Connect with us

Banking

UBA’s LEO Hits over 1 Million Users

Published

on

United Bank for Africa (UBA Group) kicked off the first session of the week-long Social Media Week Lagos 2019 with the announcement that its chatbot Leo now covers 17 African countries and has one million subscribers.

Leo was launched in January 2018 to enable customers of the bank have access to select banking services including account opening, loan applications, account balance checking, cheque confirmations, bill payment, account freezing and instant notifications.

Described as an “alpha version” by digital enthusiasts, Leo has surpassed one million users on the bank’s mobile app, in just 12 months because of its numerous benefits and acceptability, a feat its close rivals have not been able to attain.

The AI-driven virtual assistant, which also has Facebook and WhatsApp banking capabilities, was first unveiled in January and today, one year later remains the preferred chat banker in Nigeria and across Africa where UBA is present , because it has clinically leap frogged others in every sense of it.

“The formulation of this product is consistent with the bank’s customer first philosophy, where we are doing things not the way we like, but focusing on what the customer want, where they want it and in the exact platform they want it,” Kennedy Uzoka, UBA’s managing director said at the unveiling of the chatbot in 2018.

The bank’s head of online banking, Augustine Abolusoro, in a presentation titled Game of Bots at Social Media Week 2019 disclosed that Leo is not just the first artificial intelligence (AI) powered chatbot in Africa; it is also a multi-lingual chatbot with capability to speak languages like English, French, and Portuguese. The company plans to include Yoruba and other Nigerian languages very soon.

“Leo was developed with best in class AI technology: Natural language processing and machine learning,” says Abolusoro. “It enables financial inclusion.”

He continued, “As we continue to advance our work on AI-driven developments, it is important that we listen to our users today and further enhance Leo to align to client feedback in order to better meet and anticipate needs and even give them increased value as Leo clocks one,” Abolusoro added.

This milestone reflects the bank’s continued focus on providing industry-leading digital capabilities as part of its high-tech, high-touch client experience.

Everything learnt over the last one year of Leo’s work will help UBA improve on its digital offerings, says Abolusoro, Head of online banking, who assured customers  of “nothing short of the very best innovation in the coming months”.

In May 2018, Mark Zuckerberg thrust Leo into global limelight when he used the chatbot as an illustration of how businesses were leveraging Facebook to connect better with their customers.

“Leo is doing incredible things,” Zuckerberg had said of Leo during his presentation.

Abolusoro noted that as a result of the feature, Leo which is also available on Facebook-owned WhatsApp has gained one million subscribers. Till date it has hosted 70 million conversations.

While 5 per cent of the subscriber population is within the age of 65 and above, an overwhelming 72 per cent are between 18 and 34 years.

“The Leo platform has the same kind of authentication you find on all our digital platforms,” Abolusoro said regarding concerns around privacy and cyber security.

In 12 months since he was launched, Leo has won several awards, including the Euromoney Award which aptly validates his dominance in the digital banking space. Euromoney is a globally renowned organisation which appraises more than 20 global product categories, best-in-class awards and the best Banks in over 100 countries around the world, recognising institutions that have demonstrated leadership, innovation, and momentum in the markets in which they operate.

 

 

 

 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Banking

UBA Makes 20 more customers Millionaires, Doles Out N30m in 3rd Draw of UBA Wise Savers Promo

Published

on

Pan African financial institution, United Bank for Africa (UBA) Plc, has again rewarded another 20 customers who have emerged winners in the third quarterly draw of the UBA Wise Savers Promo winning N1.5 million each, bringing the total amount won so far by 60 customers to N90 million.

The electronic raffle draw, which was held at the UBA Head Office in Lagos on Wednesday, July 31st, was witnessed by the relevant regulatory bodies including the National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Council.

Lucky customers who emerged winners in the latest draw cut across all regions of the country. They are Yusuf Muhammed; Adebakin Anuoluwapo Elizabeth; Babatunde Temidayo Ruth; Christian Emetole; Nwabuife Ikeagu; Omoye Amiengheme; Ogechukwukanma Okoh; Akinyemi Abidemi Betty; Okoro Chukwuma and Chukwu, Patricia Nnenna.

Others are Adejoke Olarinoye; Fatoki Hassan; Nwokocha Ikechukwu Emmanuel; Owolanke kole Emmanuel; Ferreira Adesola Afolatomi; Emmanuel Omoigui; Uzoigwe Anthonia; Elesin Titilayo Oluwabunmi; James Suleiman Umar and Lawan David Nahinokan.

