An evaluation of the impact of artificial intelligence on strategic decision-making: A case study of fintech firms in Kogi State
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Background of the Study
Artificial Intelligence (AI) has rapidly emerged as a transformative tool in various sectors, including finance. AI applications in fintech (financial technology) have revolutionized business operations, enabling firms to make more data-driven, accurate, and timely decisions. In fintech, AI technologies such as machine learning, predictive analytics, and natural language processing are used to automate decision-making processes, enhance customer experiences, and improve risk management (Stern & Roberts, 2023). AI allows for better segmentation, pricing models, fraud detection, and overall service personalization, which can significantly impact a fintech firm's ability to compete in a rapidly evolving market.
In Kogi State, fintech firms face challenges typical of emerging markets, including limited access to data, financial literacy, and infrastructure constraints. Despite these challenges, AI presents a unique opportunity for fintech firms in the region to enhance their strategic decision-making processes. However, the specific impact of AI on strategic decisions, especially in emerging fintech firms in Kogi State, remains under-researched. Understanding this impact could provide insights into how AI can be leveraged to improve strategic outcomes in the local fintech sector.
Statement of the Problem
Fintech firms in Kogi State are exploring the integration of AI into their operations to drive strategic decision-making processes. However, the exact influence of AI on the effectiveness and efficiency of decision-making within these firms is unclear. While AI promises increased accuracy and faster decision-making, the adoption of AI technologies in Kogi State may be limited by factors such as infrastructure challenges, data availability, and the lack of expertise in AI applications. This study seeks to evaluate the impact of AI on strategic decision-making in fintech firms in Kogi State, highlighting the benefits and challenges associated with AI adoption.
Objectives of the Study
1. To evaluate the role of AI in improving strategic decision-making in fintech firms in Kogi State.
2. To assess the impact of AI on financial performance and competitiveness in fintech firms in Kogi State.
3. To identify the challenges fintech firms in Kogi State face in adopting and utilizing AI for strategic decision-making.
Research Questions
1. How does the integration of AI impact strategic decision-making in fintech firms in Kogi State?
2. What is the relationship between AI adoption and financial performance in fintech firms in Kogi State?
3. What challenges do fintech firms in Kogi State face in adopting AI for strategic decision-making?
Research Hypotheses
1. AI integration has a significant positive impact on strategic decision-making in fintech firms in Kogi State.
2. AI adoption significantly improves the financial performance and competitiveness of fintech firms in Kogi State.
3. Fintech firms in Kogi State face significant challenges in adopting and effectively utilizing AI for strategic decision-making.
Scope and Limitations of the Study
This study will focus on fintech firms operating in Kogi State, evaluating the impact of AI on strategic decision-making processes. Limitations include potential resistance to sharing sensitive business data regarding AI usage and the possibility of limited access to firms with advanced AI integration.
Definitions of Terms
• Artificial Intelligence (AI): The simulation of human intelligence processes by machines, particularly computers, including learning, reasoning, and self-correction.
• Fintech: Financial technology, a sector that uses technology to improve and automate financial services.
• Strategic Decision-Making: The process of making decisions that are crucial to the long-term success and competitiveness of a business.
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