ARTIFICIAL INTELLIGENCE IN THE WORK PROCESS: THE PSYCHOLOGICAL IMPACTS IN THE BANKING INDUSTRY

Abstract

Applications of artificial intelligence (AI) is increasing globally. Hence, this research examined the role of artificial intelligence in Nigerian banking work process and its psychological impacts. Goal-setting theory serves as the theoretical background. The interface between artificial intelligence and work processes includes automation of tasks, enhanced customer service, risk management, fraud detection, decision-making support and efficiency. Some psychological impacts of AI in the banking industry in Nigeria manifest in job displacement, fear of job loss, decreased human interaction, lack of trust, ethical issues, and paranoia. However, the prospects of AI in work processes in the banking industry are personalized banking experience, advanced fraud detection mechanisms, credit risk management, operational efficiency and customer service. Consequently, it is recommended for personnel and work processes to embrace regular personnel development, job redesign and reskilling, regulatory framework integration, customer education, continuous monitoring, evaluation and collaboration. These will help cope and adapt to the unfolding certainty of AI in the workplace.