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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... Recognising the high numbers of unbanked and financially excluded adults in Nigeria, this study aims to position chatbot as a digital transformation tool to radically change business model, improve customer experience and enhance financial inclusion in emerging markets.Design/methodology/approachThe Search-Access-Test (S-A-T) model was adopted to understand how Nigerian banks are adopting chatbots.FindingsA majority of Nigerian banks now have chatbots that 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 predefined 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.Practical implicationsBrands need to re-evaluate their chatbots with regard to responsiveness, predefined 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, should be supported to equip future developers and create more jobs.Originality/valueWhile many theoretically based models for investigating the adoption of digital technologies have often placed focus on users’ ability to engage, this study takes an alternative perspective; by using the 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Enterprising Communities People and Places in the Global Economy Emerald Publishing

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

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References (70)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
1750-6204
eISSN
1750-6204
DOI
10.1108/jec-06-2020-0126
Publisher site
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Abstract

Recognising the high numbers of unbanked and financially excluded adults in Nigeria, this study aims to position chatbot as a digital transformation tool to radically change business model, improve customer experience and enhance financial inclusion in emerging markets.Design/methodology/approachThe Search-Access-Test (S-A-T) model was adopted to understand how Nigerian banks are adopting chatbots.FindingsA majority of Nigerian banks now have chatbots that 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 predefined 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.Practical implicationsBrands need to re-evaluate their chatbots with regard to responsiveness, predefined 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, should be supported to equip future developers and create more jobs.Originality/valueWhile many theoretically based models for investigating the adoption of digital technologies have often placed focus on users’ ability to engage, this study takes an alternative perspective; by using the 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.

Journal

Journal of Enterprising Communities People and Places in the Global Economy – Emerald Publishing

Published: Jun 3, 2021

Keywords: Nigeria; Banks; Emerging market; Financial inclusion; Digital transformation; Chatbot

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