Adekemi Omotubora (PhD)’s Post

Today I'm feeling compelled to share a meaningful experience from my recent approach to financial wellbeing. 4 weeks ago I was introduced by a friend of mine to Gemma Fiorentino, Founder and CEO of Consono as one of the first welfare platform in Italy dedicated to corporate financial wellbeing. As CTO advisor I’ve though firsthand how technology and AI can make a significant impact, and here’s how I see the use of GenAI and its applications to financial wellbeing: - Financial Literacy Programs: development of interactive educational tools, improving personal finance understanding and facilitating informed decision-making. - Personalized Financial Advice: provide personalized financial advice, analyzing spending habits, income, and financial goals. This tailored approach helps employees make informed decisions, improving their financial wellbeing. - Optimized Loan Processing: speed up and improve the accuracy of credit assessment processes, benefiting both lenders and borrowers. - Fraud Detection (Gartner’s Prediction): domain-specific GenAI models to enhance fraud detection, identifying suspicious activities with greater accuracy and protecting consumers from financial loss. - Market Analysis with Synthetic Data (Gartner’s Prediction): leverage synthetic data for market analysis, enhancing strategic planning and risk management without compromising real customer data. I'm really enjoying the time spent with Gemma and her team on this project, which aims not only for short-term goals like flexible salary access to reduce debt but also for broader social change, with the vision is to promote a culture of ethical finance and education in workplaces. Here’s to a better future! 🚀 #Fintech #AI #FinancialWellbeing #Innovation #CorporateWelfare #Agenda2030

📣 New research out today - While the majority of UK #FinTech directors believe their board has vital Gen AI skills and experience, 47% of those surveyed – as part of new research by @EY and @InnovateFinance – believe the expertise are missing, and only 42% think their board holds the necessary fundraising skills.   In addition, the UK’s top 50 FinTech boards have just 22% female representation and 37% of all UK FinTechs surveyed are male-only.   Like all #financialservices firms, strategic, diverse, and purpose-driven boards are key to driving outperformance. But, UK FinTechs focused on rapid growth and innovation can understandably face challenges around gaps in key skills and diversity across their #boardrooms.    Promisingly, there’s strong appetite to improve this balance. UK FinTech CEOs and Chairs interviewed are unanimous in recognising that diverse boardrooms, guided by a clear purpose, are fundamental to achieving sustainable growth. You can read more here 👉 https://bit.ly/4cWBARA Anita Kimber, Christopher Woolard CBE, Janine Hirt, Louise Smith, Tom Hill, Tom Bull, Paru Ruparelia

I'm in Singapore preparing to launch DataDotOrg's next CAN Hub, which will focus on financial inclusion. This launch has forced me to reflect on my career and what brought me here. After much thought, I can pinpoint an interaction in my first job out of college that sparked my interest in advocacy and financial inclusion and ultimately led to my doctoral dissertation on the NC Predatory Lending Law. The systematic barriers many face in economic well-being, wealth building, and homeownership are real. Early in my career, an older Black woman entered the bank where I worked and wanted me to help her lower her mortgage payment. She had good credit and had been in her home a long time. However, she was paying nearly double what was reasonable for a mortgage that size. I helped her with her mortgage that day, but the interaction opened my eyes to how much work was needed to improve financial equity and advocate for those who have been left out – or worse, taken advantage of – by the system. The ability to help women like this on a broader scale, and to connect and collaborate with people doing this kind of important work around the globe, is what drew me to data.org. Thanks to Devex for a great conversation about how we can collectively leverage data as a tool for empowerment and how data.org’s latest work in the Asia Pacific illustrates both the urgency and optimism of the opportunity before us. #DataDrivesImpact #DataforGood Perry Hewitt, Danil Mikhailov, Uyi (O.T.) Stewart Stewart, Gigi Ghanim, Lindsey Gottschalk, Emma (Marty) Donelan Donelan, Priyank Hirani, Subhashini (Shuba) Chandran, Lia, Mausolf, Mastercard Center for Inclusive Growth, Edward Tay (Prof), Emir Hrnjić, Christina Schönleber, Melissa Holding, Angela Parker, Kisha Bird, Stacey Carper, Janice Hua, Sharon Jeffries-Jones, Olivia Golden, Carisa Stanley Beatty, Trevor W. Williams, CPA (he/him)

