Economy
THE President of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI), Mr Olusoji Oluwole, has emphasised the critical role of journalism in human empowerment and knowledge acquisition.
According to him, it is incumbent on journalism practitioners’ to inform, educate and entertain their audience in a dynamic manner, especially in an increasingly complex financial landscape.
Oluwole said this at a one-day capacity-building training programme organised by the Association of Business Editors of Nigeria (ABEN) in Lagos.
The theme of the conference was “The Intersection of Finance, Technology, and Innovation: Decoding Financial Reports, Blockchain Technology, and Artificial Intelligence”.
The guest speaker urged business editors to leverage the workshop’s insights to deliver accurate, unbiased, and digestible information to the public.
Oluwole emphasised the critical intersection of finance, technology, and innovation, particularly the impact of artificial intelligence (AI) on financial reporting, banking, and broader economic activities.
He acknowledged AI’s transformative power, noting its ability to perform spontaneous tasks that would previously take weeks.
Oluwole, however, warned of the consequences of AI restrains, which he said has potential challenges, including manipulation.
“AI systems are developed by humans and, therefore, prone to flaws.
“This training aims to equip journalists with the skills to critically analyse AI-generated reports and raise pertinent questions before dissemination to the public,” he said.
He also addressed AI’s dual impact on banking, citing its benefits in efficiency and automation while noting its role in enabling fraudulent activities like unauthorised withdrawals.
Oluwole stressed the importance of robust IT security measures, such as two-factor authentication, to safeguard financial systems.
He further described financial fraud driven by AI as a global issue requiring concerted efforts to tackle.
To Mr Doyin Owolabi, a former President of the Institute of Chartered Accountants of Nigeria (ICAN), the advantages of AI in financial analysis cannot be overvalued.
Contributing to the theme, he stated that AI accelerates data analysis, forecasting, and customer service while reducing human errors.
Owolabi dismissed the fear that AI is capable of dislodging the services of accountants in the developing world.
He projected that by 2030, the role of cashiers, data entry clerks, and telemarketers might face automation but noted that AI would enhance, rather than eliminate, human contributions in the financial sector.
“AI helps streamline processes and boost productivity, but the human element in navigating complexities and providing strategic value is unmatched by machines,” Owolabi added. (NAN)
8th December, 2024.C.E
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