This study investigated the role of artificial intelligence (AI) in enhancing competitive advantage within Access Bank PLC in Lagos State, with strategic focus on Alimosho LGA. It examined the effects of AI technologies, including deep learning (DL), chatbots, robotic process automation (RPA), digital assistants and facial recognition, and assessed their impact on operational efficiency, customer success and strategic decision-making. The study employed a descriptive research design and surveyed 142 employees selected through simple random sampling. Data were collected through structured questionnaires and analysed using regression analysis to determine the significance of AI-driven innovations. The findings revealed that AI was found to significantly enhance operational efficiency (p < 0.01), improved customer personalisation (p < 0.01) and provided valuable strategic insights (p < 0.05), contributing to the bank’s competitive edge in market share and profitability. However, challenges such as high implementation costs, data privacy concerns and regulatory compliance issues were noted. The study recommends a strategic focus on responsible AI integration, employee upskilling and partnerships to mitigate challenges while maximising AI benefits. This research contributes to the understanding of AI’s transformative potential in banking and offers practical insights for stakeholders in the financial services sector. This paper is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.
Gabriel et al. (Sun,) studied this question.