I come from the era of driving #financialinclusion manually but the current generation should consider themselves lucky. In today's age of #data #AI, we can fast-track financial inclusion through, #openfinance and other digital tools. #data has a powerful potential to not only expand the breadth of financial inclusion but also the depth and practical utility of financial services for low-income and underbanked communities globally . The #openfinance ecosystems and the evolving #opendata including non-financial data sources will be transformational enablers to increase financial inclusion in underserved communities. Sophie Sirtaine Maria Fernandez-Vidal Ivo Jeník This CGAP study has very in-depth insights into how evolving open finance ecosystems can support financial inclusion. #emergingmarkets #financialinclusion #data #openfinance #development #growth #innovation #empowerment #asia #africa #latam Rajeev Kakar Tom Gitogo Islam Zekry Sheila Kyarisiima Sarah Ruth Ochieng HSC Ruth Zaipuna Diane Karusisi Lance Mambondiani Abdi Mohamed Theobald Sabi, FCCA Ramesh Lakshminarayanan Suvo Sarkar Ann Cairns Frank Schwab Simon Paris Satrajit Saha Nasim Devji Efi Pylarinou Sami Lahoud Prateek Shrivastava Andrew Key Ehouman Kassi Cheick Travaly Annika Poutiainen Linus Gitahi Alexandra AWADI Kemi Ajumobi https://lnkd.in/ehYY4bJy.

#AI and #Fintech are transforming #FinancialInclusion across Africa, providing #FinancialAccess to the #Unbanked and strengthening #EconomicGrowth. These innovations are key to the continent's future. #Africa #Innovation #Finance As Africa continues its ambitious journey towards greater financial inclusion, the transformative power of Artificial Intelligence (AI) and fintech cannot be overstated. #Africafinancialgoals #Africafintech #Africanfintech #AIapplications #AIforfinance #AIinAfrica #AIdrivenbanking #creditscoring #DigitalBanking #digitalinclusion #fabioscala #Feature #financialaccess #FinancialInclusion #financialliteracyAfrica #financialservicesAfrica #fintechAfrica #fintechinvestmentAfrica #fintechstartups #mobilebanking #mobilepenetration #unbankedpopulation

Nikhil Rathi, Financial Conduct Authority Chief Executive, called for further discussion and a change in mindset to support growth and financial inclusion in a speech last week. Unsurprisingly, artificial intelligence (AI) 🤖 has been picked up in reports, but the speech applies to innovation more broadly. Rathi emphasised the links between financial inclusion, digitalisation, and economic growth. He highlighted some of the rules the FCA has developed to protect consumers, such as the new Consumer Duty, and underscored the importance of balancing risk and innovation. This is where AI comes in. The FCA recognises the benefits of AI while monitoring the risks associated with the development of the technology. The use of AI for the ‘hyper-personalisation’ of certain products and services could make some customers ‘uninsurable’ and potentially lead to discrimination. Rathi advocates for a number of actions to strike the right balance, including: 📚💻Improving financial and digital literacy ⌨️📱Embracing digitalisation and technological innovation 🔬🌱Experimenting and taking some measured risks to deliver better long-term economic outcomes While Rathi did not announce any new rules, it signals a continuous focus from the FCA on how technologies are being deployed by regulated entities. The FCA may rethink its rules and regulatory approaches, and Rathi called for a broader coalition to work together - government, industry, regulators, schools, employers, and civil society. The Bank of England is also monitoring the impact of AI on the financial sector and has opened applications for the new AI Consortium - following up on the AI Private-Public Forum which published its final report in 2022, which will have three main objectives: 1️⃣ Identify AI applications: Explore how AI is or could be used in financial services, including new capabilities, deployments, use cases, and relevant technical developments. 2️⃣ Discuss benefits, risks, and challenges: Address the benefits, risks, and challenges of AI use in financial services, considering impacts on both financial services firms and the wider financial system. 3️⃣ Inform regulatory approach: Provide insights to the Bank of England to help address risks and challenges and promote the safe adoption of AI. Leigh Bates Chris Heys Chris Oxborough Conor Macmanus Fabrice Ciais Maria Luciana A. https://lnkd.in/e6wCSds2 https://lnkd.in/eP9Dd42i #AI #AIRegulation

