Abuja: Some bank customers have called on banks to adopt safe and home-grown Artificial Intelligence (AI) platforms in banking to facilitate complaints resolution.
According to News Agency of Nigeria, several customers in Abuja emphasized the need for AI adoption in banking to ensure timely and effective service delivery.
Mrs. Kate Onifade, a bank customer, expressed that AI adoption in banking and the financial system generally would help eliminate the bureaucracy experienced in lodging and resolving customer complaints. She highlighted that AI could assist bankers in tracing the location of monies, especially in cases of failed transactions. Onifade remarked on the frustration customers face when transactions do not automatically reverse, urging for a change in this process.
Mr. Charles Idu, another customer, noted that AI has the potential to reduce bankers’ man hours and facilitate speed in banking and financial matters. He recounted a personal experience where a transaction issue required him to wait three working days for resolution, despite the urgency of the situation.
Miss Zainab Husseni, a student, urged banks to research AI platforms that effectively address their issues. She emphasized the importance of selecting the right AI tools to enhance service delivery.
The News Agency of Nigeria recalls that AI experts have previously stated that the technology could significantly reduce customer service workload in banking. Tomiwa Adefokun, AI Leader for West Africa at Ernst and Young, explained that AI could help customers obtain necessary banking services in record time, even outside traditional banking hours.
Adefokun projected that AI could save approximately 80 billion dollars in labor costs by 2026 through its use in contact centers. He also noted that the financial services market for AI is expected to grow substantially, from 20 billion dollars in 2023 to more than 130 billion dollars by 2030.
Furthermore, Adefokun listed several transformative aspects of AI in customer services, including AI-driven onboarding, personalized banking services, and agentic contact centers. He highlighted the benefits of AI in banking, such as fraud detection, risk management, and financial inclusion, while also acknowledging the challenges AI poses in terms of skills gap, trust, and data management.
Dr. Stanley Jacob, President of the Fintech Association of Nigeria, concluded by stating that banks leading the sector would be those optimizing AI usage, emphasizing the importance of embracing AI’s revolution for future success.