Stakeholders recommend AI for financial, relationship, mental health productivity

Stakeholders across various professions and sectors have given reasons why artificial intelligence (AI) should be creatively leveraged to make life, business, relationships, and mental health easier and productive.

The stakeholders said this during the activities that marked the fifth on-site edition of the Finance and Investment South-West Summit (FISWS), recently held in Ibadan on Saturday, with the theme ‘AI in finance: The future of finance is digital’.

The convener of the summit, Dr Lola Ayo-Fashida, in her address, noted that this year’s summit aims to bring professionals together to offer their expertise on trending and topical issues in AI and related technologies in human resources, finance, and relationships, as they affect people and businesses.

She emphasised that AI has not only come to stay but has become a part of virtually everything people and organisations do, and should be leveraged by anyone to scale their business, improve their finances, and make their life easier.

The keynote speaker, Olajide Yusuf, said that many technological ideas the world boasts of originated from Africa, but, unfortunately, Africa and her people did not build and leverage their native intelligence.

“Now AI is upon us. We can run away from our native intelligence, but we cannot run away from AI unless we do not want to make money,” he said.

Yusuf stated that though finance contributes 10 per cent to the Nigerian GDP, insufficiency persists because technology and AI adoption have not been taken seriously.

He noted that whether in the financial sector or other aspects of business and life, AI and tech would not take jobs away if one accepts and learns them and becomes creative and resilient in their applications.

Olajumoke Caxton-Martins spoke on ‘Business negotiations: Avoiding pitfalls in the digital space. She stated that digital negotiation is more flexible and cost-effective and that business owners need it to negotiate well.

Caxton-Martins explained the three Ps of negotiation: preparation, patience, persistence, and the tools needed for effective digital communication and negotiation.

According to her, the common pitfalls of digital negotiation include a lack of nonverbal cues, over-reliance on written communication, technology issues disrupting flow, and security or data breaches, among others. She added that these pitfalls can be avoided by using the right tools, setting clear objectives, confirming understanding through follow-ups, mastering digital etiquette, and using security tools.

Olanrewaju Lakunle-Oseni titled her presentation ‘AI and its implications in the workplace’. She stated that AI has quickly moved from a technology trend to an everyday essential, and is reshaping the way people live and work, and also changing the job market, creating new types of jobs while automating routine tasks.

Lakunle-Oseni debunked the myths that AI can make sense of messy data, replace human roles entirely, and is only for wealthy companies. She, however, added that AI enhances efficiency and productivity, improves employee engagement through learning and development, and improves skills gap analysis and performance trends.

According to her, the role of AI-powered analytics in finance and investments includes authorised loan processing, enhanced credit scoring, enhanced fraud detection, and increased innovation.

Dr Adekunbi Omotoso spoke on ‘Cybersecurity: Safeguarding your personal finance in the digital space’. She advised that adhering to cybersecurity basis is important because financial services are now online, and with convenience comes exposure to digital fraud.

“It is no longer enough to be financially smart. You must be cyber-smart. Saving is smart investing. We are building wealth in the cloud. Build walls, not just wallets.  Protect your future, think cyber, think zero trust,” she said.

However, Omotoso said that billions are lost annually to cybercrimes in Nigeria through phishing, social engineering, and malware on phones, which threaten personal finances.

To avoid being a victim of cybercrime, she advised that people should report suspicious cyber activities to the authorities, seek technical assistance, regularly change passwords, and monitor account activity.

There were focus group discussions where the negative effect of AI on relationships was discussed, and lessons learned from the summit were discussed and shared as well.

Mr Taofik Omotoso, the chairman of Thikadol Event Centre, promised to collaborate with organisers of the summit on future events. Mr Olatunji Ojuko appreciated the convener for helping and mentoring people.

A new book, ‘Bisola and the Colourful Jars’, by the convener of the summit, Dr Lola Ayo-Fashida, which was launched last month, was introduced to the participants.

According to Dr Ayo-Fashida, the book aims to teach children about savings, budgeting, spending wisely, and how to learn to give to help others at an early age.

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