"By analysing vast datasets, financial institutions and governments can gain insights into the financial behaviors, needs, and preferences of underserved and marginalised populations. This kind of data-driven approach can support the development of financial products tailored to specific geographic areas and demographic groups." The world has made great progress in achieving financial #inclusion for all. But there are still an estimated 1.4 billion unbanked people worldwide. Can #bigdata provide new solutions for integrating marginalised populations into the global #finance system? https://lnkd.in/dxi_mt9d

Access to reliable and comprehensive #consumerdata is fundamental to achieving #financialinclusion, but data scarcity and inadequacy limit the ability of #FSPs to evaluate risk accurately and offer appropriate financial solutions. Fintechs in #Egypt have played an important role in building #datatrails for marginalized consumers, supported by a substantial influx of venture capital investment. Our latest report, developed in partnership with FMO - Dutch entrepreneurial development bank, explores the strategies that Egyptian #fintechs are using as they aim to address the scarcity and dormancy of data trails needed to expand access to marginalized populations and identifies a series of recommendations for key stakeholders to develop a more effective #data ecosystem. https://lnkd.in/echFCeqS

Financial services firms are uniquely placed to leverage this data because they have access to a wealth of personal and financial information, ranging from spending patterns to investment choices. Planda can help them make sense of this data, combined with advanced analytics, allows firms to create detailed profiles that reflect both the financial and emotional aspects of their customers’ lives. As a result, they can provide more holistic support, addressing not just financial needs but also contributing to overall well-being by reducing financial anxiety and promoting stability. Using data is crucial for financial services firms to understand the psychology and well-being of their customers because it enables personalized experiences, improves customer satisfaction, and enhances trust. By analyzing data, firms can gain insights into customer behavior, preferences, and financial habits, allowing them to anticipate needs, identify stressors, and offer tailored financial advice. This understanding fosters deeper relationships, helping customers feel understood and supported. see - George Dunning Bud James Pereira-Stubbs Caroline Wells Robert Paul Steve Dyson Stephen Harris Ben Luckett Guy McGlashan Anna Lane Sam Brown Matthew Spencer FCIM, MCSI, MIoD Michael Morley Rory Gilbert #financialwellbeing FinTech Scotland

#finance *** "AI" tech to solve social problems in its positive dynamic waves" ✍ *** Thank you, Dan Murray * "Focused on how to use "AI" tech to solve social problems", by modren blind democracy principles, global debt system, banks and insurance of false interest rates and evaluations of free risk cycles, "LGBQT/Power women" as a new world model of family structure, slavery labour tools of top elites with capitalism/socialism/ communism systems by fake balancing tools of the tax system and overpriced /overused system of the free public service programs by the fake insurance of unbalance free risk cycles? * global top elites' stream of all their negative networking styles and visions, can't be a true solution to solve the global social problems of wars and conflicts. * "AI" negative practices simply mean, a new global with a higher modern slavery style of new modern slavery robotic humans to increase global restricted competition by regulations of global government practices, to diminish the rest of the global middle class in rich and poor countries by new blind global democratic principles. * Can "AI" programs and their development extensions turn the global slavery rental nondynamic ownership for governments and people into a dynamic healthy middle class in every nation? * Can governments of superpower countries all their interest in thier fake artificial government debt nation's systems, for their leaders to be free in thier goal plan, or systematic slavery vision for wars and global conflicts to rebalance thier debt system is the main goal is required to keep their position. * How can "IA" ensure the true measurement of the dynamic global stock market, not be in "Lottery style evaluations? * How to ensure a global justice system does not delay global conflict and war judgments for decades with powerless actions, for top elite countries to close the case when needed, for new rebuilding loans of slavery contracts with world banks of injustice goal? in conclusion, ** "AI" is a tool that may turn social values into new modren slavery level of global fake monopoly restricted competition of rates and evaluations with overpriced/overused cycles. ** or, transform social values into a true dynamic of the time value of money for a healthy global middle class in every nation. 👈 ✍