financial performance and profitability in
if improperly protected. Another issue is the potential for AI Jordan's banking sector are highlighted in the report's
algorithms to reinforce bias and discrimination if fairness and conclusion.
transparency are not taken into consideration. This could
result in unjust decisions and erode customer confidence. Chukwudi (2018) researched to find out the effect of
Another issue is data breaches and unauthorized access, Artificial intelligence on accounting operations’ performance
which is centered on the idea that as finance relies more on in an accounting firm in South East Nigeria (with a focus on
AI systems, there are more opportunities for data breaches Anambra State), one of the ancient states in Nigeria. Utilizing
and illegal access. These opportunities could lead to the theft a descriptive research approach, the study was guided by two
or misuse of confidential financial information. research questions and two hypotheses and assembled the

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necessary data from a subset of the population to reflect the purposive sample technique to select three banks from each
complete population. The study's data was collected using the of the aforementioned groups, one from each senatorial
Structured Questionnaire. Four components make up the district (First Bank, Ekwuobia branch – Anambra Central;
questionnaire. While sections B, C, and D addressed the Access Bank, Awka branch – Anambra South; and GTB,
respective objectives study using the descriptive research of Onitsha – Anambra North Senatorial District). 170
the sample survey type, part A requested information on the Questionnaires were distributed to the 170 staff of the
socio-demographic characteristics of the accountants. selected banks out of which 125 were completed and
returned. A methodical questionnaire was utilized to gather
The creation and application of expert systems is the representative data. The questions on the questionnaire were
most extensively researched topic in the accounting pre-planned and followed a defined framework. The
disciplines' artificial intelligence literature. The study also questionnaire was carefully crafted to avoid giving
reveals that accounting academics have, to varying degrees of respondents any needless cues. The instrument was divided
success, used a variety of artificial intelligence technologies into sections, A and B. Respondents were questioned on
and approaches to certain jobs in financial reporting and topics related to business process optimization and artificial
analysis, auditing, and assurance. According to the study's intelligence in Section B. Respondents gave their
findings, the use of artificial intelligence improves demographic data in Section A. In the questionnaire's design,
accounting operations' performance, which adds value to a four-point scale was used: Strongly Agree (SA) = 4 points,
banks' business optimization processes. Agree (A) = 3 points, Disagree (D) = 2 points, and Strongly
Disagree (SD) = 1 points. The reliability of the questionnaire
III. METHOD was evaluated using the Cronbach alpha statistics. The
internal consistency of the questionnaire items was evaluated
The study used a correlational research methodology using Cronbach statistics.
because its goal was to determine how business process
optimization in banks and artificial intelligence relate to one The obtained coefficient of 0.78 was considered
another. Because the study employed primary data sources, it sufficient, and the instrument was rated reliable. The data
was possible to communicate directly with the respondents collection technique employed was direct-delivery. The
who work as employees of the selected banks in Anambra collected data was analyzed by the researcher using the
state. This study area (Anambra State) was chosen because of Pearson product-moment correlation coefficient. The theories
the researcher's familiarity with the subject area and the were looked at using a Pearson correlation critical value table.
paucity of prior research on the topic of interest in the region. The study questions were selected with consideration for
Nwana's (2007) recommendations in mind. Thus, the
The total population of the study was 745 employees of following is the correlation coefficient (r) between scores:
all the commercial banks in Anambra State, Nigeria. Among
the commercial banks were First Bank, United Bank for 0.00 – 0.20 = Very Lowrelationship
Africa, Fidelity Bank, Eco Bank, Access Bank, Sky Bank, 0.20 to 0.40 = Lowrelationship
Heritage Bank, Zenith Bank, Access Bank, Union Bank 0.40 – 0.60 = Moderate relationship
Onitsha, Keystone Bank, First City Monument, Sterling 0.60 to 0.80 = Highrelationship
Bank, Guarantee Trust Bank, Stanbic IBTC, Standard Extremely strong correlation, 0.80 – 0.10.
Chartered Bank, Unity Bank and Wema Bank.
When deciding which hypothesis to reject, the null
These banks are dispersed through the State's several hypothesis was discarded if the P-value was less than the
senatorial districts. To achieve this, the researcher used the significant value of 0.05; otherwise, it was not.

IV. RESULT

 Research Question One: What is the Relationship between Artificial and Capacity to Enhance Customer Service Relationships
in Selected Banks in Anambra State?

