Tech experts educate on role of AI in banking

Partner and Banking & Capital Markets Sector Leader, EY, Abiodun Akinnusi, educated participants from Nigeria and Ghana on the pivotal role of Artificial Intelligence in the banking and capital markets sectors.

The discussion, titled, ‘Placing humans at the centre AI Integration in banking and capital markets,’  centered on the integration of AI while ensuring that humans remain central to these technological advancements.

Akinnusi explained that AI was a pressing topic among industry stakeholders, particularly regarding its implications for productivity and creativity in banking. He raised critical questions about the role of humans in an increasingly AI-driven world, asking whether AI would render human involvement obsolete or if it could serve as an enabler of human potential.

He noted that while AI promised significant opportunities for enhancing productivity, its success depended on aligning with human needs and organisational culture.
Akinnusi referenced the launch of Tesla’s robotaxi, pondering if the future might hold fully automated banking systems.

Following Akinnusi’s introduction, Partner and Tech consulting leader, West Africa, Mr Dapo Adewole, delivered the keynote address focusing on AI’s relevance in banking and capital markets.

Adewole defined AI as the simulation of human intelligence through machines, highlighting its applications in prediction, automation, generation, and augmentation.
He detailed the transformative impact of AI, particularly in customer service, compliance, and risk management within the banking sector.

Adewole also addressed the history of AI, tracing its development from early computer science innovations to the recent emergence of generative AI.

He outlined various use cases in banking, including chatbots and hyper-personalisation, and shared statistics indicating that AI could lead to substantial cost reductions and productivity gains.

However, he, acknowledged the challenges associated with AI adoption, including “the need for workforce reskilling and addressing potential biases in AI systems. Human-centered AI integration, empowering employees, fostering collaboration, and ensuring data governance.

“While some are leading the way with early implementations, many others are still focused on understanding the associated risks and governance challenges. True success in AI adoption is measured by its strategic implementation at scale, which remains limited at present.”

Partner and Africa Articicial Intelligence Leader, Kavi Pather, also pointed out the human aspect of AI adoption, noting that while technology was being introduced, encouraging employees to integrate it into their daily work posed a significant challenge.

He stressed the importance of placing humans at the center of AI initiatives.
Regarding the business case for AI in the banking and capital markets, he outlined several key benefits. Automating routine tasks can reduce operational costs and increase efficiency.
“Furthermore, AI can enhance risk management by standardising processes and minimising errors.

Lastly, he noted that AI is transforming IT operations within banks, streamlining tasks like data migration, which historically required extensive manual effort.”

 He noted that AI could enhance skills and shift focus towards higher-value activities, especially for organisations like EY that are investing in technology.

Senior manager, tech consulting, EY, Elikplim Kitsikpui, noted that regulators in Ghana were working to create a flexible environment that allows for experimentation with AI, which was crucial given the high computational resources required for effective AI implementation.

Eli discussed the growing adoption of AI in Ghana, particularly among banks looking to integrate it into their business strategies.

“Organisations are focusing on leveraging AI to create new products and better understand evolving customer needs, especially those who are digitally engaged.”
To support this transition, Eli’s company is helping businesses navigate the AI adoption process strategically, avoiding the pitfalls experienced by earlier adopters.

He emphasised the importance of placing humans at the centre of AI initiatives, reassuring employees that AI is a tool to enhance their capabilities rather than replace them.

AI Leader, West Africa, EY, Tomiwa Adefokun,  explained the importance of leaders gaining a fundamental understanding of AI to effectively integrate it into their business strategies.

He noted that many organisations were now inviting education on AI, which was a positive step toward recognising its transformative potential and enhancing productivity.

He stressed the need for capacity building across all levels of the organisation, asserting that everyone should understand AI to improve value creation in their specific roles.

However, he, cautioned that training alone was insufficient; organisations must foster an experimentation mindset, allowing employees to practice and innovate with AI technologies in a supportive environment.

“By creating opportunities for hands-on experimentation, businesses can quickly identify valuable use cases and minimise costs associated with AI adoption. Organisations can start their AI journey by upskilling their workforce and developing tailored solutions, which can be more cost-effective than enterprise solutions,” said.
Overall, he advocated for a proactive approach to AI integration, focusing on continuous learning and adaptation.