I recently had the pleasure of attending the IoD Africa Group’s roundtable discussion on Wednesday 4th September to discuss the future of AI and banking. The evening provided insight into the growing ethical, social, and financial concerns associated with this advancement while assessing the pros and cons of its current implementation within various industry processes.
Special thanks to First Bank UK for attending our flagship 116 Pall Mall premises and providing us with your invaluable insight as a 130-year-old group that also emphasizes the need for connectivity and growth through institutional, corporate, and private banking.
𝐌𝐨𝐝𝐞𝐫𝐚𝐭𝐞𝐝 𝐛𝐲 𝐁𝐢𝐲𝐢 𝐎𝐥𝐨𝐤𝐨, 𝐯𝐢𝐜𝐞 𝐜𝐡𝐚𝐢𝐫 𝐨𝐟 𝐭𝐡𝐞 𝐈𝐨𝐃 𝐀𝐟𝐫𝐢𝐜𝐚 𝐠𝐫𝐨𝐮𝐩, 𝐭𝐡𝐞 𝐞𝐯𝐞𝐧𝐢𝐧𝐠 𝐬𝐚𝐰 𝐦𝐞𝐧𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠:
1. The regulatory Landscape in the UK and how AI is currently being used by high street banks to enhance customer experience, improve accuracy and the speed of processing, reducing the need for human interaction.
2. Cross border payment fintech’s use of AI and the policy makers ability to translate ACfTA across borders.
3. The power of connection and connecting to prosper.
4. The current use of AI for algorithmic trading, fraud prevention, risk assessment, personal banking, predicted analytics for customer retention (i.e. customer journey), document processing, market analysis and forecasting.
5. AI’s impact on traditional banking operations and their ability to adapt.
A special thank you to Joel P., chair of the IoD Africa group, all of our speakers, contributors, and supporters of the special interest group. I look forward to more evenings such as this that inspire not only conversation but action.
📌 Linda Scott, Olukorede (K.O) Adenowo FCA, David Davis, Olalekan Adelekan, Amaechi Nsofor, Cllr. Biyi Oloko, David Stringer-Lamarre, Francis Anatogu, Joel P., Supriya Vohra Manchanda, David Gandon, Kavan Polson, Agnes Gitau Tosin Adewuyi
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