AI Investments only deliver profits for banks when built on strong data foundation

AI Summary

Banks in Nigeria and globally are investing heavily in AI infrastructures hoping to boost profitability, but most efforts have not yielded expected profits. The key issue identified is the lack of strong data foundations that underpin successful AI deployments in the banking sector.

AI has revolutionised every sector, especially banking and finance. Across Nigeria and elsewhere, banks are ramping up investments in efforts to integrate AI infrastructure into their core operations. Unfortunately, most of these investments are not translating into profitability and may never do so. The problem is not that AI investment is a bad idea; certainly […] The post AI Investments only deliver profits for banks when built on strong data foundation appeared first on Nairametrics.