The ongoing promo, which commenced in September last year, is expected to run till September 30, 2019 and will see a final 20 customers from across Nigeria become millionaires, winning N30 million in the last quarter of this year.

At the end of the fourth promo, a total of N120 million will have been won by 80 customers.

Speaking during the event, UBA’s Group Head, Consumer & Retail Banking, Mr. Jude Anele, said that since the promo began late last year, the bank has been impressed at the level of response by its customers and the general public across the country, adding that the purpose of the campaign is to reward loyal customers while encouraging the savings culture.

He noted that there has been a remarkable increase in the number of participants in this edition compared to the previous one, adding that the bank’s objective of helping customers’ save for the rainy day is being achieved.

He said: “It is very easy to spend money but to save is a habit all must imbibe. Our key objective is to encourage our customers to save regularly. We are here to support our customers and to encourage them to save as well.”

Anele urged other customers to take advantage of the subsequent opportunities the last quarterly draw will offer.

The Group Head, Transaction and Electronic Banking, Sampson Aneke, who also spoke at the event said,  “There is no better time to give back and delight customers than this challenging economic period where people need all the support they can get to make life more meaningful. With this in mind we decided to prioritise our customers as we always do at UBA by giving them plenty to cheer about and that is the reason why another 20 customers have been made millionaires today.

Aneke noted that the promo is consistent with the bank’s novel initiatives in prioritizing customers, and said it was necessitated by the invaluable belief the Bank has in its customers.

“We will continue to listen and give them nothing short of the best that they deserve. UBA will not relent, because we are impressed with the impact this has made so far and will continue to touch the lives of our loyal customers positively,” he explained.

The criteria for qualifying for the draw is to save at least N30,000 in a UBA savings account or in instalments of N10,000 each for a period of three months. Those yet to be UBA customers can open a savings account on any of the numerous bank channels, including Magic Banking (*919*20#) and LEO, or in any of the UBA branches across the country, and start saving to stand a chance of winning.

United Bank for Africa Plc is a leading pan-African financial services group, operating in 20 African countries, as well as the United Kingdom, the United States of America and with presence in France.

UBA was incorporated in Nigeria as a limited liability company after taking over the assets of the British and French Bank Limited who had been operating in Nigeria since 1949. The United Bank for Africa merged with Standard Trust Bank in 2005 and from a single country operation founded in 1949 in Nigeria – Africa’s largest economy – UBA has become one of the leading providers of banking and other financial services on the African continent. The Bank which was awarded the Best Digital Bank in Africa by the Euromoney awards in 2018, provides services to over 17 million customers globally, through one of the most diverse service channels in sub-Saharan Africa, with over 1,000 branches and customer touch points and robust online and mobile banking platforms.

The shares of UBA are publicly traded on the Nigerian Stock Exchange and the Bank has a well-diversified shareholder base, which includes foreign and local institutional investors, as well as individual shareholders.

Continue Reading

Banking

FBNHOLDINGS RECORDS N294.2BN GROSS EARNINGS FOR H1’19, REPORTS IMPROVED NPL AT 14.5% DOWN FROM 25.9%

Published

on


By Babajide Komolafe (VANGUARD)

 

FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, yesterday, said it recorded gross earnings of N294.2 billion for the six months ending June 30, 2019 (H1’19).

 

This represents 0.3 percent growth when compared with the N293.3 billion recorded as gross earnings in the corresponding period of 2018 (H1’18). The company disclosed this in a statement announcing its financial results for the six months period ending June 2019. The results also showed that the company recorded profit before tax of N39.9 billion in H1’19, up by 2.6 percent from N38.9 billion in H1’18. Profit after tax however dropped by 5.4 percent to N31.7 billion in H1’19 from N33.5 billion in H1’18.

 

Commenting on the results, Group Managing Director, FBNHoldings, UK Eke said: “Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics, including our commitment towards a single digit Non-Performing Loans (NPL) ratio by the end of year, as evidenced by the reduction in NPLs from the last quarter.

 

“Essentially, Atlantic Energy, our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 percent in December 2018 to 14.5 percent as at June 2019, a step that brings us closer to our full year 2019 target and create more headroom for quality asset growth.

