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