Africa runs for AI in Finance
As the markets grows exponentially, so the technology to assist the financial and banking sectors are developing faster introducing AI in Finance Services.
To ensure that development must keep up, AI has done so. The banks are bombarded with clients, either individuals or businesses, having the evaluation of credit eligibility, among other services, becoming automated and not so is overwhelming.
The first and most fascinating application of AI in finance sector/banking sector was the credit eligibility evaluation and credit attribution. Artificial intelligence used more complex evaluation parameters than a human, in a more expedient way and almost instantaneously. The objectivity of AI is also a constant advantage, as lenders can be biased contrary to AI which will be unbiased.
Financial fraud is also a big enemy of the industry. AI is an important tool in detecting and avoiding such cases, acting as prevention. Artificial intelligence can analyse buying, spending habits of clients and businesses, furtherly can determine when those patterns are disrupted indicating some unusual activity or fraud possibility. The authorities investigation of such cases are also being allocated to AI tools to solve them or at least research them more efficiently.
The right Investment is also developing exponentially and being more accurately thanks to the application of AI, especially in prices and stocks comparison. Many AI powered systems are already capable of automatically comparing stock prices and many times asses the risk of investing in one or other business, improving the capability of investors to decide the best businesses in which to invest. It also improves the capability to help smaller businesses to enter the market and become relevant. Such cases can be found especially in the African markets, where new businesses try their luck on the market every day.
Finally, people are starting to avoid the tiresome processes available at their banks, and are turning into home banking services made available by banks itself. AI can especially help in the use of those services. Chatbots are being used in order to automate solutions needed by their customers. The development of banking apps is also another example of AI application, as such apps can track spending and earning habits of the user, helping to automate transfers based on those habits.
When it comes to developed markets, these applications of AI are already in effect, in some cases for long time. However, in the emerging markets as African countries these developments are relatively new, but needed as most! Reports show that approximately 40% of banking customers in Africa prefer to use the online services made available by their banks. In countries such as Nigeria that percentage is even higher.
Developed markets and their clients are already used to use these services. With these technologies spreading across the world, emerging markets are enhancing more technologically based and the users expect an increasingly development on these Financial services types. AI is becoming essential in the finance and banking sector, so businesses and markets are desperately trying and mostly succeeding to catch up with machine learning developments.
Thinking about a Super Intelligent solution to improve your Finance Sector?
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Jimmy Hemraje
AI Solutions Senior Consultant
Sun Evo Tech
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