13 February 2019

Nigeria: Banks Urged to Leverage AI

The Founder, Ausso Academy, Dr. Austin Okere, has urged banks to leverage the positive side of Artificial Intelligence (AI) in order to promote predictive analysis and understand customers' behavioural patterns.

He disclosed this in Lagos, at the February 2019 Institute of Directors (IoD) Members' Evening with the theme: 'Artificial Intelligence-Why it Matters,' held recently.

Okere, also noted that AI was playing a role in driving learning in universities, stating that it also learns people patterns and never forgets incidences.

He stated that there was no road to progress that is risk free, adding that there are risks in AI.

He, however, stressed that such risks have to be managed very well, "there is a whole lot we can use AI to help us achieve."

He added that there is need to embrace AI for the good part which can be learnt from it.

According to him, "in the financial sector, you can take advantage of the positive side, then they should also understand that the system they should put in place, should be able to recognise the behavioural pattern of a customer.

"AI can send message to other machines in its network about an incidence for them to learn about an incidence for them to learn from such incidence. We have to be careful in whose hands AI falls into.

"The trends in AI includes transitory, experimental and others. AI will become a political talking point. Logistics will become increasingly efficient. Mainstream auto manufacturers will launch self-drawing cars.

"Peer to peer network will create transparency. Consumers will become accustomed to talking with technology. Demand for data scientists will surpass demand for engineers. AI will fight challenging diseases."

In his remarks, the president, Institute of Directors, (IoD), Alhaji Ahmed Mohammad, noted that the institute organises advocacy in two ways: leadership development programme especially in general knowledge and governance, risk management, and leadership.

He lamented that some of the challenges facing the country was due to impunity, stating that it is the norm in the country both public and private service, "we are trying to ensure that members don't fall prey to these issues."

Mohammad, expressed confidence that 2019 would be more promising than 2018, adding that the institute would have the code of ethics for directors in the country, which he noted would be approved by the end of the month.

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