Stanbic IBTC Bank, a member of the Stanbic IBTC Holdings Plc has launched another first in Nigeria’s banking industry with the deployment of robotics to handle some segment of its operations.
The Stanbic IBTC BlueBots, as the robots are called have been deployed to manage middle and back office activities at some selected branches across Lagos.
At the Bank’s operational centre in Ilupeju, Lagos, the robots will facilitate Account Origination and Servicing for Anti-Money Laundering transactions, Processing and Clearing for inward cheque confirmation.
While the Idejo office on Victoria Island, the Credit Risk Management System robots will handle Personal Banking Credit assessments, and at the bank’s headquarters in Lagos, the robots will be deployed in Global Market Operations to manage T-Bills processing.
The race for AI deployment in the Banking ecosystem
This new deployment by Stanbic IBTC Bank will add to the growing lists of Artificial Intelligence applications financial institutions in the country. Several Banks such as UBA, Diamond Bank, just to mention a few have deployed their Chatbots – an artificial intelligence-powered conversational and transaction channel for rendering banking services to customers in a bid to improve their customers banking experience. Diamond Bank has just announced that its Chatbot, ADA will now be deployed into stock trading.
Chief Executive, Stanbic IBTC Bank, Dr. Demola Sogunle, noted that the robots were designed and deployed to reduce manual intervention, eliminate errors and reduce cost of processing in reconciliation processes, with reconciliation turnaround time reduced significantly and it was delivered at zero cost which is a first in the Nigerian Banking industry.
Recall that recently, Stanbic IBTC Bank and 3 other banks got a 5-star ranking by Nigeria based credit rating agency, Agusto & Co in its 2018 Consumer Digital Banking Satisfaction Index report.
Stanbic IBTC Holdings commonly referred to as Stanbic IBTC, is a financial service holding company in Nigeria with subsidiaries in banking, stock brokerage, investment advisory, pension and trustee businesses. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa.