In an enlightening interview with Sylvester Enoghase, Comrade Olusoji Oluwole, the National President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), offers a comprehensive discussion on the intersection of artificial intelligence (AI) and the financial services sector. The conversation spans AI’s influence on banking, financial journalism, its potential for both positive and negative uses, and strategies for curbing financial fraud.
Oluwole opens the conversation by highlighting the rapid evolution of technology, particularly AI, which is transforming both financial services and journalistic reporting. He describes the progression from manual systems to automation and now, to the era of AI, which can complete tasks in minutes that once took days. However, with AI comes the risk of manipulation. Oluwole stresses the importance of financial journalists learning how to critically analyze AI-generated reports to detect potential issues. He suggests that AI, while useful, still requires human expertise to decode and dissect results effectively.
The discussion shifts to AI’s role in banking, where it can be deployed for both beneficial and harmful purposes. Oluwole acknowledges that while AI can significantly enhance customer service and operational efficiency, its potential for misuse—such as financial fraud—remains a major concern. In this regard, banks have heavily focused on risk management and IT security, implementing measures such as two-factor authentication to protect customer accounts from fraud. However, Oluwole points out that security breaches often occur due to user negligence, such as falling for phishing scams or sharing sensitive personal information. Banks, therefore, continue to run educational campaigns to help customers safeguard their data.
Oluwole emphasizes that AI is a global issue, with financial fraud facilitated through cyber-attacks originating from outside Nigeria. He shares insights from an engagement he attended, where experts tracked cyber-attacks from various countries into Nigeria, underscoring that this is a worldwide problem, not just a local one. He calls for more coordinated global efforts to address these security threats.
On the topic of upskilling, Oluwole discusses the importance of equipping banking staff with the skills needed to leverage AI responsibly. While recognizing the positive role AI plays in automating tasks, he underscores the need for human expertise, particularly in dealing with AI malfunctions or crises. He uses the analogy of driving an automatic vehicle versus a manual one to illustrate the importance of experience and human intervention when technology fails.
He also advocates for continuous training to ensure workers remain adept at navigating the evolving tech landscape. Additionally, Oluwole advises employers not to discard employees who may struggle to adapt to new technologies, stressing that experience and human insight are irreplaceable, especially when AI systems malfunction.
Oluwole touches on the issue of casualization in the banking sector, a concern that affects many employees, particularly those hired through outsourcing agencies rather than directly by banks. He references a document issued by the Ministry of Labour two years ago that outlined guidelines for addressing casualization in the sector. Although some banks have complied with these guidelines, Oluwole acknowledges that there are still institutions that have not, and urges both the government and financial institutions to monitor and enforce compliance.
The conversation also delves into the ongoing recapitalization efforts in the banking sector. While recognizing that mergers and acquisitions can result in job cuts or role adjustments due to overlapping positions, Oluwole emphasizes the importance of ensuring that employees are adequately compensated. He reassures workers that the union is actively engaged in negotiating fair treatment and compensation for those affected by the restructuring.
As the anchor of the capacity-building session for business editors, Oluwole offers a key takeaway for journalists: to report with authority and objectivity. He urges them to be well-versed in financial and technological developments so that they can provide the public with unbiased and easily digestible information. By equipping journalists with the necessary tools to critically assess and report on financial and technological topics, Oluwole believes they will be better positioned to inform and educate their audiences without relying too heavily on experts.
Oluwole concludes by stressing the need for constant professional development, both for journalists and banking professionals, as they navigate the increasingly complex and technology-driven landscape of financial services. He advocates for a balanced approach where AI complements human expertise rather than replacing it. This collaboration will ensure that both sectors thrive while minimizing the risks associated with technology’s rapid advancement.