Nigerian banks' AI investments failing due to weak data foundations, not the technology itself
Nigerian banks are pouring billions into AI infrastructure but seeing little profit, with 95% of projects failing due to weak data foundations - not the AI itself. Oradian's whitepaper reveals banks neglect the essential step of unifying customer data, ensuring 24-month transaction history access, and implementing quality checks before AI deployment. Without this digital core, AI initiatives for hyper-personalised banking, fraud prevention, and credit scoring remain useless despite $97 billion projected industry investment by 2027.
This matters because failed AI projects mean higher operating costs persist, service improvements stall, and shareholders see no return on innovation budgets - ultimately affecting the quality and cost of banking services you receive. The solution isn't less AI investment but smarter preparation: banks must first assess data readiness, align AI strategy with business lines, prioritize use cases by feasibility and impact, and ensure regulatory compliance before scaling.
Will your bank's AI investments actually improve your banking experience, or are they building on shaky ground that guarantees disappointment?