On September 5, 2023, industry leaders and visionaries from around the world came together at the “Comparing and Contrasting AI Adoption in Financial Services Across Continents” webinar to discuss the rapidly evolving landscape of finance and the role of artificial intelligence (AI) in shaping its future.
Organized by FintechGR and supported by Maycode, the seminar was spearheaded by Dr. Jameelah Ayedun, a distinguished member of the governing council at FintechGR. Under the overarching theme of “The Global AI Landscape,” the event delved deep into the global AI landscape, examining the latest regional trends and their impact on the economy, addressing the challenges, and seeking solutions. Dr. Jameelah welcomed participants and set the stage for an engaging discussion on the pivotal role of AI in financial services.
The seminar featured a distinguished lineup of speakers, including Dr. Jameelah Sharieff-Ayedun who delivered the opening speech. With speakers hailing from Nigeria, the UK, Israel, and the USA, the event offered diverse perspectives on AI adoption.
Key highlights of the seminar included:
- Regional Perspectives on AI Adoption: Session 1 discussed the trends in AI adoption across different regions. Sultan Mahmood emphasized the need for collaborative efforts between governments and private sector companies to build a solid foundation for AI success. Dr. Dee Allen highlighted the importance of upskilling and reskilling the workforce and informed regulators about the opportunities AI offers. Rony Ohayon discussed the significant benefits of AI in financial services but also cautioned about security and data privacy risks. Ibijoke underscored how AI addresses fraud detection, regulatory compliance, and transaction processing, ultimately improving customer experiences.
- Regulation and Ethical Considerations: Session 2 explored regulatory challenges, transparency, and ethical concerns in AI adoption. Dr. Rony emphasized the need for transparency in the financial sector, advocating for AI to solve the issues it creates. Sultan discussed the challenges of centralized versus decentralized AI and the importance of data control. Ibijoke highlighted the evolving nature of regulatory frameworks and the importance of building AI with the right motives. Ehia expressed concerns about AI displacing jobs in Africa and the moral implications, stressing the urgency of regulation and intervention.
- Government and Education’s Role: Dr. Dee stressed the importance of collaboration between government, education, and industry to drive positive changes in the AI landscape.
The seminar provided attendees with valuable insights into the complex interplay of AI, finance, and ethics. It fostered an environment for interactive discussions, knowledge sharing, and networking opportunities.
As AI continues to play an increasingly pivotal role in shaping the financial services sector, this seminar served as a platform for industry leaders to spark ideas, drive collaboration, and address the challenges and opportunities presented by AI adoption.
Learn more about the Fintech Association of Nigeria here: About Us – Fintech Association of Nigeria (fintechng.org).