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Artificial Intelligence (A.I.) Propels the Future of Next-Generation Banking in Africa

Amidst dynamic growth, MyBucks proudly continues its tradition of innovation with A.I. technology to expand consumer base while safeguarding from investment risk.

Washington D.C. / Johannesburg – WEBWIRE

It comes as no surprise that technological innovation has successfully bridged Artificial Intelligence (A.I.) with Mobile Banking and ‘FinTech’; this is a convergence effectively assuaging concerns on the service model’s risks in its insurance and loan offering while better modernizing the financial sector in Africa and abroad for those citizenries still longing for ‘financial inclusion’ and fundamental access.
The industry of A.I. in FinTech is further set for dynamic global growth; earnings created by the use of artificial intelligence in financial technology will reportedly skyrocket in the next five years, according to a recent report entitled ‘Fintech AI ~ A New Kind of Trader, as issued by Juniper Research Limited in London.
Researchers at the institute have even gone so far as stating that, by 2021, the industry should expect a “…jump of 960 percent, with revenues hitting $17 billion (£12.95bn)”.
These predictions, compounded with the findings of CB Insights, as of June 15th of this year stating that more than 200 A.I. venture financing deals have been completed, already totaling $1.5 billion in dollar volume, are more than reassuring to an investment sector acclimatizing to the unparalleled safety and security found in this evolving technology of A.I.
Moreover, the FinTech sector is starting to use artificial intelligence as a Corporate Social Responsibility (CSR) exercise in and of itself. RBS, for example, has developed ‘Luvo’, a technology that assists its service agents in finding answers to customer queries. The A.I. technology they specifically provide can search through a database, but also has a human personality and is built to learn continually and improve over time.
Similarly, we at MyBucks understand both the boon A.I. will provide to the industry on the whole, coupled with its intricate methodology to cut through the ‘unknowns’ of microfinance in Africa in particular and often, the bureaucracy that hinders our consumer base in accessing immediate funds. Effectively and on a perpetually-evolving basis, our model analyzes all relevant background data pertaining to the loan applicant, in order to properly assess income standing and the ability to commit to a viable return on the investment granted.
For, as technology ushers in a greater degree of financial access, accountability and indeed inclusion on ever-globalising Africa, we at MyBucks look forward to playing a lead role in this exercise in corporate social responsibility and simultaneously, business development; we understand that in doing so and concurrently leveraging the tremendous socioeconomic growth foresight in the industry, it remains in our hands to create lasting change.

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 Artificial Intelligence
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