The Role of Artificial Intelligence in Banking and Fraud Prevention: A Cross Sectional Study in Ghana

Abstract

Introduction: The increasing integration of Artificial Intelligence (AI) in the banking sector has reshaped traditional financial services, particularly in the context of fraud prevention. This cross-sectional study in Ghana aimed to investigate the current state and perceived effectiveness of AI applications in banking, focusing on its role in fraud prevention. Methods: The research data was acquired through interviews and surveys conducted with customers and bank officials. A total of 363 participants took part in the survey, comprising 200 customers and 163 staff members selected from five banks in Ghana. Structured questionnaires were distributed electronically and in print to gather quantitative and qualitative data. Results: The findings reveal a significant level of awareness (70.0%), understanding (75.0%) and 62.0% experience with AI in the banking sector among the participants. An overwhelming 88.0% express a preference for AI-based support over human-based support. About 97.2% believe that AI systems prioritize robust privacy measures influencing their perception of AI in fraud prevention. Furthermore, 87.5% perceive AI systems as consistently providing precise and reliable results, enhancing their confidence in the technology. The perception of AI's effectiveness in fraud prevention is closely tied to its capacity to adapt to new and emerging fraud tactics, with 66.6% emphasizing the importance of this adaptability. Conclusion: These findings contribute to understanding the nuanced perspectives of users in Ghana regarding AI in the banking sector, providing insights for financial institutions, policymakers, and educators aiming to enhance AI adoption and trust.