How Nigerian banks are leading adoption of AI for operational efficiency, financial inclusion, others – ACAMB Conference speakers
Invited speakers at the fourth edition of the annual stakeholders’ conference of the Association of Corporate & Marketing Communications Professionals in Banks in Nigeria (ACAMB), held on Thursday (yesterday), July 11 took turns to highlight and explain the importance of Artificial Intelligence (AI) in the nation’s business ecosystem, particularly as it relates to the financial services sector.
According to them, AI and other technological innovations in vogue today did not happen by chance but a gradual development phase that dates back to the 1950s. They explained that these evolving innovations are reshaping how people, goods, services, and information are moved, whilst also transforming the modern workplace.
Themed “AI and the Future of Trust: Reimagining Banking and Financial Services in a Digital First Era,” the one-day conference held at CIBN House in Lagos.
The keynote speaker, Mr. Niyi Yusuf, managing partner at Verraki Africa and chairman of the Nigerian Economic Summit Group in his address noted that the banking sector ranked as one of the earliest adopters of AI and this has had a profound impact on the sector including redefining financial services, especially in self-service banking, fraud prevention and detection, financial inclusion and overall operational efficiency.
“The banking sector is one of the earliest adopters of Artificial Intelligence. It has emerged as one of the most transformative technologies of the 21st century, shaping industries and revolutionising the way we live, work, and interact. AI has come a long way from its nascent stages to the sophisticated systems we see today. It is a wonder in motion and will continue to get better with time,” the NESG chairman said.
According to him, some major barriers hindering adoption of AI across board includes infrastructure, digital illiteracy, costs, skills, regulatory bottlenecks. He therefore urged the promotion of transparency, explainability, and accountability in AI systems through regulation, data privacy frameworks, and enhanced consumer protection. Local regulatory bodies, he added, should encourage innovation by enabling the use of local datasets, strengthening consumer safeguards, and promoting international collaboration to reduce the cost of AI adoption.
Yusuf explained that while growing skepticisms about AI especially as relates to trust in the banking sector is justified, however, the benefits of its adoption outweighs the outlined challenges. He stressed the need for deliberate strategies to maximise the benefits of AI whilst addressing these risks effectively.
The Verraki Africa Managing Partner thereafter proposed a strong governance structure that defines trust parameters and establishes AI guardianship, enabling consent-driven systems that promote trust and inclusion. He also emphasised the importance of ethical AI development and human-centric design, as well as building public awareness, digital literacy, and technical skills to support a more inclusive AI ecosystem.
Meanwhile, the panelists: General Manager of Business Banking & Partnerships at VFD Microfinance Bank, Yonodu Okeugo; Chief Information Security Officer at First Bank Nigeria, Dr. Harrison Nnaji; and Chief Digital Officer at Polaris Bank, Dele Adeyinka also contributed immensely with submissions that the customers take pivotal spot for consideration at any time of their technological services rollout. They also assured that investment in and adoption of AI won’t falter improved human face to services for their respective customers.
Earlier, the Registrar/CEO of the Chartered Institute of Bankers of Nigeria (CIBN), Mr. Akin Morakinyo standing in for the President/Chairman of Council of the Institute, Prof. Pius Olanrewaju urged the banking and financial services sector to embrace, promote AI but anchor such on trust and competence.
In his welcome remarks, President of ACAMB, Rasheed Bolarinwa emphasized on the timeliness of the theme of the conference and pool of brilliant minds whom he assured would do justice through robust conversations and industry fitted recommendations.
“As we gather today at the iconic CIBN Bankers House, we stand on the threshold of a transformative era, one driven by artificial intelligence, digital technologies, and a redefinition of customer expectations in banking and financial services.
“Our mission at ACAMB has always been to foster excellence in corporate communications and stakeholder engagement across the banking industry. This conference embodies that purpose by convening thought leaders, innovators, regulators and practitioners to shape the future of our industry responsibly and sustainably,” the ACAMB President noted.
