Tuesday, 07 July, 2020

How does AI benefit the economy


 Ai refers to a system or machine that mimics human intelligence to perform tasked and can iteratively improve themselves based on the information they collect. Ai manifests in different forms. Ai has actually been misinterpreted by so many people, the majority really don’t understand the basic or importance of artificial intelligence in our economy. So we have decided to write an article on it, that will enable us to understand artificial intelligence and it’s important to the economy.

AI IN NIGERIA ECONOMY

AI is breaking boundaries in the Economy and the rate of deployment is nothing short of amazing. The rate Ai improve the sector of the economy is something else.

Educational sector: Artificial intelligence had made a huge impact on the economy, especially in the educational sector. AI is now been used in universities.

AI deployment In Education can mean the loss of thousands of jobs and many are aware of this.

Nnamdi Nwanze, a software engineer believes knowledge is the biggest stumbling block to AI.

“A customer support representative that gets replaced by AI would need to go back to school and learn new skills and hope those skills won’t be replaced by AI when they finish learning,” Nnamdi remarks.

In JUNE 11, 2018 the academia alongside experts from different sectors in Nigeria, including the tech community gathered at the University of Lagos to mark the launching of the first-ever Artificial Intelligence Hub in Nigeria. truly be a force to reckon within the area of Artificial Intelligence, there has to be an emphasis on Analytics, Research, and Data-Driven solutions. Whether or not the hub will play an outsized role in the areas remains to be seen.

The Important Of Ai In Economy

Financial institution: AI will unlock significant opportunities that would transform retail lending, product design, and the overall banking model to the mass market. AI will significantly reduce the cost to serve each customer allowing banks to increase coverage to the unbanked and boost profitability while providing excellent customer service at a progressively reducing cost.

AI and its derivatives, when applied to correct, will reduce error rates and can help attack the data quality monster that has haunted banks for years. Yes, AI-enabled data clean –up and significantly speed up the process of rectifying years of wrongly captured and poorly managed customer data.

We would then have the natural extension of AI in Banking to Customer Relationship Management (CRM). The personal touch is always appreciated by the customer (and actually every typical banking customer across the globe.) Prior to AI, this had to come from a person of time made the effort to learn and understand each customer’s banking and personal history, alongside their temperament and preferences. Automating this has been near impossible –until now.

Bank executives need to envision where AI has the potential to disrupt their business and make important decisions on how and where to invest in AI-based technologies. This requires understanding the AI technologies and then analyzing the bank’s existing operating model (including business processes, talent models, legacy systems, data assets, and markets) in order to identify how to obtain the maximum benefit.

Ill-informed AI investments made based merely on buzz and unbridled excitement can lead to financial loss from wasted resources while the right investments can increase operational efficiency & effectiveness, and create competitive advantage.

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