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How digital financial services aids banks productivity and performance, by Microsoft

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The increasing pre dominance of the financial service sector by digital technologies such as the cloud technology , and Artificial Intelligence ( AI ) , shows a great  future for the banks , and improving customers ’ confidence in service delivery .

The Regional General Manager , North , West, East , Central Africa, Levant & Pakistan , Microsoft , Ibrahim Youssry, in a statemnt noted  that many  notable players in the financial service industry ( FSI) have started making use cloud technology and Artificial Intelligence to improve their strength , method of service offerings , and better customer experiences .

Similarly, the latest World Economic Forum ( WEF ) report on New Physics of Financial Services ( NPFS ) , stated digital channels is more preferably used by 40 percent of African bank customers than branch channel.

Youssry said the long - term impacts of Artificial intelligence are radical and transformative and has helped i the rebranding of the Financial Service sector.

He expressed optimism over the new system adding that  Africa ’ s objective within the next decade should be to ensure that the next 100 million Africans are financially included.

He noted  that this could be successfully achieved by the FSI through the use of  new technologies like cloud computing and AI .

According to Youssry, FSI  have been dominated by large corporations, often with extensive heritage and market dominance  and this had created an avenue for the Financial Service Industry  to gain more customers thereby making them the lead amongst all other competitors. The Financial Service industry has also moved with the trend by creating new innovations that could improve quality of their service.

However he maintained that by entering the levelling power of the cloud , accessible analytics and machine learning , any scrappy , determined Financial Technology (Fintech ) startup could negatively affect a whole market or sector .

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