LECTURE DELIVERED AT THE ACCESS BANK’S GUEST LECTURE SERIES THEMED “THE FUTURE OF WORK AND ADAPTING TO A CHANGING LANDSCAPE” IN LAGOS ON THE 28TH OF MARCH, 2024
"AI in particular is set to dramatically change practically every aspect of life and commerce as we know it. Just last week, Researchers at McMaster University and Stanford University announced the invention of a new generative artificial intelligence model which can design new antibiotics to stop the spread of one of the most dangerous antibiotic-resistant bacteria.
The University of Arkansas on March 1st, made the startling result of a test they conducted between 151 humans and Chat GPT to find out which excelled in divergent thinking and unfortunately, Chat GPT won! Already we have seen how AI and ML are poised to significantly transform the financial services industry in several ways.
Today AI-driven chatbots and virtual assistants can provide 24/7 customer service, offering quick responses to inquiries and personalized financial advice. These technologies can learn from customer interactions to improve their services continually. AI systems now have superior skills in identifying patterns that indicate fraud by analyzing transaction data in real-time.
AI’s traditional strength and this is improving daily, is the automation of routine tasks and processes and significantly reducing operational costs for financial institutions. This includes everything from customer onboarding, to compliance checks and even regulatory compliance across different jurisdictions can now be handled more quickly and accurately.
How about stock and currency trading? AI algorithms can now analyze vast amounts of market data, including news and social media, to make predictions about market movements and execute trades at optimal times. Same for Credit and Risk Assessment, AI can process complex datasets to assess credit risk more accurately, considering factors beyond traditional credit scores. This can lead to more nuanced risk assessments, potentially opening up credit to previously underserved markets while managing lenders’ risk.
But even more interesting is what AI can do in Predictive Analytics; AI’s ability to process and analyze large datasets can help predict broader economic trends, enabling businesses and investors to make more informed decisions.
What is more intriguing is that the quantum computing we are seeing today is set to advance dramatically. Quantum computing can process and analyze vast amounts of data faster than classical computers.
This capability is particularly relevant for AI applications that depend on large-scale data analysis, such as Natural Language Processing and image recognition. So, we literarily haven’t seen anything yet.
What happens to jobs? Will this AI take over and result in human redundancies in the marketplace? Research findings are quite nuanced on this point. One clear thing is that AI and Machine Learning tools are particularly good at automating routine, repetitive tasks such as data entry, transaction processing, and basic customer service inquiries. Jobs that primarily involve these tasks are at a higher risk of being affected, but new jobs and roles are also being created particularly in areas such as AI development, data analysis, cybersecurity, and AI ethics. And more roles will emerge for jobs that require emotional intelligence, creative thinking, and strategic judgment-capabilities that AI lacks.
Also, human oversight of AI systems will create new jobs, especially for roles focused on ensuring the fairness, accountability, and transparency of AI applications. One of the critical implications of the AI revolution, as it transforms the job landscape in financial services, is the importance of upskilling and reskilling workers.
Workers need to adapt to the changing demands of their roles, which increasingly require digital literacy, the ability to work alongside AI systems, and skills in areas such as data analysis and interpretation. No one is yet sure of what the net Impact of AI will be on employment levels in the financial industry."
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Oluyemi Oluleke Osinbajo is a Nigerian Lawyer and Politician who served as the Vice President of Nigeria from the 29th of May 2015 - 29th of May 2023
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3 окт 2024
