The impact of artificial intelligence on managerial accounting processes in Nigerian banks: A study of GTBank
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Background of the Study
Artificial intelligence (AI) has revolutionized many industries, and the banking sector is no exception. In Nigerian banks, AI technologies are increasingly being applied to enhance decision-making processes, improve customer service, and optimize internal operations (Ogunlade & Ajayi, 2024). Managerial accounting, which involves the analysis of financial information to support decision-making, budgeting, and performance evaluation, can benefit from AI by providing real-time data analytics, forecasting, and predictive insights. GTBank, one of Nigeria’s leading banks, has been at the forefront of adopting AI technologies to enhance its managerial accounting processes. AI tools, such as machine learning algorithms and data mining techniques, allow for more accurate financial forecasting, cost control, and performance evaluation (Olalekan et al., 2023). However, the full impact of AI on managerial accounting practices in Nigerian banks is still emerging. This study aims to examine how the integration of AI influences managerial accounting processes at GTBank and its effect on operational efficiency and financial performance.
Statement of the Problem
While AI presents numerous opportunities for improving managerial accounting practices, many Nigerian banks, including GTBank, face challenges in fully leveraging AI technologies due to concerns over data privacy, the complexity of AI systems, and the high costs of implementation. Additionally, there is limited research on the specific effects of AI on managerial accounting processes in Nigerian banks. This study seeks to assess the impact of AI integration on managerial accounting at GTBank, with a focus on how it enhances or disrupts accounting practices such as budgeting, cost analysis, and financial decision-making.
Objectives of the Study
- To evaluate the impact of artificial intelligence on managerial accounting processes at GTBank.
- To assess the effectiveness of AI technologies in improving financial decision-making and operational efficiency at GTBank.
- To recommend strategies for optimizing the use of AI in managerial accounting at GTBank.
Research Questions
- How does artificial intelligence influence managerial accounting processes at GTBank?
- What are the specific benefits and challenges of using AI in managerial accounting at GTBank?
- How can GTBank enhance its use of AI technologies in managerial accounting to improve financial decision-making?
Research Hypotheses
- The integration of AI significantly improves the efficiency of managerial accounting processes at GTBank.
- AI adoption in managerial accounting leads to more accurate financial forecasting and budgeting at GTBank.
- The use of AI in managerial accounting enhances decision-making and operational performance at GTBank.
Scope and Limitations of the Study
This study focuses on GTBank and its use of AI in managerial accounting processes. Data will be gathered through interviews with key staff members, analysis of internal accounting reports, and a review of GTBank’s AI implementation strategy. Limitations include the availability of detailed internal data on AI implementation and the potential resistance to change within the bank’s organizational culture.
Definitions of Terms
- Artificial Intelligence (AI): The simulation of human intelligence processes by machines, particularly in decision-making and problem-solving tasks.
- Managerial Accounting: The process of collecting, analyzing, and using financial information to support internal decision-making, planning, and control.
- Machine Learning: A subset of AI that uses algorithms to analyze data and make predictions or decisions based on patterns in the data.
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