The Nigerian banking sector is increasingly adding Artificial Intelligence (AI) to its workforce, using automation to fill the gap in customer service among other areas.
In this vein, Zenith Bank Plc has introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones.
The bank explained in a statement that its customers would be able to use the initiative by simply adding the bank’s verified WhatsApp mobile number 07040004xxx on their mobile devices, agree to the legal terms of use and then initiate a conversation.
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This product provides the convenience for the bank’s customers to interact and transact on a 24 hours basis on the encrypted WhatsApp platform, it added.
Among the functions of the AI enabled chatbox is instant response to chats/queries via the WhatsApp platform. Also, customers would be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and top up airtime.
They would also be able to confirm cheques, pay bills, apply for loans, block their accounts, and request mini statements, amongst other banking services.
Commenting on the new banking solution, the Group Managing Director/Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu said: “The launch of ZIVA is driven by the need for additional secured channels of communication with our customers as we deepen our retail penetration.”
He further explained that the ZIVA initiative was instigated by the need for diverse communication channels for the bank’s customers.
“Since the behavioural pattern of the modern customer dictates that they want to engage with brands over the channel of their choice, it was really important for us as a leading financial services institution and a pioneer of several technological innovations in the financial services industry to implement this solution in order to continue to create value for our teeming customers who incidentally were already using WhatsApp as a primary channel of communication,” he said.
Zenith Bank has remained the leader in the Nigerian banking industry in many fronts. The bank said it would continue to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices.
“The bank has remained a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.
“The bank’s commitment to world-class service standards has led to several product innovations, including the “Zenith Timeless Account”, which allows Nigerians aged 60 years and above bank for free, the “Zenith Save4me”, a high-interest target savings account and the deployment of contactless payments and QR on ATM points, amongst others.
“Zenith Bank places a premium on its core business strategy anchored on People, Technology and Service, to create value for its numerous clientele. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/digital channels,” it said.
However, the AI initiative, which is likely going to be followed by other banks will impact jobs in the banking sector. With automated solutions to customers’ queries, the banking workforce will undergo a downsizing. AI is increasingly being embraced by industries following the outbreak of covid-19, limiting in-person services as much as possible but also taking jobs away from people.
Experts believe the trend will force many out of work in the near future, but will also help them to learn and practice other needed skills.