Abstract
This study examines how far the Zimbabwe banking sector has progressed in adopting AI (Artificial Intelligence) technology in their banking processes. According to PwC’s AI impact index which looks at 300 AI use cases around the globe the technology will contribute US$15.7 trillion to the global economy by 2030 boosting the GDP of individual countries by up to 26%. AI technology enables computers to mimic human intelligence so that they can learn, sense, think and act in order to achieve automation and gain analytic insights. The study revealed that the drivers for adopting AI in the banking sector are customer satisfaction, cost reduction and the need to better manage risk and the barriers to adoption of AI are lack of AI knowledge, lack of resources including AI talent and establishing governance for ethical AI, data privacy and other security issues. The primary data was collected using survey as a research strategy, the data was collected from 120 bank employees across ten banks. The study also revealed that the banking sector in Zimbabwe has adopted AI embedded in their banking software to enhance bank processes and also to enhance security and risk control and only 16% of the surveyed banks had adopted some form of AI to enhance customer interaction and experience in the form of chatbots.
 
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Highlights
Artificial Intelligence is the theory and development of computer systems which are able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Jewandah (2018) SAS, Accenture Applied Intelligence and Intel with Forbes Insights define AI as the science of training systems to emulate human tasks through learning and automation.Copyright © The Author(s)
Artificial Intelligence systems can be classified into two systems which are the weak and strong systems
Questionnaires, observations and interviews were used as research instruments, 120 bank employees were approached and surveyed to understand the areas of implementation of AI and its impact on the performance of banking sector in Zimbabwe
Summary
Artificial Intelligence is the theory and development of computer systems which are able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision-making, and translation between languages. Jewandah (2018) SAS, Accenture Applied Intelligence and Intel with Forbes Insights define AI as the science of training systems to emulate human tasks through learning and automation. Successful AI applications in banking means putting to good use the massive amounts of data collected, no matter which channel it comes through, even if it’s via ATMs (Automated Teller Machines), web channels, digital wallets, point of sale activity or mobile devices. It allows for personalization; digitally transforming a mass service into an individualized and customized one, based on a customer’s unique behavior, preferences, and requirements. This is what gives banks a competitive differentiation in order to improve compliance, increase customer engagement, and optimize the overall operational efficiency. Banks in Zimbabwe have embraced digital banking in the form of mobile banking, Internet banking and ATM banking but the use of AI in the banking sector is unknown
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