Harnessing Artificial Intelligence: Insights from the Southwest Finance and Investment Summit
Recently, the Southwest Finance and Investment Summit (FISWS) convened in Ibadan, bringing together a diverse group of stakeholders to discuss the transformative role of artificial intelligence (AI) in various sectors. The theme, “AI in Finance: The Future of Finance is Digital,” emphasized the immense potential of integrating AI into everyday life, business operations, and personal relationships.
A Call for Innovative AI Utilization
Dr. Lola Ayo-Fashida, the summit’s head, articulated the need for professionals to leverage AI technology effectively. She pointed out that AI is now an integral part of daily activities, making it imperative for individuals and organizations to adopt its capabilities to enhance their business strategies, financial management, and overall productivity.
The African Perspective on Technological Advancement
Main speaker Olajide Yusuf raised a critical issue about Africa’s underutilization of its native intelligence in the face of technological advancements. He emphasized that while AI is becoming ubiquitous, the continent must embrace its unique talents and innovations to thrive in this new digital era. He asserted that, if harnessed correctly, AI could significantly contribute to Nigeria’s GDP, which currently sees a technology adoption gap in the financial sector.
Enhancing Negotiation Skills in the Digital Era
Ola Jumoke Caxton-Martins shared her expertise on digital negotiations, highlighting how flexibility and effectiveness are crucial in this space. She introduced her audience to the “three Ps” of negotiation—preparation, patience, persistence—and advised on the necessary tools for successful digital communication. The pitfalls of digital negotiation, such as the absence of non-verbal cues and potential technical issues, were also discussed, providing valuable insights for business owners.
AI’s Role in the Evolving Workplace
Olanrewaju Lakunle-Eoseni delved into the implications of AI in the workplace, describing how it is reshaping job markets and enhancing productivity. By debunking myths that AI replaces human jobs, she demonstrated how it can improve efficiency and foster employee engagement through learning opportunities. Her insights reflected on how AI-driven analytics can refine processes such as loan approvals and fraud detection, marking significant advancements in the financial sector.
Cybersecurity in the Age of Digital Finance
Dr. Adekunbi Omotoso emphasized the critical need for cybersecurity awareness as financial transactions increasingly shift online. She urged the audience to become “cyber-intelligent,” stating that protecting personal finance should go beyond traditional financial literacy. Her recommendations, including vigilant monitoring of account activities and prompt reporting of suspicious actions, are essential strategies to mitigate risks associated with digital fraud.
Reflections and Future Collaborations
Following group discussions on the implications of AI on relationships and its overall impact, Mr. Taofik Omotoso, president of Thikadol Event Center, expressed his commitment to collaborating with the summit organizers for future initiatives. The event also featured the presentation of a new children’s book by Dr. Ayo-Fashida, “Bisola and the Colorful Jars,” which aims to instill early financial literacy, fostering skills in budgeting and responsible spending.
The insights shared during the summit underscored the vital role AI plays in transforming finance and business practices, urging stakeholders to cultivate creativity and innovation in their approach to harnessing this powerful technology.