#AFFDisrupt2019: How technology disruptions are changing banking dynamics

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Evidently, the future of banking is now; as innovations such as artificial intelligence (AI), blockchain, machine learning and other technologically advanced tools are changing banking dynamics world over.

A Futurist, Author, and Chief Executive Officer, Moven, United Kingdom, Brett King, he reiterated that technology is moving much faster than before, stressing that in such an environment of rapid change, “you either disrupt or get disrupted.”

King while speaking at the Africa Fintech Foundry (AFF2019) Disrupt Conference, organised by Access Bank, stated that is the world continuously advances at the rate of current technological advancement, there will be more robots than human beings in he next five to six years.

In the financial services sector, the futurist hailed Nigeria for leapfrogging in technology adoption saying that Nigeria probably has more modern payment systems than the United States.

However, he warned that, “disruption is central to the survivability of the banks and other sectors,” stressing that “with technology like machine learning, artificial intelligence opening more bank branches will become unfashionable”

“We are in era where cars have more information than the human driver; this is the big disruption”.

“AI in the future will be able to notify you of an intending scam and who wants to scam you. Disruptions are no respecter of persons or industries. For instance, China is 10 years ahead of the USA. With AI technology the Chinese government can recognize its 1.4billion population with CCTV cameras.”

Giving his opening speech on the future of intelligent banking; Herbert Wigwe, MD/CEO of Access Bank, stressed on how technology is demystifying services and products.

He said that this is more about data and its transferability, noting that being an intelligent bank is no longer an option, but a necessity.

“There was a time when payments could …

‘We are ready to deploy AI to help governments, NGOs improve lives in Africa’

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Last month, Google opened its first Artificial Intelligence centre in Africa, situated in Ghana. Moustapha Cisse, head of Google’s AI Research Lab in Accra in an interactive session with journalists including BusinessDay’s Caleb Ojewale, gave insights into how it will impact Africa. Excerpts:

What is the objective for setting up this centre in Africa?

Our primary goal is to advance the science of artificial intelligence in Africa. The results of our research will hopefully be used in applied problems to enable and accelerate finding new solutions to them. Most of what we do in our research centre in Google, not just in Accra, we publish it, and is available to the larger public.

We also open source code so that everybody can just go out there, take the code we publish and use it to build all sort of things. In fact, we have seen many times, surprising ways of using code that we open source. For instance, a team of researchers from the University of Pennsylvania and IITA-Tanzania, used TensorFlow, a tool we have open sourced, to build new artificial intelligence models that are deployed on phone to monitor crop disease.

We did not do this, but people who just used the tools we built. When we do science, the results of our research, usually and hopefully because it is of good quality, goes way further than what we expect. We are hoping to see the same things happen in Accra and across Africa in general.

One of the biggest challenges foreseen is building trust in this technology because data is involved, how will this be addressed?

One of the areas of research I am personally interested in is what I call axiological machine intelligence. I believe that AI and any other … Read More...