Rise of the Bots
Bots are set to take over the global financial system and the United Bank for Africa seems to have taken the lead in harnessing their powers to revolutionise banking in Nigeria, writes Solomon Elusoji
One Saturday morning, recently, this reporter, still in his pyjamas, logged into Facebook and searched for ‘UBA Chat-banking’. Within seconds he was conversing with an internet bot christened Leo, who helped him to set up a bank account within minutes and completed his debut financial transactions on the UBA platform, like purchasing a recharge card and making a credit transfer.
An internet bot is a software application that performs automated tasks by running scripts over the internet. It performs simple, structurally repetitive tasks much more quickly than is humanly possible. The internet as we know it today would not be possible without bots. Web crawlers like Googlebot allow us to quickly find the most useful information by searching through millions of webpages in seconds.
Although bots can also be used for malicious reasons, some of the world’s biggest brands are using it to revolutionise the way they do business.
In April 2016, social media giant, Facebook, started to allow businesses deliver automated customer support, e-commerce guidance, content and interactive experiences through chatbots. Through its Messenger Platform’s Send/Receive API, bots were now able to send more than just text. They were able to respond with structured messages that include images, links and call-to-action buttons. These could let users make a restaurant reservation, review an e-commerce order and do more things like swipe through product carousels and pop out to the web to pay for a purchase. Expectedly, with around a billion users, some of the world’s biggest brands like CNN and Wells Fargo launched bots on the platform to automate some of their most important customer-facing processes.
Last January, Pan-African financial institution, United Bank for Africa (UBA), became the first Nigerian bank to launch a chatbot on the Messenger app, with a view to changing the face of e-banking. The company launched Leo, the UBA Chat Banker who enables customers to make use of their social media accounts to carry out key banking transactions.
UBA’s leadership is not a surprise. The bank was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. In 2005, it merged with Standard Trust Bank and became one of the leading providers of banking and other financial services on the African continent. The Bank provides services to over 14 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms. Moreover, UBA was the first Nigerian bank to make an Initial Public Offering, following its listing on the NSE in 1970. It was also the first Nigerian bank to issue Global Depository Receipts. This, the launch of Leo, is another of its many firsts.
At the official launch of Leo, which took place in Lagos on a bright Thursday, customers of the bank were given a step by step demonstration on the novel way of delivering lifestyle and quality banking through the Facebook Messenger chat platform.
“This is the first time that a financial institution in Africa has come up with this manner of solution to simplify the way customers transact,” a press statement from UBA said. “Something that has become necessary in today’s fast-paced world with demands for quick-time transactions and response.
“With the launch of the Chat Banking, customers will be able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and airtime top up. They will also be able to confirm cheques, pay bills, apply for loans, freeze accounts, request for mini statements, amongst other things.”
Last January, Pan-African financial institution, United Bank for Africa (UBA), became the first Nigerian bank to launch a chatbot on the Messenger app, with a view to changing the face of e-banking. The company launched Leo, the UBA Chat Banker who enables customers to make use of their social media accounts to carry out key banking transactions