Artificial intelligence in banking and finance

Bridget Chipungu-Chimbga

IMAGINE a world where financial processes are streamlined, risks are intelligently managed and decisions are backed by powerful data analysis.

This future is closer than you think, thanks to the growing adoption of artificial intelligence (AI) in the financial sector.

Last week, I had the privilege of speaking at the inaugural Finance Directors Forum held in Nyanga. The event brought together finance directors from universities across Zimbabwe, alongside representatives from the banking sector. My presentation delved into a forward-looking theme: The integration of artificial Intelligence within Finance.

Zimbabwe’s financial sector, long known for its resilience, is on the verge of a significant transformation driven by AI.

This powerful technology is set to streamline processes, enhance risk management and personalise financial experiences for both institutions and customers.

However, navigating this new landscape requires a collaborative approach, with human expertise complementing the strengths of AI.

With AI reshaping the financial landscape, new opportunities are emerging for professionals across the sector. While certain roles may see their tasks automated, AI is ultimately creating a shift towards a more specialised workforce. Bank tellers and customer service representatives will find their roles changing.

AI chatbots will handle basic inquiries, freeing up human representatives to focus on more complex customer interactions.

Their communication skills, empathy and problem-solving abilities will be crucial in building strong client relationships.

Loan officers and credit analysts can leverage on AI’s automation of loan applications and credit scoring to focus on complex cases.

Their expertise in analysing financial situations and tailoring loan solutions will become even more valuable. Financial analysts and risk managers will see AI becoming a powerful tool for analysing vast amounts of data to identify trends and potential risks.

However, human analysts will still be needed to interpret the data, make informed decisions and develop mitigation strategies.

Their critical thinking and strategic planning skills will remain essential.

As AI becomes more integrated, upskilling and reskilling will be crucial for professionals in the banking and financial sector.

Zimbabwe can prepare its workforce through training programmes, knowledge sharing and building a local talent pool.

Educational institutions and industry leaders can collaborate to develop training programmes in AI, data analytics and cybersecurity.  These programmes will equip professionals with the skills needed to work effectively alongside AI.

Fostering collaboration among banks, financial institutions and academic institutions can encourage knowledge sharing and best practices on AI implementation.

This exchange can accelerate the learning curve for the entire sector.

Investing in programmes that cultivate a local talent pool with expertise in AI and data analytics is vital.  This skilled workforce will be essential for supporting and maintaining AI solutions within financial institutions.

Despite AI’s growing presence, the human element remains irreplaceable in the financial sector. Human interaction builds trust and fosters long-term relationships with clients.

Financial professionals can leverage on their communication skills and empathy to connect with clients and understand their unique needs.

While AI excels in processing data, human intuition and experience are crucial for making critical decisions and navigating complex financial situations.

AI can provide valuable insights, but human judgement will be essential in interpreting those insights and taking action.

As AI continues to evolve, ethical considerations will be paramount. Human oversight is essential to ensure AI algorithms are unbiased and used responsibly.

Financial professionals will play a critical role in ensuring AI is implemented ethically and responsibly. The future of Zimbabwe’s financial sector lies in a collaborative approach between humans and AI.

By embracing this powerful technology and fostering a collaborative environment where human expertise complements AI’s strengths, Zimbabwe’s financial institutions can unlock a new era of financial security and prosperity.

This future will not just be about faster transactions and lower costs; it is about empowering Zimbabweans to achieve their financial goals, fuel entrepreneurship and build a more secure future.

With careful planning and a commitment to responsible AI implementation, Zimbabwe’s financial sector can become a model for innovation and inclusivity, propelling the nation towards a brighter economic horizon.

Bridget Chipungu-Chimbga (PhD candidate in AI & IoT [UP]) is an AI lead researcher at AI-RISE and a telecom engineer. She is passionate about the intersection of technology and society. Feel free to connect with her on: LinkedIn@BridgetChimbga