Just as bank consumer expectations are increasing so is the use of AI (Artificial Intelligence) and chatbots in the banking sector is also increasing, now the question on majority of us will be: Why are banks making use of these chatbots ? the reasons are not Far-fetched and I will be listing them before the end of this article

Now moving on, the recent adoption of technology in Nigeria has immensely helped banks overcome obstacles, reach out to more people and also save time and resources. with the costs of smartphone dropping and the increase in data and smartphone penetration in Nigeria, it is clearly evident that we spend at least 50% of our time daily on various social media platforms like; Facebook, WhatsApp, Instagram etc.

And just few years ago, Facebook introduced chatbots to its messenger platform, thereby creating an opportunity for business to be delivered via automated customer support and WhatsApp business is not excluded from this saga. Now some of our Nigerian banks have joined the chatbots trend to offer basic interactive banking services directly to customers on specific social media platforms.

UBA (United Bank For Africa) was the first to launch a banking chatbot named ‘LEO’ in January. LEO is a handsome young man and can also be termed the Virtual banker, who helps you; Pay bills, Buy aitime, Open and Link Accounts, get mini statement of account, Freeze account, Get account balance, Stop cheques, Make enquiries and pass complaints.
You can currently access LEO on two social media platfoms; WhatsApp 09030002455 and on Messenger https://www.messenger.com/t/chatyourbank

List Of Banks Chatbots In Nigeria Like Leo

Diamond Bank joined the innovation, when they launched Ada in March which translates to (The First Daughter) in Igbo language. Ada is a chatbot whom projects a young beautiful female that helps out with services like; Pay bills, Money transfer, Airtime purchase, Check account balance and Check stock prices. You can currently access Ada on Messenger with this username: @myDiamondbankAda

Access bank also joined the innovation, when they launched Tamara in March which translates to (Date Palm Tree) I am still looking forward to what she will look like and hope they launch an avatar for her soon. Tamara helps out with services like; Purchase airtime, Pay bills, account opening, checking BVN, request for payday loan and funds transfer. You can currently access Tamara via https://www.accessbankbot.ng WhatsApp: 09090901901.

Stanbic IBTC also joined the innovation with the launch of Sami in June which translates to (Elevated) she helps out with services like; Open an Account, Check account balance and access frequently asked questions. You can access Sami on messenger with https://www.messenger.com/t/stanbicibtc.chatbot

Keystone bank was not left out of this trend either as they launched Oxygen in July. Oxygen helps out with services like; Check account balance, Pay bills and Purchase airtime, you can access Oxygen on Facebook Messenger and Telegram.

Why Are Banks Making Use Of AI Chatbots

24/7 Digital Support: Like I mentioned in the first sentence of the article, Bank consumer expectations are increasing and humans are flawed too and can’t cheat nature, banks with chatbots integrated into platforms and banks website have a competitive advantage and are likely to not only attract, but also retain customers.

Conversational Interface: extensive surveys carried out have proven that people find phone calls a tad bit slow and tedious when compared to instant chat. Customers are more interested in fast response and personalization when interacting with their financial institution, and thus, this goes far beyond the impersonal experience of email or online forms. Customer support chatbots offers a mix of both Live conversation and a faster response.

Easy To Use: unlike the traditional banking application which is a bit complex, chatbots are more intuitive and easier to use, there are no downloads required and the experience can be personalized over time through machine learning.
Saves Cost: when compared to the human equivalent, Chatbots are relatively inexpensive to develop and maintain, also they don’t require an expensive data storage, courtesy of the chatbots cloud-based system.

mkmyers45, UjSizzle, Lalasticlala

Wow! Thanks for the enlightenment, I never even knew banks ve an AI.

Hundjager:
Wow! Thanks for the enlightenment, I never even knew banks ve an AI.

Nigerian banks have really developed. They'll be a time you don't have to enter a bank for transactions. Cc lalasticlala

this is a welcome development, let me quickly chat up leo

We may have been born too late to explore earth and too early to explore space; yet we may be here just in time to witness the rise of Artificial intelligence.

It indeed a good development.. But I don't like it in this buhari's era ... BTW this Leo get whala o