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Driving Business Growth and Market Expansion: AI and Market Research Strategies in Financial Institutions and SMEs

Author

Listed:
  • Hope Ehiaghe Omokhoa

    (Department of Business Studies, The University of the Potomac, Virginia, USA)

  • Chinekwu Somtochukwu Odionu

    (Independent Researcher, Texas, USA)

  • Chima Azubuike

    (Guaranty Trust Bank (Nigeria) Limited)

  • Aumbur Kwaghter Sule

    (Independent Researcher, Abuja, Nigeria)

Abstract

This paper explores the integration of artificial intelligence (AI) and market research strategies to drive business growth and market expansion in financial institutions and small and medium-sized enterprises (SMEs). It highlights the significance of AI technologies in enhancing data analysis, generating customer insights, and predicting market trends, which are crucial for informed decision-making. Specific AI and market research strategies tailored for financial institutions are discussed, demonstrating how these tools can improve decision-making, customer segmentation, and personalized marketing. The paper also delves into the benefits of AI and market research for SMEs, emphasizing cost-efficiency, market penetration, and competitive advantage. Despite SMEs’ challenges in adopting AI, such as limited resources and technical expertise, practical solutions like AI-as-a-Service platforms and strategic partnerships are proposed. The paper concludes with recommendations for financial institutions and SMEs to effectively leverage AI and market research, focusing on investment in AI technologies, workforce training, robust data security measures, and continuous monitoring and evaluation of AI systems. By embracing these strategies, financial institutions and SMEs can achieve sustainable business growth and maintain a competitive edge in the digital economy.

Suggested Citation

  • Hope Ehiaghe Omokhoa & Chinekwu Somtochukwu Odionu & Chima Azubuike & Aumbur Kwaghter Sule, 2024. "Driving Business Growth and Market Expansion: AI and Market Research Strategies in Financial Institutions and SMEs," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(12), pages 2994-3004, December.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:12:p:2994-3004
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    References listed on IDEAS

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    1. Ștefan Cristian Gherghina & Mihai Alexandru Botezatu & Alexandra Hosszu & Liliana Nicoleta Simionescu, 2020. "Small and Medium-Sized Enterprises (SMEs): The Engine of Economic Growth through Investments and Innovation," Sustainability, MDPI, vol. 12(1), pages 1-22, January.
    2. Sisira Kumara Naradda Gamage & EMS Ekanayake & GAKNJ Abeyrathne & RPIR Prasanna & JMSB Jayasundara & PSK Rajapakshe, 2020. "A Review of Global Challenges and Survival Strategies of Small and Medium Enterprises (SMEs)," Economies, MDPI, vol. 8(4), pages 1-24, October.
    3. Obey Dzomonda, 2022. "Environmental Sustainability Commitment and Access to Finance by Small and Medium Enterprises: The Role of Financial Performance and Corporate Governance," Sustainability, MDPI, vol. 14(14), pages 1-20, July.
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