Fredericks says a 2023 consumer survey highlights a growing global acceptance of AI in financial services, with 52% of respondents now welcoming AI-generated financial advice verified by a financial adviser. “As we developed the capabilities of Sanlam’s AI Credit Coach, our experience supported the need to offer South Africans tailored guidance at scale. We needed to look for a solution that offers the tech to break down barriers to financial literacy and could transform the lives of millions.

We also believe that having open conversations about your financial situation with loved ones is key to understanding your creditworthiness and taking proactive steps to improve it. Our AI Credit Coach is designed to facilitate these conversations and provide personalised guidance. Making this holistic solution available to people, regardless of their economic status and financial literacy levels, was critical.”

Fredericks says Sanlam has implemented robust security measures on the AI tool to protect client information. “Privacy concerns are paramount, and our technology will ensure that a client’s sensitive personal information will be stripped out of the process before it reaches the AI model.”

“Our focus remains on creating an ecosystem where technology and humans work in harmony, ensuring South Africans have the support and knowledge they need to build a strong financial future. Our AI Credit Coach is just the beginning – we're committed to continually innovating and expanding our services to meet the evolving needs of our diverse population. In financial services, as in other areas of life, people want to know that other people understand them, and they expect the best technology to support the help they need to enable their lives. We’re here to do both,” concludes Ndimande.