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Experts at First Bank’s FinTech summit list gains of AI, big data analytics

Banks in developing economies have continued to search for marching technologies that will fit into the ever rising new technology-driven appetite for customers especially in Nigeria.
Accordingly, technology experts and banking wiz-kids who recently gathered at the First Bank’s FinTech summit, focusing on the future of banking, especially the roles of Artificial Intelligence (AI) and big data identified reasons for continued use of new technologies in ever evolving banking space.
The experts averred in unison that rightly deployed fintechs will among other things, enable the banking industry to meet customer expectations, predict their customers, identify trend, address challenges of anti-money laundering, create identity analytics and provide insightful trading, as well as seamless fraud recognition.
Earlier in her remarks, Chairman, First Bank Nigeria (FBN), Mrs. Ibunkun Awosika made it clear that “There is the need to create a bridge that links what you know and what we know together, to create a new door for the future that we are building. It is about creating the right room where all these things are done by the right generation of people.
He agreed that “Our digital lab is setup to be the bridge between the people and the knowledge that is emanating daily. The digital lab is the place we explore the things we know, with the things you are making up. Statistics globally show that the youthful population is the population right now. We should be concerned about how they live, what they do and how they think. We should foresee the future, before they see it.”
Observers stressed that within the rampaging speed of fintech evolution, commercial banks must make the most out of the disruptive change to remain competitive as AI and big data technologies are now unavoidable in every modern business.
In his presentation, the Managing Director, FBN, Dr. Adeshola Adeduntan basking on the imports of his bank’s recent massive investment of about N5.2 million in a coding Hackathon competition, he cautioned players against channelling too much investment in old systems, at a time when some actors use the latest technology to lead the industry with unprecedented mileages.