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AI Integration in Banking Sector in Focus at Lagos Summit, Experts Discuss Impact

TL;DR

  • AI boosts efficiency personalization in banking services.
  • Huawei’s CEO underscores the transformative potential of AI.
  • Experts emphasize AI’s role in ensuring banking resilience.

Artificial Intelligence (AI) in banking is the game-changer toward better service delivery. A congress held in Lagos under the theme “Non-Stop Banking Resilience Boosts Intelligence” focused on intelligent data infrastructure, decoupled architecture, cloud networks, and the digital payment ecosystem in the banking sector 

AI’s transformative impact on banking and Finance

Chris Lu, the CEO of Huawei Nigeria, pointed out the role of AI, blockchain, fintech startups, and financial institutions as the engines of digital transformation within the finance industry.

Lu, stressing the fast merging of technology with banking, noted that it was beyond a trend: it had become, in fact, more or less a force toward global transformative change.

“Convergence of technology and banking is more than a trend in the fast-evolving landscape—it is the driving force to propel global transformative change,” said Lu.

He explained where Huawei kept its great footprint in the global finance industry, working with 53 out of 100 top banks worldwide. This shows that Huawei appreciates a lot of innovation, and there has been a high investment in research and development, which has accounted for over 20% of sales revenue for the last three years.

Banking’s future with AI integration and resilience

The presenters spoke at the congress about modern aspects of banking, which are all meant to reach online consumer and business-based expectations. The high-level discussions at the Congress will circulate deploying modernized infrastructure, decoupled architecture, intelligent cloud networks, and digital transformation in banking.

Some of the major themes in the congress will include the strategy to integrate AI in driving efficient service delivery, especially in the banking sector. In this respect, AI integration is argued to enhance process automation, customer experience personalization, and decision-making capabilities.

The other major aspect that emerged during the congress was the need for round-the-clock banking resilience. As more and more financial transactions transpire over digital platforms, especially in the new normal, the need for strong infrastructure and end-to-end security against disruptions and cyber threats has become imminent

Meanwhile, the financial industry continues to rapidly revolutionize, with more stakeholders clearly defining the enormous transforming potentials these technologies—AI, blockchain, and cloud computing—come with.

Driving efficiency and resilience in banking

Full acceptance of these technologies and facilitation of cooperation among fintech startups, financial institutions, and technology providers is what the sector feels is driving more efficiency, agility, and resiliency to the constantly changing adaptive challenges.

The Lagos Financial Congress was an elicit forum where experts discussed the potential for change in artificial intelligence and other emerging technologies in the banking sector. With such intelligent data infrastructure, decoupling architecture, and digital transformation, the stakeholders are well set to take on the next level of innovation and resilience in banking. 

That means the industry will have to adapt to evolving consumer expectations and technological changes, and the major mantra for growth and development has to be collaboration and innovation.

Original story from:https://thenationonlineng.net/experts-mull-artificial-intelligence-for-improved-banking-others/

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions

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Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

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