Application of Artificial Intelligence on Customer Satisfaction and Loyalty Among Deposit Money Banks in Ondo State (Published)
This study examines the application of Artificial Intelligence (AI) in enhancing customer satisfaction and loyalty among customers of Deposit Money Banks (DMBs) in Ondo State, Nigeria. Specifically, it investigates the influence of key AI technologies chatbots, virtual assistants, and predictive analytics on customer satisfaction, and subsequently, the effect of satisfaction on customer loyalty. The research adopts a descriptive survey design, which is appropriate for gathering quantitative data from a broad population. A stratified random sampling technique was employed to select 1428 bank customers across various demographic groups, ensuring comprehensive representation in Ondo State, Nigeria. Data were collected using structured online questionnaires and analysed using relevant statistical techniques. The findings reveal that the deployment of AI tools, particularly chatbots, virtual assistants, and predictive analytics, significantly enhances customer satisfaction. Furthermore, a strong positive relationship was observed between customer satisfaction and customer loyalty. The study concludes that AI applications are effective tools for improving customer experience and loyalty in the banking sector. It recommends that DMBs in Ondo State, Nigeria should increase their investment in AI technologies and promote their strategic use to foster stronger customer relationships and competitive advantage.
Keywords: Artificial Intelligence, Customer Satisfaction, Customer loyalty, Deposit Money Banks, chatbots, predictive analytics, virtual assistants
Digital Financial Services and Performance of Deposit Money Banks in Nigeria (Published)
This study evaluates the impact of digital financial services on customer retention in Nigerian deposit money banks, with a focus on mobile banking, internet banking, Point of Sale (POS) terminals, and Automated Teller Machines (ATMs). The study was conducted in Lagos and Abuja, Nigeria, using a stratified random sampling technique to select 350 respondents from five top-ranked deposit money banks. Data were collected through structured questionnaires and analyzed using multiple regression to determine the relationship between digital financial services and customer retention. The findings reveal that mobile banking has the most significant effect on customer retention (β = 0.558, p < 0.001), followed by POS terminals (β = 0.365, p < 0.001). Internet banking (β = 0.089, p < 0.001) and ATMs (β = 0.065, p = 0.001) also contribute positively, though to a lesser extent. Collectively, these variables account for 83.7% of the variation in customer retention (R² = 0.837). The study concludes that digital financial services are critical to sustaining customer loyalty in Nigeria’s banking sector. Key recommendations include prioritizing investments in robust digital infrastructure, improving system reliability, and enhancing customer support and education. Policymakers are encouraged to collaborate with banks to promote financial inclusion and innovation, ensuring the sustained growth of digital financial services.
Keywords: Customer retention, Deposit Money Banks, digital financial services, mobile banking, pos terminals