HARARE- FBC is set to launch a digital artificial intelligence powered program commonly known as chatbot as it migrates to a fully integrated digital banking institution with seamless synergies.
The computer program known as Chido has the ability to simulate human conversations through voice commands or text chats or both, a feature which enables it to be embedded and used through any major messaging application such as Facebook and Whatsapp.
The digital space which encompasses mobile and internet banking, has fast become the battle ground in banking as the world becomes more technologically savvy and innovative.
Zimbabwe has a mobile penetration ratio of 102% given a total of 14.1 million active mobile subscribers and a fairly healthy internet penetration rate of 50.8%.
The former implies that at least every adult Zimbabwean has a mobile phone given a total population of about 14 million. The latter is interpreted to mean that at least half of the population or half of those with mobile phones are actively using mobile internet.
Further inference of the numbers shows that of the total data consumed on internet over 48% is consumed on social media notably on Whatsapp and Facebook.
Other studies shows that millenials now spends at least 9 hours a day on social media as at 2017, while a more reliable study by Statisca shows that at least internet users spend an average of 126 minutes a day on social media giving a strong case for a bias in banking solutions targeted at a tech savvy society.
According to RBZ, the number of internet banking subscribers shot up by 65% to 277,674 in 2017 while that of mobile payments shot up by 41% to 4.6 million.
At 277,674 internet banking subscribers, the digital space undoubtedly shows a lot of untapped potential. This number however does not tally with CBZ’s own numbers which shows a mobile app subscribers base upwards of 300,000.
By focusing on enhancing digital platforms, banks’ value proposition improves as customers utilise more for these banks’ user friendly, interactive and efficient tools. Banks likewise eliminate a significant amount of inefficiencies in processing, monitoring and customer service areas through the utilisation of artificial intelligence systems.
In a short note at an analysts briefing on Wednesday, FBC Marketing and Corporate Affairs Executive Priscilla Sadomba said “Chido” the bot will give clients direct access to the bank’s advisory team, bank insights and sharing of experiences.
True to the nature of AI technology, Priscilla said Chido may struggle a bit in the very short term as she learns new things as demanded by customers but promising that she will get better in time.
One differentiating feature of AI technology is that it is not only preprogrammed but has the ability to learn and process on its own.
She said features to be expected on the product, due for release in the next few day, include information on the bank’s products and services and recommendation on these given the ascertained client’s needs and preferences. Chido is said to have the capacity to handle complaints and queries as well as offer instant solutions.
According to the bank, “Chido” will encompass wider financial knowledge pointing to the rightful tools clients have to use to achieve their goals. The bank has since appointed a digital strategy expert to its main board to engineer the migration towards a fully integrated digital institution.
Barely 5 days ago, Steward bank, which boasts of a strong ICT team, unveiled its own chatbot, a first in the market. The chatbot known as Batsi was developed in-house and has the ability to give clients access to banking services such as mini bank statements, bank balance enquiries, sending and receiving money.
The banking landscape in Zimbabwe is likely to see more robust ICT rollouts to support as well as to enhance the current product offering in a bid to remain competitive and relevant. All banks are currently jostling hoping to take first move advantages in certain areas of interest.
In an interview earlier with Equity Axis ZBFH CE Ron Mtandagayi said his bank will be more aggressive sustaining a path first chartered 3 years ago, and which has seen the bank grow its non funded income and bring down costs outside of CAPEX.
CBZ’s mobile app CBZ Touch is reporting phenomenal growth and in 2017 the app recorded a growth of 818% in subscribers to 340,000.
Nedbank Zimbabwe has likewise vowed to bring in market shuttering internet based products as it fully integrates with its SA based parent Nedbank.
Agribank which recorded a 1800% growth in e-channels transactions in 2017 and has been struggling to cope up with demand, said it will overhaul its core banking system to the latest T24 version known as Temenos, while increasing its focus on ICT.
