About 40% of 153 African banks surveyed by the latest African Banker annual report said they regard “fintechs and telcos as high threats,” while 69% see artificial intelligence as the “most important technology shaping the industry in the near future.” According to the survey findings, only 28% of survey respondents confirmed that their respective institutions are spending more than $3 million “on digital transformation and innovation” annually.
Fintechs Have Helped to Revolutionize Africa’s Banking Industry
According to the latest African Banker annual report, of the 153 banks that were surveyed about 40% said they “regard fintechs and telcos as high threats.” The survey study also found that some 69% of the surveyed banks view artificial intelligence (AI) as the “most important technology shaping the industry in the near future.” A year earlier, about 74% of the banks had identified cybersecurity “as one of the most important trends” for the industry’s fut
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