You might be surprised to learn how Kenyan banks are using cutting-edge technology to protect your money. Artificial intelligence (AI) is now a key player in the battle against fraud and theft in Kenya’s banking sector.
Banks are getting smarter about catching bad actors, both inside and outside their walls. They’re using AI to watch for odd patterns in how employees communicate and work. This helps spot potential fraud before it happens.
Here’s what you need to know about how AI is changing the game:
- AI monitors staff emails and chats for suspicious activity
- It tracks unusual work hours or computer use
- The tech helps predict customer behavior and manage risks
- Chatbots powered by AI are improving customer service
Why are banks taking these steps?
Fraud attempts are on the rise. Many top banks in Kenya have reported more fraud tries lately. They’re fighting back with high-tech tools.
For example, Absa Bank Kenya stopped fraudsters from stealing nearly 59 million shillings last year. But they still lost 107 million to clever thieves. Other banks face similar challenges.
Some customers have even taken banks to court. They claim bank staff helped crooks steal their money. This has pushed banks to look closely at their own employees.
KCB Group, a major Kenyan bank, dealt with 48 fraud-related staff cases last year. They fired 22 workers and 26 more quit during investigations. It’s clear banks are taking internal threats seriously.
AI isn’t just for catching bad guys though. Banks use it to:
- Improve how they run day-to-day
- Guess what customers might want or do
- Handle risks better
- Stop money laundering and terror funding
The Central Bank of Kenya, the banking regular, says banks now use AI for smarter customer targeting. They can offer you products that fit your needs better.
AI in banking has come a long way. Just two years ago, it was mostly used for basic customer service and predicting market changes. Now it’s a key weapon against financial crime.
Kenya is becoming a hotspot for AI tech. Last year, AI companies in Kenya got almost 2 billion shillings in funding. That’s way more than Nigeria, another big African tech hub.
As AI grows stronger, your bank account grows safer. But it’s not just about security. You might notice smoother service and more personalized offers too.
Banks are tight-lipped about exactly how they use AI. But make no mistake – it’s working hard behind the scenes to keep your money safe and make your banking experience better.
Remember, while AI is powerful, it’s not perfect. Stay alert and report any odd activity on your accounts. Working together with smart tech, you can help keep fraudsters at bay.
