Dr Pius Gadossey, a lecturer at the Lancaster University in Accra, says the use of Artificial Intelligence in the financial space would alert institutions of discrepancies or unusual activities for prompt actions and boost companies’ security.
He explained that Artificial Intelligence (AI) in the financial sector ensured that clients and financial institution’s monies and personal information were safe and secured.
It is the ability of a computer programme or a machine to think or learn. It provides human-like interventions with software and offers decision support for specific tasks.
It also prevents cyber-attacks, he said.
“AI is not biased and can make a determination on loan eligibility quickly and more accurately,” he said.
Dr Gadossey said this in an address at the Institute of Compliance and Cyber Studies (ICCS) graduation ceremony at which eight members chartered as Compliance and Cyber Analysts.
Speaking on the “Relevance of AI in the Financial Industry,” Dr Gadosey said banks were using machine learning algorithms not only to determine a person’s loan eligibility, but also provided personalised options.
“Machine learning can help experts use data to project trends, identify risks, conserve manpower and ensure better information for future planning,” he said.
An AI fraud detection system analyses a person’s buying behaviour and triggers an alert if something seems out of the ordinary or contradicted traditional spending patterns.
“The use of applications like chatbot and virtual have reduced the need to spend time on the phone waiting to speak with a customer service representative,” Dr Gadosey said.
The Bank of America chatbot; “Erica” has served more than 10 million users.
As of mid-2019, Erica was able to understand almost 500,000 question variations.
Mr Ebenezer Domesew, the Board Member of the Institute of Compliance and Cyber Studies, who spoke on the “Relevance of Risk Based Auditing in the Financial Industry”, said competitiveness had been toughened in the face of increased presence of multinational companies, which had embraced the advantages of technology.
Adopting risk management practices gave a higher financial performance and a higher competitive edge in the world of market, he said.
The graduates were presented with certificates.
Mr Jude Apoore Azure won the Best Governance and Ethics Award, while Mr Richard Nyarko emerged winner of the Best Audit and Tax Compliance Award.