IDEAS home Printed from https://ideas.repec.org/a/bcp/journl/v8y2024i12p2994-3004.html
   My bibliography  Save this article

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
    as

    Download full text from publisher

    File URL: https://www.rsisinternational.org/journals/ijriss/Digital-Library/volume-8-issue-12/2994-3004.pdf
    Download Restriction: no
    File URL: https://rsisinternational.org/journals/ijriss/articles/driving-business-growth-and-market-expansion-ai-and-market-research-strategies-in-financial-institutions-and-smes/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    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. 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.
    3. 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.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hernita Hernita & Batara Surya & Iwan Perwira & Herminawaty Abubakar & Muhammad Idris, 2021. "Economic Business Sustainability and Strengthening Human Resource Capacity Based on Increasing the Productivity of Small and Medium Enterprises (SMEs) in Makassar City, Indonesia," Sustainability, MDPI, vol. 13(6), pages 1-36, March.
    2. Bandara, KBTUK & Jayasundara, JMSB & Naradda Gamage, Sisira Kumara & Ekanayake, EMS & Rajapackshe, PSK & Abeyrathne, GAKNJ & Prasanna, RPIR, 2020. "Entrepreneurial Marketing & Performance of Small & Medium Enterprises in Developed and Developing Economies: A Conceptual Exploration," MPRA Paper 104341, University Library of Munich, Germany.
    3. Ekene Cynthia Onukwulu & Mercy Odochi-Agho & Nsisong Louis Eyo-Udo, 2024. "Innovations in Supplier Evaluation: Frameworks and Techniques for Supply Chain Resilience," International Journal of Research and Scientific Innovation, International Journal of Research and Scientific Innovation (IJRSI), vol. 11(12), pages 610-623, December.
    4. Abebe Techan Tolossa & Manjit Singh & Raj Kumar Gautam, 2024. "Unveiling the Nexus: the crucial role of competitive advantage in bridging entrepreneurial marketing practices and sustainable firm performance in small and medium enterprises," Journal of Innovation and Entrepreneurship, Springer, vol. 13(1), pages 1-24, December.
    5. Loreta Isaraj, 2023. "An Italian preview of evidences in accessing EU funds by the SMEs. Social and economic development leveraging in the R&D and Innovation capabilities," Academicus International Scientific Journal, Entrepreneurship Training Center Albania, issue 27, pages 117-142, January.
    6. Onakoya, Adegbemi Babatunde & Oladejo, Titilope Idowu & Daud, Kolawole, 2024. "Inflation and Small and Medium-Scale Enterprises (SMES) Growth in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(3), pages 987-1000, March.
    7. Daniel Rusu, 2021. "The Performance Of Sme Innovation Determined By The Technological Capability And Collaboration," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 6, pages 135-148, December.
    8. Marcin Kedzior & Barbara Grabinska & Konrad Grabinski & Dorota Kedzior, 2020. "Capital Structure Choices in Technology Firms: Empirical Results from Polish Listed Companies," JRFM, MDPI, vol. 13(9), pages 1-20, September.
    9. Popova-Terziyska, Radostina & Neykov, Nikolay & Georgieva, Daniela, 2021. "Development of a model for monitoring the needs for innovation in furniture enterprises in Bulgaria," MPRA Paper 110067, University Library of Munich, Germany, revised Oct 2021.
    10. Rajapakshe, PSK & Gamage, SKN & Prasanna, RPIR & Jayasundara, JMSB & Ekanayake, EMS & Upulwehera, JMHM & Wijerathna, WAID & Abeyrathne, GAKNJ, 2020. "Social Capital, Performance of SMEs, and COVID-19 Pandemic," MPRA Paper 109530, University Library of Munich, Germany, revised 30 Aug 2020.
    11. Khorshed Alam & Mohammad Afshar Ali & Michael Erdiaw-Kwasie & Md Shahiduzzaman & Eswaran Velayutham & Peter A. Murray & Retha Wiesner, 2022. "Impact of ICTs on Innovation and Performance of Firms: Do Start-ups, Regional Proximity and Skills Matter?," Sustainability, MDPI, vol. 14(10), pages 1-18, May.
    12. Rajapakshe, PSK & Jayasundara, JMSB & Prasanna, RPIR & Ekanayake, EMS & Naradda Gamage, Sisira Kumara & Abeyrathne, GAKNJ & Aravinda, MAKN & Bandara, KBTUK & Senarath, BTDN, 2020. "Investigation of Institutional and Legislative Barriers and Drivers for Sustainable Transition Development of SMEs in Sri Lanka: A Literature Review," MPRA Paper 105052, University Library of Munich, Germany, revised 30 Dec 2020.
    13. Donatella Depperu & Giacomo Magnani & Lisa Crosato & Caterina Liberati, 2021. "Growth of Firms in a Fragmented Cultural Industry: Italian Commercial Art Galleries’ Competitive Strategies," Sustainability, MDPI, vol. 13(9), pages 1-19, April.
    14. Timur Kogabayev & Anne Põder & Henrik Barth & Rando Värnik, 2023. "Prospects for Wood Pellet Production in Kazakhstan: A Case Study on Business Model Adjustment," Energies, MDPI, vol. 16(15), pages 1-20, August.
    15. HMJCB Heenkenda & Fengju Xu & KMMCB Kulathunga & WAR Senevirathne, 2022. "The Role of Innovation Capability in Enhancing Sustainability in SMEs: An Emerging Economy Perspective," Sustainability, MDPI, vol. 14(17), pages 1-22, August.
    16. Rakshit, Sandip & Islam, Nazrul & Mondal, Sandeep & Paul, Tripti, 2022. "Influence of blockchain technology in SME internationalization: Evidence from high-tech SMEs in India," Technovation, Elsevier, vol. 115(C).
    17. Solomon Abekah Keelson & Juraj Cúg & John Amoah & Zora Petráková & Jacob Odei Addo & Abdul Bashiru Jibril, 2024. "The Influence of Market Competition on SMEs’ Performance in Emerging Economies: Does Process Innovation Moderate the Relationship?," Economies, MDPI, vol. 12(11), pages 1-20, October.
    18. Zhenyu Zhang & Ke Zhu & Jiaxuan Qu, 2024. "Intellectual Property Rights and Patented Knowledge: Implications for Financing Leases in the Clean Energy Sector of China," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 12472-12502, September.
    19. María-Dolores García-Santiago, 2022. "Communicating the Resilience and Corporate Social Responsibility of SMEs during Lockdown in Spain: A Visual and Exploratory Study of Communication Mechanisms and Strategies," Sustainability, MDPI, vol. 14(13), pages 1-26, June.
    20. Fernando Almeida & José Morais & José Duarte Santos, 2022. "A Bibliometric Analysis of the Scientific Outcomes of European Projects on the Digital Transformation of SMEs," Publications, MDPI, vol. 10(4), pages 1-18, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bcp:journl:v:8:y:2024:i:12:p:2994-3004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dr. Pawan Verma (email available below). General contact details of provider: https://rsisinternational.org/journals/ijriss/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.