Managing Director/CEO of Cowry Asset Management Ltd., Mr Johnson Chukwu, has warned that companies ignoring Artificial Intelligence (AI) risk becoming obsolete and uncompetitive.
He gave the warning on Thursday during the SUPERNEWS Artificial Intelligence Confab (SAIC’25), held in Lagos.
Chukwu, the Keynote Speaker, described the theme: ‘Power of Artificial Intelligence: Enhancing Efficiency and Consumer Satisfaction for Better Financial Services Experiences’ as timely and relevant.
He said AI would shape future human engagement, interaction, and experience. Firms that fail to adopt AI, he noted, would lose relevance and competitiveness.
He described AI as a technology that enables machines to simulate human learning, creativity, problem-solving, decision-making, and automation.
Using graphical slides, he outlined AI’s evolution and highlighted its impact on efficiency and customer service delivery.
In her welcome speech, Ngozi Onyeakusi, Publisher/CEO of SUPERNEWS Nigeria, also said AI could significantly transform Nigeria’s financial sector.
She said AI had grown in popularity, with global business value from AI rising from $1.2 trillion in 2018 to $3.9 trillion in 2022.
She noted that AI could promote financial inclusion, reducing barriers between the masses and access to financial services.
According to her, AI offers a unique chance to expand reach, lower operational costs, and improve customer experiences.
She said the theme reflected a drive to help Nigerians embrace technological innovations for sustainable growth.
The confab explored how AI is revolutionising financial services through automation, customer interaction, risk control, and fraud detection. (NAN)
