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Capitec uses BI, AI to offer safer banking experience

Blessing Mgaga, Capitec divisional executive for client experience delivery.
Blessing Mgaga, Capitec divisional executive for client experience delivery.

Capitec is using business intelligence (BI) and artificial intelligence (AI) to enhance clients’ banking experience.

Speaking to ITWeb, Blessing Mgaga, divisional executive for client experience delivery at Capitec, says leveraging BI and AI can help mitigate risks and anticipate the future needs of clients.

In a fast-growing digital age, he says, banks must constantly strive to find ways to understand clients better and deliver the right services and solutions tailored specifically for them.

According to the 2022 SITEisfaction survey, there are three aspects of digital inclusivity that banks should aim to fulfil: access, ability and affordability.

“Capitec, which recently reached over 10 million digital clients, realises the importance of harnessing big data and BI to predict clients’ future needs by profiling and segmenting them based on their transactional history,” says Mgaga.

“One of the ways we do this is by leveraging business intelligence to understand our business performance in relation to our client service value chain. This virtuous feedback loop allows us to make the necessary changes that lead to an enhanced client experience.”

Last year, the bank announced it will continue to hire data and technology experts to help with the development of products and services that enhance and improve digital experience.

Capitec believes big data and intelligence are crucial in creating a personalised client banking experience and improving the bank’s responsiveness to these requirements.

It notes this also allows the bank to introduce communication and tailored educational tools through the client’s preferred channels, like e-mail, SMS, phone calls, in-app messages and social media.

“In addition to helping digital banks understand client preferences for communication, insights from big data can help banks identify gaps in clients’ understanding of certain products and services.”

Mgaga explains that the emergence of technology like AI will allow banks to become more relevant, relatable and supportive to clients while fostering financial growth.

Most importantly, he adds, they can prioritise clients’ financial safety in 2023. This will enable the sector to provide better services, and create a safer and more responsive banking environment.

“We're continuously using machine learning to enhance and expand our offering. In our spirit of ongoing innovation, we’re consistently evaluating new tools, like open AI, to maximise potential opportunities to unlock client value.

“We currently leverage AI to enhance engagement by responding to structured queries across client channels.”

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