With knowledge comes power. Artificial intelligence (AI) is a powerful way to harness data into knowledge and into action. For financial services providers in Africa, the real value of AI and its forms, such as machine learning, lies in practical applications that can reduce the cost to serve and acquire customers -- creating more viable business models for broader segments of the market. Several financial services providers are already using AI to eliminate business inefficiencies, manage business and customer risk and create more seamless customer experiences. More and more providers, not just the large players, have the opportunity to do the same.
On May 16th, BFA launched the first-ever report on artificial intelligence as it relates to financial services in Africa and the low-income customer. “Artificial Intelligence: Practical Superpowers,” is relevant for fintech companies and FSPs in Africa who are interested in or looking to move into AI. The FIBR paper presents a practical and compelling case for companies to seriously consider AI in their business by:
Identifying the main use cases in financial services through industry players in Africa
Providing real examples of applied machine learning through BFA’s portfolio of work with low-income customers and inclusive fintech companies
Covering the challenges and introducing an AI readiness framework for firms take next steps and test-driving AI demos from the MSME and PAYGo sectors