Artificial Intelligence (AI) has become a global topical issue considering its fast adoption by industry players across all sectors. While some celebrate it for the innovation it brings into production of goods and services, there are a lot of fears and concerns from many quarters about the negative impact it will have on human behavior and existence.
One of the leading industries where AI is receiving fast adoption is the banking and finance industry.
The Association of Corporate Affairs Managers of Banks, ACAMB brought experts together in their 4th Annual Stakeholders Conference to examine the impact AI is having in banking, currently and the future of banking with AI.
The conference themed: AI and the Future of Trust; Reimagining Banking and Financial Services in a Digital-first Era, was held Thursday 10th of July at the Bankers House, Adeola Hopewell, Victoria Island, Lagos.
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While speaking at the conference, the Keynote speaker, Niyi Yusuf, Managing Partner at Verraki Consult and Chairman of the Nigeria Economic Summit Group (NESG) reminded the audience how the society have coped and faired during the 1st, 2nd and 3rd industrial revolutions powered by different technological innovations. He emphasized on the need for bankers and finance services providers to consider trust as a guiding principle in adopting AI into their operations.
While speaking with newsmen at the end of the incisive presentation, Yusuf emphasized the urgency to begin to building African data fed AI.
He said, “AI is fed by data, and so we need local data, we need African data, we need Nigerian data for AI to begin to reflect our local peculiarities.”
He also spoke about developing skills that are AI tailored which includes data engineers and researchers who can research into the safety of AI.
President of ACAMB, Rasheed Bolanriwa, while speaking with the press at the end of the conference, presented the Nigerian banking industry as the globally recognized financial industry leading technological adoption. “Today, Nigeria has the best payment system in the world”; he said
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