Banking
Stanbic IBTC Bank Deploys Robots for Banking Operations
By Dipo Olowookere
Robots called BlueBots have been deployed to some branches of Stanbic IBTC Bank to perform different banking activities.
This is the first time a financial institution in the country was making use of robots to carry out key banking operations to serve customers better.
A statement issued by Stanbic IBTC Bank, a member of Stanbic IBTC Holdings Plc, explained that this was another bold step taken towards service efficiency and enhanced customer experience.
Deployed about three months ago, the Stanbic IBTC BlueBots manage middle and back office activities. At the operational centre at Ilupeju, Lagos, the robots facilitate Account Origination and Servicing for Anti-Money Laundering (AML) transactions and Processing and Clearing for inward cheque confirmation.
At the Idejo, Lagos office, the Credit Risk Management System robots handle Personal Banking Credit assessments while at the bank’s headquarters in Lagos, the robots are deployed in Global Market Operations (GMO) to manage T-Bills processing.
The development heightens the growing application of artificial intelligence by the bank with the earlier deployment of the Stanbic IBTC Bank Chatbot, christened Sami, an artificial intelligence-powered conversational and transactional channel for rendering banking services to customers.
Speaking in Lagos, Chief Executive, Stanbic IBTC Bank, Dr Demola Sogunle, said given the rapid manner technology is evolving and the disruption this can trigger, it is imperative to tap into such evolving trends and technology to address the changing needs of customers.
“The Stanbic IBTC robot deployment speaks to our determination to consistently apply innovation and technology to provide bespoke financial solutions to our clients. The special features of the Stanbic IBTC BlueBots ensure that our customers are availed seamless banking solutions consistently and conveniently,” Mr Sogunle said.
He added 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.
“We wanted something new. We wanted to increase speed. We wanted to boost efficiency and accuracy. Constantly raising the bar is a key value for us at Stanbic IBTC and leading the implementation of all the possible applications of Artificial Intelligence (AI) in Nigeria was a good way to raise the bar,” Mr Sogunle added.
Elaborating further, Manager, Business Transformation Programmes, Stanbic IBTC Bank, Mr Wole Adesiyan, attributed the deployments to the ingenuity and creativity of Stanbic IBTC personnel as the feat was a strictly in-house project with support from Standard Bank South Africa, parent company of the Stanbic IBTC Group.
He described Stanbic IBTC as the Bank of the Future that will deploy every relevant technology to stay ahead of the curve. “We believe in preparing for the future without ignoring our environment and the culture of our people. Here in Nigeria, the average individual still desires human interaction when dealing with anything as sensitive as money.
“Maintaining a hybrid bank structure will keep us ahead of the curve. Through learning and development, we are prepared for a future that includes Artificial Intelligence and Robotics Process Automation. If a machine can do your job, prepare for a better one,” he said.
Mr Adesiyan said the robots are equipped with sophisticated security features to ensure round-the-clock performance without breaches. “We pride ourselves on the high level security that is provided by our in-house teams to the applications and solutions developed and deployed.”
As a member of the Standard Bank Group, Africa’s largest bank by assets and earnings, Mr Adesiyan said Stanbic IBTC will continue to leverage on the 155-year experience, expertise and strong financial clout of the mother brand to deliver superior sustainable shareholder value by meeting the needs of its clientele.
Only last week, Stanbic IBTC Bank was adjudged the Best Digital Bank in Nigeria in the Agusto & Co 2018 Consumer Digital Banking Satisfaction Index report, which Mr Adesiyan said is a standard that has been set and made it imperative to constantly raise the bar in providing customer satisfaction, digitally or otherwise.
He added that a similar quest prompted Stanbic IBTC Bank to launch, in November 2015, a personal teller machine (PTM), which offers customers the benefits of both self-service video banking and branch teller experience combined in one solution. The PTM combines video banking and remote transaction processing banking technology embedded within the machine to give customers the choice of self-service or connecting with a remote teller in a highly personalized, two-way audio/video interaction.
By Adedapo Adesanya
Access Bank Plc, the banking subsidiary of Access Holdings Plc, has entered into a binding agreement with South African-based Bidvest Group Limited for the acquisition of 100 per cent equity stake in Bidvest Bank Limited.
The deal for the 24-year-old South African lender is due to be completed in the second half of 2025, upon regulatory approval.
This shows Access Bank’s further expansion plans in line with goals set by its late founder, Mr Herbert Wigwe.
The agreement to acquire 100 percent stake in Bidvest Bank reflects Access Bank’s commitment to strengthening its footprint in South Africa and consolidating on its position as the continent’s gateway to global markets as it seeks to optimise the benefits of recent acquisitions and accelerate its transition towards a greater focus on efficiencies.
Bidvest Bank, founded in 2000 is a niche and profitable South African financial institution providing a diverse range of services, including corporate and business banking solutions and diverse retail banking products.
As of its year ended June 2024, Bidvest Bank reported total assets equivalent of $665million and audited profit before tax of $20million.
Upon conclusion of this acquisition, Bidvest Bank will be merged with the bank’s existing South African subsidiary to create an enlarged platform to anchor the regional growth strategy for the SADC region.
This is coming just as the bank opened a new branch in Malta as part of efforts to focus on international trade finance after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
The Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
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