The impact of artificial intelligence on corporate banking operations: A case study of First Bank Nigeria, Lagos
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Background of the Study
Artificial intelligence (AI) is transforming corporate banking by streamlining complex operations and enhancing decision-making processes. First Bank Nigeria in Lagos has increasingly integrated AI into its corporate banking operations to improve efficiency, reduce operational costs, and elevate customer experiences. The bank employs machine learning algorithms for credit risk analysis, fraud detection, and customer segmentation. These technologies enable real-time processing and analytics, leading to more accurate predictions and faster decision-making. The adoption of AI has also allowed First Bank to automate routine tasks, thereby freeing up human resources to focus on strategic functions and relationship management. Moreover, AI-powered chatbots and virtual assistants are being used to enhance customer service by providing instant support and personalized advice. This digital transformation is aligned with global best practices and helps the bank maintain its competitive edge in a rapidly evolving financial landscape (Adebayo, 2023; Oluwaseun, 2024). However, the implementation of AI also necessitates significant investments in infrastructure, staff training, and robust cybersecurity measures to safeguard sensitive financial data. As regulatory bodies continue to adapt to technological innovations, First Bank faces challenges related to compliance and ethical considerations in AI deployment. Overall, the integration of AI into corporate banking operations has the potential to revolutionize service delivery, risk management, and customer engagement, making it a critical area for investigation in today’s digital era.
Statement of the Problem
Despite the promising benefits of AI integration, First Bank Nigeria encounters several challenges that hinder the seamless adoption of these technologies. One of the primary issues is the integration of AI systems with existing legacy infrastructure, which often leads to data silos and interoperability challenges. In addition, the high cost associated with acquiring, implementing, and maintaining AI solutions places considerable strain on financial and human resources. The bank also faces significant cybersecurity risks, as AI systems can be vulnerable to hacking and data breaches, potentially compromising sensitive client information. Moreover, regulatory uncertainties and ethical concerns surrounding AI—such as algorithmic bias and transparency—further complicate the integration process. Resistance to change among staff, coupled with a shortage of skilled professionals proficient in AI, exacerbates these problems and slows the adoption process. These factors collectively diminish the overall efficiency and effectiveness of AI applications in corporate banking, impacting service quality and profitability (Adebayo, 2023; Oluwaseun, 2024; Chukwu, 2025).
Objectives of the Study
- To evaluate the impact of AI on operational efficiency and decision-making in corporate banking at First Bank Nigeria.
- To identify the challenges associated with integrating AI with legacy systems and regulatory frameworks.
- To propose strategies for mitigating risks and enhancing AI adoption in corporate banking.
Research Questions
- How does AI integration affect the efficiency of corporate banking operations at First Bank Nigeria?
- What are the main challenges in integrating AI with existing legacy systems and ensuring regulatory compliance?
- What measures can be implemented to mitigate risks and optimize AI-driven operations?
Research Hypotheses
- H₁: The integration of AI significantly improves operational efficiency in corporate banking.
- H₂: Integration challenges with legacy systems negatively affect the benefits derived from AI applications.
- H₃: Enhanced training and robust cybersecurity measures improve the effectiveness of AI integration.
Scope and Limitations of the Study
This study focuses on the corporate banking division of First Bank Nigeria in Lagos, examining AI adoption over recent fiscal periods. Limitations include restricted access to proprietary technology data and the rapidly evolving nature of AI applications.
Definitions of Terms
- Artificial Intelligence (AI): Computer systems capable of performing tasks that normally require human intelligence.
- Corporate Banking Operations: Financial services provided to large business entities.
- Legacy Systems: Outdated computer systems that may hinder the integration of new technologies.
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