Introduction:
The finance and banking sector is adopting AI to automate processes, detect fraud, and improve customer service. In this episode, we’ll explore 10 AI tools revolutionizing finance in Nigeria and how they’re helping banks and fintech startups stay ahead of the curve.
1. Zest AI
- Function: AI-based credit underwriting software.
- Use Case: Automating credit risk assessments and loan approval processes.
- Cost: Custom pricing for financial institutions.
- Future Outlook: AI credit scoring will be vital for expanding financial inclusion in Nigeria, helping more people access loans with fair and accurate assessments.
2. Kudi AI
- Function: AI-driven financial assistant and chatbot.
- Use Case: Automating customer service, bill payments, and peer-to-peer transactions.
- Cost: Free for users, with transaction fees.
- Future Outlook: AI-powered assistants like Kudi will likely expand in functionality, providing more advanced financial advisory services to Nigerians.
3. Darktrace
- Function: AI-based cybersecurity platform for banks and financial institutions.
- Use Case: Detecting and preventing cyberattacks in real-time.
- Cost: Custom pricing for institutions.
- Future Outlook: As cyber threats evolve, AI will become critical for Nigerian banks to protect sensitive data and maintain trust in the financial system.
4. Ayasdi
- Function: AI-driven risk management and anti-money laundering (AML) tool.
- Use Case: Automating risk assessments and detecting suspicious transactions.
- Cost: Custom pricing for large institutions.
- Future Outlook: AI will continue to improve fraud detection and streamline compliance with global and Nigerian financial regulations.
5. Fint
- Function: AI-powered peer-to-peer lending platform.
- Use Case: Connecting borrowers with lenders using AI to assess risk and match users.
- Cost: Fees applied to loan transactions.
- Future Outlook: AI could make peer-to-peer lending more secure and efficient, helping more Nigerians access loans for personal or business needs.
6. Upstart
- Function: AI-based lending platform that uses non-traditional data for credit scoring.
- Use Case: Automating loan approvals based on education, job history, and other data points.
- Cost: Fees applied to loans.
- Future Outlook: AI will likely open new lending opportunities for underserved Nigerian populations, making financial services more inclusive.
7. Kasisto
- Function: AI-powered virtual assistant for banking (KAI).
- Use Case: Providing AI-driven customer support and personalized banking services.
- Cost: Custom pricing for institutions.
- Future Outlook: Virtual banking assistants will soon become common, handling customer service queries, personal finance advice, and even financial planning for Nigerian customers.
8. Feedzai
- Function: AI-driven fraud detection and prevention platform.
- Use Case: Monitoring transactions in real-time to detect and prevent fraud in banks.
- Cost: Custom pricing for institutions.
- Future Outlook: With the rise of mobile payments in Nigeria, AI will be essential in safeguarding transactions and ensuring a secure financial ecosystem.
9. Trovata
- Function: AI-powered cash management platform.
- Use Case: Automating cash forecasting, reporting, and financial analysis for businesses.
- Cost: Plans start at ₦1,000,000/year for large enterprises.
- Future Outlook: Nigerian businesses will benefit from AI tools that help optimize cash flow and make more data-driven financial decisions.
10. Capital One’s Eno
- Function: AI-based financial assistant.
- Use Case: Tracking transactions, budgeting, and notifying users of suspicious activities.
- Cost: Free for users with Capital One accounts (or similar services in Nigeria).
- Future Outlook: AI-driven financial assistants like Eno will expand to cover more complex financial tasks, helping Nigerians manage personal finances more effectively.
Conclusion:
The future of finance in Nigeria is deeply intertwined with AI. These tools are helping banks, fintech companies, and individual users streamline their financial processes, improve customer experience, and safeguard against fraud. In Episode 9, we will explore AI tools that are making an impact in the health and medical sector in Nigeria.
