Why African Banks Are Investing In AI - AI Summary

The AfDB announced last year that it had approved a grant of just over $1m to support the creation of AI-backed systems to process customer complaints for the national banks of Ghana and Rwanda, and the Competition and Consumer Protection Commission of Zambia. A chatbot, or chatterbot, is a software application used to conduct an online chat conversation via text or text-to-speech, in lieu of providing direct contact with a live human agent. With literally millions of data points being created in a single day at major banks, humans are unable to comb through all the information fast enough. Automated AI systems can flag up potentially fraudulent activity and push this to skilled staff in the form of alerts, allowing personnel to focus on the most important tasks easily. For some banks, the idea of adopting AI solutions can seem like a complex undertaking, especially for those institutions that have legacy infrastructure where data is stored in disparate silos.