“We intend to be a world leader in the application of AI to consumer banking. Banks generally, and Capitec specifically, have large quantities of quality data. We protect, manage and govern that data very well and that gives us the best raw materials to start with,’ says Graham Lee, head of data and digital solutions at Capitec Bank.
Lee thinks machine learning can benefit Capitec in three key areas. “Firstly, we improve our understanding of clients so we can better tailor solutions for them. Secondly, we can improve our existing models by replacing rules with machine learning to be more flexible in the way we price credit. Thirdly, we can automate manual processes saving employees time that they can spend better helping the client.”