{Financial} specialists have cautioned Nigerian banks to not depart belief and integrity behind as they more and more deploy Synthetic Intelligence (AI) to reinforce buyer experiences and streamline operations.
That was the core message on the 4th Stakeholders’ Convention organised by the Affiliation of Company Affairs Managers of Banks (ACAMB), held on Thursday in Lagos.
With the theme “AI and the Way forward for Belief: Reimagining Banking and {Financial} Providers in a Digital-First Period,” the occasion introduced collectively leaders from the banking, tech, and communications sectors to replicate on AI’s rising position and the necessity to construct integrity into its adoption.
In response to the specialists, AI has introduced plain advantages to banking, together with sooner transactions, smarter fraud detection, and wider {financial} inclusion.
Nevertheless, it additionally raises recent issues round information privateness, algorithmic bias, and the potential erosion of public belief.
Talking on the convention, ACAMB President, Rasheed Bolarinwa, stated the banking trade is at a crucial level, the place know-how should be carried out with care and transparency.
“Belief should not solely be preserved, it should be enhanced by the very applied sciences we’re adopting. As AI transforms how we serve clients, stakeholder collaboration is essential to make sure this transformation is moral, inclusive, and accountable,” Bolarinwa stated.
Backing this stance, President of the Chartered Institute of Bankers of Nigeria (CIBN), Prof. Pius Olanrewaju, emphasised that banking with out belief is a hole shell.
“Each industrial revolution has been pushed by general-purpose know-how. In the present day, AI is that driver. But when we undertake it with out integrity and transparency, we threat shedding the very basis of banking,” stated Olanrewaju, who was represented by the CIBN Registrar, Akin Morakinyo.
Delivering a keynote deal with on the occasion, Managing Associate at Verraki Africa and Chairman of the Nigerian {Economic} Summit Group (NESG), Niyi Yusuf, highlighted AI’s lengthy evolution—from idea within the Nineteen Fifties to right this moment’s deep-learning fashions.
He warned, nevertheless, in opposition to utilizing AI instruments constructed for Western markets with out adapting them to native realities.
“We want AI algorithms tailor-made for Africa, our tradition, languages, {financial} behaviours. In any other case, we threat deploying techniques that alienate clients as a substitute of empowering them,” Yusuf stated.
He emphasised the significance of maintaining “people within the loop” in AI-driven banking processes to stability automation with empathy, oversight, and equity.
