CBZ to tap into AI

CBZ Holdings (CBZ), the biggest financial services group in the country, says it will actively explore ways of leveraging on fast-developing technologies such as artificial intelligence (AI) to better serve its customers.
AI’s transformative impact has been profound since its advent, changing how enterprises, including those in the banking and finance sector, operate and deliver services to customers.
Financial institutions can use AI ― a combination of different technologies that can be combined in different ways to sense, comprehend, act and learn ― to provide customised financial advice, targeted product recommendations, proactive fraud detection and short support wait times.
AI can also automate many routine tasks, such as account balance inquiries and password resets, freeing customer service representatives to focus on complex issues.

CBZ’s revenue amounted to $98,68 billion during the quarter ended March 31, 2023 compared to $14,32 billion recorded in the prior period.

Worldwide the finance sector could leverage AI to provide a conversational banking experience by integrating models with banking applications to provide a single point of contact for users to make transactions, view account information and receive alerts through the chat or voice interface in multiple languages.
CBZ’s revenue amounted to $98,68 billion during the quarter ended March 31, 2023 compared to $14,32 billion recorded in the prior period.
The group’s profit after taxation surged to $50,18 billion during the quarter compared to $4,73 billion in the comparable period.
CBZ’s assets significantly increased to $1,34 trillion during the quarter compared to $224,8 billion recorded in the comparable period.
The group’s deposits increased to $970,78 billion compared to $150,92 billion while advances increased to $334,34 billion during the quarter from $75,59 billion in the prior period.
“The group posted a commendable set of results during the period, a testament to the resilience of its business strategy.
“Driving such profitable performance is a diversified income mix, and a fair split of funded and non-funded income,” CBZ’s group legal corporate secretary Rumbidzayi Jakanani said in a trading update.
“The group’s strong asset base continues to underline the business underwriting capacity as a leading player in the industry. Strategies aimed at maintaining asset quality and capital preservation will continue to be employed. As part of its market leadership, and commitment to customers, the group enhanced technological advancements and digitalisation during the quarter for ease of transactional processes and sustainability.”
She said in addition to complying with the various regulatory changes, some of the major interventions introduced by the group include redemption of CBZ Remit remittances on ATMs.
“In line with its financial inclusion thrust, the group launched the Student Card ― a multi-purpose card targeting both primary and secondary school children.
“Furthermore, as part of the group’s contributions towards affordable housing, the bank’s Gateway City Residential Development began selling ready for title and fully serviced stands during the period under review.
“Finally, following successful registration in 2022, the group launched the CBZ Foundation in March 2023, under, which it will commit a portion of its annual profits towards supporting impactful interventions in the education, health and vulnerable communities segments of the economy,” Jakanani added.
In the outlook, she said the group will continue to tap into its investments in manufactured, intellectual, human and financial capital to manage attendant risks and pursue emerging opportunities in the markets that it operates in.
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