IMPACT OF ARTIFICIAL INTELLIGENCE ON DELIVERY OF FINANCIAL SERVICES IN RWANDA A CASE STUDY OF BANK OF KIGALI (2021-2023)

Abstract

The study topic was the Impact of Artificial Intelligence on Delivering of Financial Services in Rwanda, a case study of Bank of Kigali Rubavu ranch. The objective of the study was to assess the impact of artificial intelligence on delivering of financial services in Rwanda case of Bank of Kigali Rubavu branch. The financial services sector is undergoing a change thanks to artificial intelli-gence (AI), especially in the area of financial technology (FinTech). By improving efficiency, accu-racy, and security, artificial intelligence (AI) integration in FinTech has drastically changed tradi-tional financial services delivering. Financial institutions may improve decision-making, streamline operations, and provide individualized consumerexperiences with the help of artificial intelligence (AI) technologies including machine learningalgorithms, natural language processing, and predic-tive analytics. The automation of previously labor intensive and error-prone tasks is one of the main effects of AI in FinTech. AI-powered systems have the capacity to handle massive amounts of data quickly, which makes it possible to make decisions on investment strategies, risk assessment, and fraud detection more quickly and accurately. These developments save financial organizations money while simultaneously increasing operational effectiveness. AI systems can offer investors in-sightful information and support them in making well-informed decisions to optimize returns on their investments by evaluating massive volumes of data in real-time. Additionally, AI has complete-ly changed the way financial services customers interact with a company by making it possible to create chat bots and virtual assistants that can offer clients efficient, personalized help. By respond-ing to consumer questions, offering financial guidance, and even helping with personal money management, these AI-powered solutions raise client happiness and engagement levels. But there are also ethical, security, and data privacy issues to be concerned about with FinTech's growing dependence on AI. Safeguarding confidential data and upholding openness in AI algorithms are growing concerns that financial institutions must address as they gather and examine vast volumes of consumer data. A study is conducted to compare the financial services performance of the AI im-pacted financial services deliverance. The objective of the study was to compare the performance of AI with delivering of major Financial Services. The sample for the studytaken was 3years (2021 to 2023) of financial statements. The study recommends that management of BK should adopt financial ser-vices innovations such as ATMs; cash count machine; and internet banking.