Artificial Intelligence: Practical Superpowers - The Case for AI in Financial Services in Africa
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.
This report is relevant for fintech companies and financial service providers in Africa who are interested in or looking to move into AI. The 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 the global consulting firm BFA’s portfolio of work with low-income customers and inclusive fintech companies;
- Covering the challenges and introducing an AI readiness framework for firms to take next steps and test-drive AI demos from the MSME and Pay As You GO sectors.