ARNINGS FOR H1’19, REPORTS IMPROVED NPL AT 14.5% DOWN FROM 25.9%

By Babajide Komolafe (VANGUARD)

 

FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, yesterday, said it recorded gross earnings of N294.2 billion for the six months ending June 30, 2019 (H1’19).

 

This represents 0.3 percent growth when compared with the N293.3 billion recorded as gross earnings in the corresponding period of 2018 (H1’18). The company disclosed this in a statement announcing its financial results for the six months period ending June 2019. The results also showed that the company recorded profit before tax of N39.9 billion in H1’19, up by 2.6 percent from N38.9 billion in H1’18. Profit after tax however dropped by 5.4 percent to N31.7 billion in H1’19 from N33.5 billion in H1’18.

 

Commenting on the results, Group Managing Director, FBNHoldings, UK Eke said: “Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics, including our commitment towards a single digit Non-Performing Loans (NPL) ratio by the end of year, as evidenced by the reduction in NPLs from the last quarter.

 

“Essentially, Atlantic Energy, our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 percent in December 2018 to 14.5 percent as at June 2019, a step that brings us closer to our full year 2019 target and create more headroom for quality asset growth.

Continue Reading

Banking

FIRSTBANK: INSPIRING KINDNESS, EMPATHY WITH SPARK

Published

on

What wisdom can you find that is greater than kindness? Asked renowned philosopher, writer and composer, Jean-Jacques Rousseau in one of his writings while highlighting the importance of the simple yet impactful act.

According to a health fact sheet produced by the Random Acts of Kindness Organisation, being altruistic increases one’s oxytocin, also called the ‘love hormone’, makes one happy, increases lifespan and stimulates the production of serotonin, a feel-good chemical that heals one’s wounds, calms down, and makes one happy. The fact sheet further notes that being involved in acts of kindness decreases pain as it produces endorphins, the brain’s natural painkiller, reduces anxiety, stress, depression and blood pressure.

Jamil Zaki, Professor of Psychology at Stanford University and Director of the Stanford Social Neuroscience Lab, recently conducted a series of studies that observed how witnessing kindness inspires kindness, causing it to spread like a virus. He concluded that “by emphasising empathy-positive norms, we may be able to leverage the power of social influence to combat apathy and conflict in new ways.”

Another study conducted by Oxford University researchers and which found out that just seven days of small acts of kindness will make one happier, also attests to the scientific evidence that altruism is beneficial.

Nigeria’s oldest financial institution, First Bank of Nigeria Limited, which is this year celebrating its 125th anniversary, has an initiative aimed at restoring the fading age-long culture of being one’s brother’s keeper called SPARK. An acronym for Start Promoting Acts of Random Kindness, the initiative is also to reawaken the spirit of showing kindness which soci0-economic circumstances have forced many people to neglect.

The initiative, which is an integral part of its Corporate Responsibility & Sustainability (CR&S) Week, saw its employees and external stakeholders supporting humanitarian causes through crowdfunding. The staff members and others were encouraged to make small contributions/donations in aid of people who were in critical needs.

With the belief that a small act of kindness goes a long way in changing the world, staffers and other well-meaning Nigerians warmly embraced the initiative promoting compassion and being charitable. Through the Bank’s CR&S week people’s lives are positively impacted. Senior management executives led their subordinates to distribute essential commodities to orphanages across the country while old people and people living with disabilities also benefitted.

Having earlier encouraged its employees who made donations to also participate in nominating those they thought were deserving of acts of random kindness nominations based on the criteria of community/individual’s emotive story and the significance of the individual/community need, 10 beneficiaries eventually emerged last year. Among these was Baby Ijeoma, who was in dire need of cardiac surgery to correct her congenital heart disease and forestall irreversible and life-threatening complication and who got over N1.5 million assistance.

Also, Mrs. Mary Pius, a widow with five children and fruits seller who was unable to send her children to school, received support while Lawal Seun, a boy and the third child of a blind woman in Ondo town whose husband abandoned with the four children some years ago, returned to secondary school courtesy the SPARK initiative.

As previously done, FirstBank is activating SPARK again this year with more activities added to bolster the impact of the CR&S week and to serve as a platform to implore Nigerians about the long-cherished value of showing empathy and compassion on the four main areas: Education and Scholarship Fund; Welfare Fund for Mothers; Welfare Fund for the Old and Disabled, and Orphanage Support Fund.

 

Continue Reading





FOLLOW US ON TWITTER

Trending