Artificial intelligence (AI) experts say that AI will not replace workers but will rather empower them to transform industries and enhance human potentials, in one of the key takeaways from the 2024 Zenith Bank Tech Fair held in Lagos.
The 2024 Zenith Bank Tech Fair, themed ‘Embedded Finance, Cybersecurity, and the Growth Imperative: The Impact of AI,’ highlights various ways that digital transformation is reshaping the financial landscape, with a particular focus on how AI can drive financial inclusion. The event witnessed presentations from global experts on AI’s transformative power in banking, cybersecurity, and embedded finance.
Addressing an audience of industry leaders, tech enthusiasts and innovators, Danilo McGarry, an expert on digital transformation and AI outlines how AI could revolutionise sectors like banking by enhancing operational efficiency and creating new business opportunities.
“AI is now an essential part of the fourth industrial revolution. It is not replacing humans; it is empowering those who use it effectively,” McGarry explains. He forecasts that AI could contribute $7 trillion to $15 trillion to the global economy over the next decade, with banks evolving into tech companies.
AI, an essential part of fourth industrial revolution
“AI is now an essential part of the fourth industrial revolution. It is not replacing humans; it is empowering those who use it effectively,” McGarry explains. He forecasts that AI could contribute $7 trillion to $15 trillion to the global economy over the next decade, with banks evolving into tech companies.
AI, he says, has the potential to personalise banking experiences, improve fraud detection, and drive operational efficiency, ultimately fostering greater financial inclusion.
“Almost 50 percent of law firms will go bankrupt in 10 to 15 years if they don’t adopt AI,” McGarry says while speaking on the urgent need for industries to embrace AI to stay competitive.
“Almost 50 percent of law firms will go bankrupt in 10 to 15 years if they don’t adopt AI,” McGarry says while speaking on the urgent need for industries to embrace AI to stay competitive.
On her part, Dr. Jania Okwechime, Partner and African AI and Data Leader at Deloitte, who underscores the growing importance of generative AI in banking and finance, explains that AI can enhance decision-making, improve operational efficiency, and streamline Know Your Customer (KYC) processes. According to her, “90% of the data that exists in the world today was created in the last two years, and by 2025, 80% of that data will be unstructured. We will see a shift from traditional data warehousing to cloud computing.”
On her part, Dr. Jania Okwechime, Partner and African AI and Data Leader at Deloitte, who underscores the growing importance of generative AI in banking and finance, explains that AI can enhance decision-making, improve operational efficiency, and streamline Know Your Customer (KYC) processes. According to her, “90% of the data that exists in the world today was created in the last two years, and by 2025, 80% of that data will be unstructured. We will see a shift from traditional data warehousing to cloud computing.”
She adds that Generative AI is evolving faster than we can imagine. “Generative AI creates an explosion of data and can learn the syntax of tasks, much like teaching a child a language and its structure. With Generative AI, you no longer need to have Python coding skills; you can simply provide AI with instructions.”
Okwechime says that the transformative impact of Generative AI is already underway in the banking and financial services sectors where it now reshapes decision-making, streamlines operations, and enhances services across the industry.
Robin Speculand, a digital strategy expert, who discusses the critical role of digital transformation in business success, says to the the 2024 Zenith Bank Tech Fair attendees that only one in three digital strategies succeed.
Speculand commends Zenith Bank for successfully adopting digital technologies, which have enabled the bank to transform the customer experience and streamline operations. “In banking, digital customers do 60 times more self-service transactions than traditional customers,” Speculand says, underscoring how AI and digital transformation are reshaping banking behaviour.
Shettima highlights AI, Robotics, and Big Data’s impact on Nigerian banking sector
Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, who represented Vice President Kashim Shettima, highlights Zenith Bank’s leadership role in driving technological innovation in the Nigerian banking sector.
“Zenith Bank has distinguished itself as a strong advocate for technology and innovation, and Nigeria is recognized as one of the most advanced countries for banking innovation in Africa,” according to Vice Presdent Shettima.
“We look forward to the latest and the best in an evolving world where big data and Artificial intelligence, machine learning and robotics have already transformed the financial space and minimum wage per month,” he says noting that Nigeria is recognised as one of the most advanced nations for innovation in banking and finance in Africa, and has the potential to compete globally.
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