Artificial Intelligence, Machine Learning and Effects on Financial Services in Nigeria
Abstract
The Nigerian financial services have, in the past and now, experienced tremendous vitality over time. A great deal of changes has been embraced in the area that brought about prompt expansion of service-related items, exercises, and hierarchical structures that have enhanced and expanded the machine learning of the financial service framework in Nigeria. Artificial intelligence has emerged as a breakthrough in academic performance, providing intelligent agents software programmed and developed inside a machine (system) to act like human experts. These intelligent agents can adapt themselves based on the user’s immediate needs. In an era of technological and information explosion, artificial intelligence and machine learning have emerged as a breakthrough in financial services. This paper examined artificial intelligence and machine learning in financial services. Specifically, the paper discussed the concept of artificial intelligence, major applications of artificial intelligence, machine learning, chatbots, deep learning machines, big data technology, machine learning utilization, and financial services. The paper concluded that artificial intelligence implicitly possesses the capability to stimulate human intelligence and can be applied in various fields of human endeavor to achieve a competitive advantage in the global marketplace. The paper recommended, among others, that financial institutions should embark on an intensive capacity-building program me for their staff to enable them to be adequately equipped for the integration of artificial intelligence and machine learning into their day-to-day activities to increase their financial services in the global economy.