September 16, 2021 All Things Fintech in Africa

Chat bots Driving Financial Inclusion

 

Chat bots are now taking over the banking space. Unlike the  traditional methods used by financial institutions which are a  waste of time.  As a result  there is a  paradigm shift from web to mobile apps.  And recently chat bots that you can  communicate with over Facebook messenger, WhatsApp, Telegram.

 

Why chat bots?

For instance,  Chris, 24 years student in a Nigerian University have always hated long queues at banks. “It is frustrating,” he says, “sometimes when I think about the queues in banks it infuriates me.” However, Chris is not the only one who feels this way. Many Nigerians have same sentiments about banks, they dread long queues and prefer to save their money at home. 

The Instant Chat with Bank 

Chatting and instant messaging is becoming a popular everyday means of communication. Imagine having a conversation with your bank. Whatsapp and messenger are important channels to chat with friends and receive updates. Certainly why banks are using them to provide seamless experience for people  like Chris through instant messaging.  The Integration of  financial services into a messaging experience is  therefore driving its continued growth and financial inclusion.

 

What are Chat Bots?

Chat bots are computer programs that use artificial intelligence (AI) and machine learning to provide human-like interaction and perform simple tasks. They are rather  designed to stimulate conversation with real people. Imagine you want to make an online purchase for an item you are smitten with. Instead of logging into your banks app to check your account balance.  You then text “balance” to your bank chat, and instantly you get your current account balance. Most importantly, no standing in queues. But without complex complications or transactions, and with use of chat bots, more customers are encouraged to bank their money.

 

Let’s meet the Nigerian Financial Chat bots

UBA's Chatbot LEO
UBA’s LEO

UBA’s LEO:

Leo is a typical virtual banker.  United Bank of Africa introduced Leo in January. Who is Leo? Leo is a male persona that helps you transfer money, pay bills, buy airtime, freeze, open & link account, get mini statements, check account balance, stop cheques, make inquiry and pass complaints.  He’s a 24/7 chat buddy giving you bank solutions through messenger or Whatsapp . On messenger to find Leo, search for ‘UBA chat banking’ and to chat him on whatsapp, (+234903002455).  Besides that, it gives out weather-checking facts and to football fans Premier league updates.

 

Tamara
Access Bank’s Tamara

Tamara: 

Access bank launched Tamara in March.   Tamara is female persona offering banking services through a personalized chat to customers. And Tamara has two versions, on the web  she offers to pay your bills, transfer money and purchase airtime.  And on Whatsapp, allows you to check your BVN & balance, transfer money to another access bank user, and request for a payday loan. Here’s her number (09090901901).

 

Ada
Diamond Bank’s Ada

Ada:

 Ada in Igbo means “first daughter.” Diamond Bank inaugurated Ada in March. Her services include  airtime purchase, money transfer, check stock prices, pay bills and check account balance. On messenger, she can be found @mydiamondAda.  

 

Octopus
Heritage Bank’s Octopus

Octopus:

 

Heritage bank found Octopus. Octopus  represents a multi-platform experience where customers can have access to their bank solutions. Although Octopus  offers  digital transactions and it also combine community lifestyle. You can access the web interface here: https://octopus.hbng.com/web/

 

Why Chat Bots are a huge Success?

Instant Messaging is popular. Chats have changed the way we communicate.  Secondly, customer engagement is a key factor in driving underserved, low-income individuals to have access to financial service and to know how to use those services effectively.  

Furthermore, integrating bank solutions into channels like telegram, messenger, whatsapp encourages ease. Eventually,  a readily 24/7 service serving the customer’s demand leads to increased loyalty and conversion.

In conclusion,  as chat bots humanizes financial services, banking become explicable and relatable. Nevertheless, using chat bots make banking a personalized affair luring customers to better understand financial services via interactive discussions.

 

Banner
Related Posts

Master Card Extends its Engage Programmme to Target Africa’s FinTech Community

May 2, 2019

May 2, 2019

Master Card has extended its engage programme to Sub-saharan Africa, with events lined up to be held in Nigeria and...

10 Tech Startups in Nigeria and What they do

April 19, 2019

April 19, 2019

Table Of Contents10 Tech Startups in Nigeria and What they do10 Tech Startups in Nigeria and What they do Nigeria’s...

GTB Launches Beta Health Insurance

March 26, 2020

March 26, 2020 1

  For a fee of 500 Naira monthly, customers can subscribe to the GTB’ Beta Health Insurance. Guaranty Trust Bank...

Airtel Africa Goes into a Partnership with MasterCard

October 28, 2019

October 28, 2019

  A few weeks ago, Airtel announced its partnership with MasterCard. Giving over 100 million Airtel Africa mobile phone users...

SEC to Implement the FinTech Roadmap in the Nigerian Capital Market

September 2, 2019

September 2, 2019 1

Table Of Contents10 Tech Startups in Nigeria and What they do  The Securities Exchange Commission (SEC) is set to implement...

Cracking the e-commerce business in Nigeria; The How By Ladi Ogunseye

August 7, 2020

August 7, 2020

Cracking the e-commerce business in Nigeria; The How A lot of times, we blame Nigerian e-commerce operators or merchants for asking...

UBA’s Leo is now available on Apple Business Chat

October 28, 2019

October 28, 2019

  United Bank Africa (UBA) PlC has launched the service of its Chabot, Leo on Apple Business Chat, where its...

Decode Fintech: PayStack Launch a Weekly Newsletter For Leaders in African Fintech

May 9, 2019

May 9, 2019

Decode Fintech is a newletter for leaders in African Fintech launched by Paystack, one of the leading payment platform in...

10 Fintech Startups You Should Know About in Nigeria

April 19, 2019

April 19, 2019 3

Table Of Contents10 Tech Startups in Nigeria and What they do10 Fintech Startups You Should Know About in Nigeria Within...

About The Next Titan Nigeria, Nigeria’s Foremost Entrepreneurial Reality TV Show

November 21, 2019

November 21, 2019

About The Next Titan Nigeria, Nigeria’s Foremost Entrepreneurial Reality TV Show   For so many years, the media space in...

Health Tech startup Lifebank Partners NIMR To Launch COVID-19 Drive Through Test Centre in Nigeria

April 1, 2020

April 1, 2020 5

Health Tech startup Lifebank Partners NIMR To Launch COVID-19 Drive Through Test Centre in Nigeria Healthcare technology and logistics company,...

Quick Bus Secures Seed Funding to foster their international expansion Q

February 3, 2020

February 3, 2020

Kenyan startup QuickBus,  a platform that allows its users to  book, review  and pay for bus tickets, has secured a ...

Visafront Nigerian Property Investment Platform, Secures Funding Round

September 2, 2019

September 2, 2019 1

  Introduction: Recently, there is a funding trend among Fintech startups. From OPay, to GONA, funding is a new rave...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

Five Zambian Fintech startups have been selected for the first FinTech4U cohort

January 30, 2020

January 30, 2020

  Out of the 35 Fintech startup that submitted applications to the Fintech 4U cohort, only five Zambian fintech startups...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.