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“Advances in AI will start a new wave of re-shoring & localization”

10-04-2018 02:40 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: UMS Conferences

The 8th Edition of New Age Banking Summit, Nigeria brought together top thought leaders and industry experts who shared the best and next practices that make use of latest technologies, case studies and strategies, thus providing the opportunity to discuss and deliberate on the solutions and opportunities that exist in this new and cognitive age of banking. It was attended by over 200 banking professionals & Fintech leaders.

The speaker lineup consisted of C-Suite leaders from leading banks of Nigeria such as Diamond Bank Plc, Wema Bank, Access Bank Plc, First City Monument Bank, GTBank, Suntrust Bank, Accion Microfinance Bank and many more who shared critical insights.

Discussing the role of AI in the process of digitization of banks, Benedict Anyalenkeya, CIO, Accion Microfinance Bank said, “Advances in robotics and AI will start a new wave of re-shoring and localization. There’d be rapid gains as new models combine increasingly powerful and standard modular platforms”. “Banks are introducing innovative technologies to make the banking experience more secure. Smartphones will make use of facial recognition encouraging the use of mobile banking applications. Innovative digital technologies disrupting the traditional payments value chain” he continued.

Elaborating on how AI holds a vast potential for the banking sector, Folasade Femi-Lawal, Head - Card Business, First Bank of Nigeria, said, "AI is highly effective in creating a personalized user experience, customer behavior predictive analysis, fraud prevention & enhanced online security, 24/7 customer support, improved analytics, effective Risk Asset assessment & creation etc.”

Further explaining the applications of AI for the sector, Lanre Bamisebi, CIO, Diamond Bank Plc said, “AI can be applied to collect and study data like crop turnover, handset details, SMS logs, social network data, GPS data, call logs and contact list etc. – to identify the Credit worthiness of customers.”

The summit provided key insights on some of the most critical and challenging topics for the region’s banking industry such as Advanced Analytics, AI, Financial inclusion and more.

Co-located with the summit, the New Age Banking Awards recognized and celebrated outstanding achievements amongst the banking fraternity. Winners included First City Monument Bank - Excellence in Retail Banking; RenMoney - Excellence in Microfinance Banking; GTBank - Excellence in Digital Banking; Access Bank - Excellence in Financial Technology; Diamond Bank - Excellence in Mobile Banking Application; First Bank - Excellence in Financial Inclusion; Profinch - Emerging Core Banking Implementation; SAS - Excellence in Banking Analytics; Dell - Digital Transformation Catalyst; CR2 - Excellence in Channel Banking Software; Veripark - Excellence in Customer Experience Solutions; United Bank of Africa - Excellence in Customer Experience; Union Bank - Excellence in Innovation in Banking; Wema Bank - Excellence in Digital Transformation. At New Age Banking awards ‘Token of Gratitude’ was presented to Central Bank of Nigeria and Temitope Akin Fadeyi was presented by Innovation in Financial Inclusion Initiatives.

About UMS Conferences:

Founded in 2015, UMS Conferences is a wholly owned subsidiary of United Media Services LLC, a leading media and communications company.

UMS Conferences has an extensive portfolio of industry-leading and stimulating summits, conferences, awards, strategic forums and expos around the world. It is known for building platforms that create value and deliver an unmatched delegate experience. Our events offer premium branding as well as networking opportunities for partners.

As businesses face disruptive challenges, there has never been a greater need for more knowledge and opportunities to collaborate and network. Our carefully curated conferences combine deep editorial insights with award winning event concepts, distilling the onslaught of information into something that can generate profits.

With flagship events like New Age Banking Summit, Global Blockchain Congress, Healthcare Innovation Summit, IoT Integration Summit, Finsec and CDO Conclave, UMS Conferences attracts a high calibre of delegates, speakers and partners, who value the knowledge we offer. Aligning with these events is a powerful way to engage with a high-profile audience and reinforce expertise and credibility.

Media Contact:
Apeksha Verma
Office # 802, Tower ONE, World Trade Centre,
Pune 411014, Maharashtra, India.

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