African banks are increasingly investing in artificial intelligence (AI) and cloud computing as they seek to improve efficiency and tailor services to individual customers, according to a new survey.
The study, conducted by African Banker magazine in partnership with Dutch banking software provider Backbase, found that financial institutions across the continent are exploring ways to use customer data to design personalized products and provide AI-supported customer assistance.
The shift is being driven by growing demand from clients who expect banking services to be faster, more convenient, and more aligned with their personal needs.
However, the survey, which gathered responses from 203 senior executives in banks across 40 African countries, also revealed a major hurdle: digital illiteracy. Nearly 80% of respondents cited the lack of digital skills among consumers as one of the biggest challenges in rolling out advanced technologies.
Despite these constraints, industry leaders remain optimistic. The report points to falling internet costs, wider smartphone adoption, and expanding electricity access as factors likely to accelerate the uptake of digital banking in the near future.