Table 1 Pearson r on the Relationship between Artificial and Capacity to Enhance Customer Service Relationship in Selected
Banks in Anambra State
Source of Variation N R Remark
Artificial Intelligence 125 0.70 High Positive
Customer Service Relationship Relationship

Table 1 demonstrates that, in selected banks, artificial intelligence and the ability to improve customer service relationships
have a strong positive correlation. The size of the Pearson's Correlation Coefficient (r), which is 0.70 and indicates a strong positive
link, makes this apparent. This suggests that the implementation of artificial intelligence will improve how well banks optimize their
relationships with their customers.

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Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1673

 Research Question Two: What is the Relationship between Artificial and Capacity to Enhance Cyber-Security in Selected Banks
in Anambra State?

Table 2 Pearson r on the Relationship between Artificial and Capacity to Enhance Cyber-Security in
Selected Banks in Anambra State
Gender Source of Variation N R Remark
Male Artificial Intelligence 125 0.72 High Positive
Cyber-Security Enhancement Relationship

Table 2 demonstrates strong positive relationship between artificial intelligence and banks' ability to improve customer service
relationships. The size of the Pearson's Correlation Coefficient (r), which is 0.72 and indicates a strong positive link, expresses this.
This suggests that the implementation of artificial intelligence will result in bank cyber-security.

 Hypothesis One: No Significant Relationship exists between Artificial Intelligence and the Capacity to Enhance Customer
Service Relationships in Selected Banks in Anambra State.

Table 3 Test of Significance of Pearson Correlation between Artificial Intelligence and Capacity to Enhance Customer Service
Relationships in Selected Banks in Anambra State
Source of Variation N r p-value Remark
Artificial Intelligence 125 0.53
Customer Service Relationship 0.00 Significant

Table 3 demonstrates that, in selected Anambra State banks, artificial intelligence and the ability to improve customer service
relationships are significantly correlated. There were P.values<0.05 for the computed r (0.53). As a result, the first null hypothesis
was rejected, showing that there is a substantial correlation between artificial intelligence and the ability to improve customer service
in a few chosen banks in Anambra State.

 Hypothesis Two: No Significant Relationship Exists Between Artificial Intelligence and Capacity to Enhance Cyber-Security in
Selected Banks in Anambra State.

Table 4 Pearson r on the Relationship Exists between Artificial Intelligence and Capacity to Enhance Cyber-Security in Selected
Banks in Anambra State
Source of Variation N r p-value Remark
Artificial Intelligence 125 0.52
Cyber-Security Enhancement .00 Significant

Table 4 demonstrates that, among a subset of Anambra implies that artificial intelligence could be employed on
State's banks, artificial intelligence and the ability to improve social media platforms to listen and attend to customers in
cyber-security are significantly correlated. P-values were less their various points of need.
than 0.05 for the computed r (0.32 for males and 0.52 for
females). As a result, the second null hypothesis was rejected, The study's conclusions concur with those of Almustafa,
suggesting that there is a meaningful connection between Assaf, and Allahham (2023), who noted in their research the
artificial intelligence and the ability to improve cyber- significant potential of AI integration to completely transform
security in particular Anambra State banks. the way Jordanian commercial banks operate. They disclosed
that the incorporation of AI presents the prospect of tailored
V. DISCUSSION customer service solutions, thereby enhancing the user
experience and directing clients toward appropriate financial
 Relationship between Artificial Intelligence and Capacity services. They also disclosed that artificial intelligence (AI)
to Enhance Customer Service Relationships in Selected technologies facilitate improved financial forecasting skills,
Banks precise analysis of market risks, accurate credit assessment,
The study's conclusions revealed that there is a highly strong validation of risk models, and sophisticated
positive relationship existing between artificial intelligence creditworthiness evaluation.
and the capacity to enhance customer service relationship in
selected banks in Anambra State. The test of the hypothesis  Relationship between Artificial Intelligence and Capacity
further revealed that there is a significant relationship to Enhance Cyber-Security in Selected Banks in Anambra
between artificial intelligence and capacity to enhance State
customer service relationship in selected banks in Anambra The study's findings indicate that there is a high positive
State. This connotes the fact that the deployment of artificial relationship between artificial and capacity to enhance cyber-
intelligence will be of great relevance to banks as it concerns security in selected banks in Anambra State. The test of the
the enhancement of customer-service relationships. This hypothesis further revealed that there is a significant

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Volume 9, Issue 6, June – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24JUN1673

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