Artificial Intelligence in financial sector will boost security of companies

Dr Pius Gadossey, Lecturer, Lancaster University says the use of Artificial Intelligence (AI) in the financial space will boost the security companies by alerting institutions of any discrepancies or unusual activity for prompt actions.

Dr Gadossey said the AI in the financial sector ensured that clients and financial institutions’ monies and their personal information were safe and secured as well as prevented cyber-attacks.

“AI is not biased and can decide on loan eligibility quickly and more accurately”, he said.

The Lecturer said this on Saturday at a lecture and graduation ceremony of which eight members were Chartered as Compliance and Cyber Analyst.

The programme was organised by the Institute of Compliance and Cyber Studies (ICCS).

AI 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.

Speaking on the “Relevance of AI in the Financial Industry”, he said banks were using machine learning algorithms not only to determine a person’s loan eligibility but also to provide personalized options.

“Machine learning can help experts use data to project trends, identify risks, conserve manpower and ensure better information for future planning,” he said.

Dr Gadossey said AI fraud detection systems analyses a person’s buying behaviour and trigger 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”, he 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 Eebenezer Domesew, Board Member of Institute of Compliance and Cyber Studies touching on the “Relevance of Risk-Based Auditing in the Financial Industry” said competitiveness had been toughened in the face of the increased presence of multinational companies which have embraced the advantages of technology.

He stated that adopting risk management practices gives higher financial performance and a highly competitive edge in the world market.

The graduands were presented with a certificate for successfully graduating from the course.

Mr Jude Apoore Azure won the best Governance and Ethics award while Mr Richard Nyarko emerged as the Audit and Tax Compliance award winner.
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