Fintech Forward: Bidvest Opts for AI Fraud Detecting Capabilities

In an interview with Bidvest’s Chief Information Officer Nomonde White-Ndlovu, the bank groups initiative in driving digital transformation was explored in greater depth.

Nomonde reveals Bidvest’s aim to integrate state-of-art technologies to enhance the customer experience through improving security for digital onboarding and simplify the overall banking experience.

The interview also reveals key AI tools Bidvest uses in its effort to further secure its transactions and prevent fraud.

1. How is Bidvest planning on driving digital transformation with the use of new digital innovative technologies?

We are evaluating technologies that align to the business strategy of the bank. This involves state of the art technologies that assist with improving the customer experience and security for digital onboarding using facial recognition and the power of cloud capabilities. Investment into mobile application technologies will also provide ease of use and enable our customers to have a view of all their products and services in a single platform.

2. In what ways is Bidvest implementing Fintech solutions to adapt to the digital economy?

Bidvest is looking at how fintech’s can help the business streamline complex workflows and processing in the form of authentication, procurement management, payments capabilities and well as enablement of our partners and suppliers.

3. How has technology improved or streamlined Bidvest’s financial services and simplified it for consumers/users?

Technology has improved our reach, marketability, and access in the form of our newly launched public website and the work that we are doing in digital onboarding, the business banking mobile application and the introduction of AI into our ecosystem. All of these initiatives have ease of use, simplification, and reduction of time to get the right products and services for our consumers.

4. What is Bidvest’s view on integrating AI into its systems/operational processes and services?

We currently use Alice, Visa risk manager and are also looking at other AI tools that will assist with monitoring, fraud, and reducing operational overhead.

5. In what way’s does Bidvest seek to improve banking services for businesses in digital economy and what services are they looking to introduce and further develop to adapt to these changes?

We are currently launching the Bidvest Bank Mobile and looking to integrate WhatsApp as a capability to improve our reach and provide more value to our customers.

6. How is Bidvest contributing towards addressing the conversation about digital security and what security measures have they implemented to safeguard consumers against cybercrimes and fraud?

We have a layered defence strategy and have made significant investments into cutting edge-tools with regards to Phishing, Ransomware, targeted Malware and DDoS attacks.