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Digital transformation in financial services provision: A Nigerian perspective to the adoption of chatbot

Digital transformation in financial services provision: A Nigerian perspective to the adoption of chatbot

Abdulquadri, A., Mogaji, Emmanuel ORCID: 0000-0003-0544-4842, Kieu, T. and Nguyen, P. (2021) Digital transformation in financial services provision: A Nigerian perspective to the adoption of chatbot. Journal of Enterprising Communities: People and Places in the Global Economy, 15 (2). pp. 258-281. ISSN 1750-6204 (doi:https://doi.org/10.1108/JEC-06-2020-0126)

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Abstract

Purpose:
Recognising the high numbers of unbanked and financially excluded adults in Nigeria, this study positions chatbot as a digital transformation tool to radically change business model, improve customer experience, and enhance financial inclusion in emerging markets.

Methodology: The Search-Access-Test (S-A-T) model was adopted to understand how Nigerian banks are adopting chatbots.

Findings:
Majority of Nigerian banks now have chatbots which enhance customer engagement and financial inclusion. WhatsApp was the most frequently used platform. Chatbots were often branded and presented with female gender identification. The chatbots were less responsive beyond their pre-defined path. While Nigeria is a multilingual country with English being the original language, none of the chatbots used any of the Nigerian’s local languages.

Originality:
While many theoretically based model for investigating the adoption of digital technologies has often placed focus on users’ ability to engage, this study takes an alternative perspective; by using the Search-Access-Test (S-A-T) model, it lays the responsibilities on the banks and chatbot developer to ensure that their chatbots are secure, responsive and able to meet the needs of the customers.

Practical implications:
Brands needs to reevaluate their chatbots with regards to responsiveness, pre-defined questions, verification and privacy. There are also possibilities of branding the chatbot and developing content creation strategies for proper engagement. Beyond English, the integration of African languages into chatbot is essential for digital transformation. Digital literacy and skills, particularly in the field of science, technology, engineering and mathematics (STEM) should be supported to equip future developers and create more jobs.

Item Type: Article
Uncontrolled Keywords: digital transformation; chatbot; financial inclusion; Nigeria; emerging markets; banks
Subjects: G Geography. Anthropology. Recreation > GV Recreation Leisure
H Social Sciences > HG Finance
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Marketing, Events & Tourism
Last Modified: 10 Aug 2021 10:24
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
Selected for REF2021: None
URI: http://gala.gre.ac.uk/id/eprint/30005

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