New Way Now: Moniepoint powers SME banking with AI-driven tools on Google Cloud
5Featured in this video: Nicolas Taljaard, Director of Technology, Strategy, and Partnerships at Moniepoint Inc.
Executive Summary: Moniepoint uses Google Cloud’s data, advanced analytics and AI and ML tools to deliver a comprehensive banking platform for small and medium-sized enterprises across Nigeria. As Moniepoint grew from offering primarily transaction services to creating a broader banking platform for its users, it needed a tech infrastructure that could scale cost-effectively. They chose Google Cloud to implement AI chat for its customers as well as make its employees’ jobs easier. From credit to compliance, Moniepoint is building a scalable, secure, and customer-focused digital banking experience.
Challenge: Moniepoint offers a wide range of banking solutions to small and medium enterprises, including transaction processing, credit, and other services. To support this at scale, the company needs to balance customer satisfaction with growing demands around fraud detection and anti-money laundering. Finding the right balance between the two was key to Moniepoint’s continued success.
Solution: Using Vertex AI, code pipelines, AgentSpace, and BigQuery ML, Moniepoint has automated the deployment, training, and management of its AI models for enhanced analytics capabilities at scale. The company has also built an AI-led contact center that enables customers to get the answers they need at all times. Moniepoint also uses Google Kubernetes Engine for compute to house their core banking application. Cloud SQL helped them scale, and they’ll next use Cloud Spanner to keep everything in a central location, along with Dataflow for migrating database info for real-time analytics data. They’re building a data warehouse with BigQuery and using Dataplex for their data catalog so data is prepped for AI.
Results: Moniepoint has made regulatory tasks such as KYC document validation easier for its 3,000 employees, while creating a rich, easily accessible customer experience for its more than 2 million of account holders. With Google Cloud at its core, Moniepoint has doubled its revenue within a year.
Key takeaways and highlights from our interview with Nicolas Taljaard, director of technology, strategy, and partnership at Moniepoint:
→ “Customer satisfaction and employee well-being is at the forefront of our requirements. We have implemented a customer contact center AI, as a digital first bank, where people can come and ask directly in-chat and get optimized answers directly from an LLM agent.”
→ “Agentspace is the new kid on the block. Using it, we're aiming to deliver a LLM agent for company policy documentation for everyone to have detailed answers on company policies without reading through everything.”
→ “Leveraging Google Cloud as our hyperscaler, our revenue had a year-on-year 100% growth. We've expanded throughout Nigeria, and now we're ready to take on Africa and the rest of the world.”
Google Cloud products used: Vertex AI, BigQuery ML, Agentspace
Learn more:
→ Moniepoint empowering the underbanked with access to cloud-based financial solutions: https://goo.gle/40mj1li