How AI Will Change Nigerian Banking in 2021

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Sunday, May 30, 2021 / 08.00 AM / Teslim Shitta-Bey,
Managing Editor, Proshare/Header Image Credit: 
The Courier

 

Banking is changing. Banks, and their customers, are riding
a wave of innovation, reimagination, and reinvention thereby intensifying
retail competition and how customers are serviced. Not only has technology ‘cancelled’ routine teller functions but it has also placed less repetitive
jobs in the crosshairs of software developers aiming at automating lending and
loan recovery decisions as financial service operators increasingly use big
data to hedge loan risks and guide loan selection. The AI of banking is not on
its way, it is here.   

 

Market analysts note that the anonymous customer no
longer exists, and growing digital footprints have given Nigerian lenders an
insight into the psychology of borrowers and the potential buying habits of
customers. The character of customers can be gleaned from the pile of data
buried…

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