Absa cuts debt review time from four days to one using AI
Absa uses AI to reduce debt review application processing from four days to one, improving efficiency and customer experience.
Absa has shortened the processing time for debt review applications from four days to one by deploying artificial intelligence (AI) in live operations. The bank is using AI to enhance customer experience, automate tasks and detect fraud.
Robert Benvenuti, Absa's chief information officer for data and applied AI, told ITWeb TV that customers in financial distress often submit many documents for debt review. Previously, employees manually extracted information from 20 to 30 attachments, which was time-consuming. AI-enabled optical character recognition now automates this, speeding up the process.
The bank is also piloting AI for customer onboarding to read identity documents, passports, utility bills and bank statements, reducing manual document handling for banking product applications.
Benvenuti emphasised that AI is used to support employees by removing repetitive tasks, allowing them to focus on decision-making and customer interactions. Over 10 000 Absa employees have completed AI training, and the bank offers an AI Academy for ongoing learning.
To manage risks, Absa has created an AI gateway providing access to over 120 large language models with 40 guardrails covering data protection, bias, responsible AI use and cybersecurity. This controlled environment aims to reduce risks from unapproved AI use.
AI also plays a role in detecting financial crime such as money laundering and terrorist financing. Absa uses machine learning to identify suspicious activity and assist investigators. The bank received an award in 2024 for its AI work in financial crime detection. Additionally, an AI agent scans emails for phishing threats.
Benvenuti noted AI accelerates both cyberattacks and defences, helping identify software vulnerabilities more quickly. While exploring AI agents internally, Absa does not allow autonomous agents access to customer bank accounts and advises customers not to share credentials.
Absa integrates AI within broader technology investments focused on solving business problems rather than as a separate budget item. The bank aims to combine cloud infrastructure, trusted data and AI to personalise financial services across Africa, including adapting to customers’ languages and locations.
Sources
Source: ITWeb
