AI is becoming a core part of digital transformation strategies in banking
Artificial Intelligence (AI) is no longer a disruptive force in banking. Instead, it’s starting to become a core part of strategies and infrastructures in South Africa. A discussion with Dawood Patel, Chief Executive Officer at Helm, on the technology’s promise and how it can successfully be deployed.
Leading banks are embedding AI into the heart of their operations not just to improve efficiency but to unlock new forms of value, trust and resilience in an increasingly complex landscape. From risk modeling through to client onboarding, AI’s role is growing rapidly as banks seek to build more intelligent, responsive systems.
“Banks today aren’t just competing on rates or products, they’re also competing on relevance,” says Helm’s chief executive, Dawood Patel. “Relevance means understanding your customer deeply, acting fast, and delivering flawlessly across channels. AI is the official enabler of that kind of banking.”
The need for digital transformation
Financial services are under pressure across the continent. Changing consumer expectations, rising compliance demands, increased competition from fintechs and ongoing margin compression are forcing banks to rethink how they operate. And while most banks have already digitised, digitisation alone is no longer enough.
To stay ahead, banks need to become intelligent. That means building the capacity to sense, learn, predict, and respond in real time. This is where AI is beginning to reshape the sector.
“Globally, we are seeing AI improve everything from decision-making to customer experience,” says Patel. “Early use cases include driving more accurate risk and fraud detection, accelerating credit assessments, enabling faster onboarding, and reducing the cost and complexity of compliance.”
J.P. Morgan, for example, has reported a 20% reduction in account validation rejection rates thanks to AI-powered fraud screening.
But AI’s potential goes far beyond automation. It enables banks to tailor services to individual customers based on life stage, financial behaviour, and long-term goals. “Think of recommending the right savings product, or suggesting investment strategies aligned to a customer’s needs. AI-driven tools are also being used to power smarter service interactions through virtual assistants and chatbots, freeing up human advisors to focus on client relationships.”
Many banks are now exploring agentic AI systems to handle more complex, decision-based workflows such as compliance reviews to loan adjudication.
AI’s value also extends inward. One of its most overlooked benefits is how it can improve the employee experience. By eliminating time-consuming admin, AI gives teams more capacity to focus on strategic, creative and relationship-based work. The result is not only better performance, but stronger engagement, better retention, and a culture of innovation from within.
“At Helm, we see AI as a business enabler, not just a technology play,” adds Patel. “It’s about reimagining how your organisation works in a faster, smarter, more meaningful way that connects with customers and teams alike.”
Containing the risks
AI however also faces criticism by some, among others for its risks such as hallucinations or bias in model outcomes.
“AI of course must be paired with strong governance,” says Patel. “That includes data privacy, transparency, bias mitigation, and alignment with regulatory standards. A considered, risk-aware approach to AI is important, ensuring trust at the centre of every innovation.”
Another major debate around AI is its impacts on people, with several studies suggesting that the technology will displace jobs. According to Patel, that debate deserves a more balanced view: “AI is not about replacing people, but rather about empowering them. Give them the tools to build trust at scale, unlock innovation, and lead with confidence into the future.”
