The Pension Fund Operators Association of Nigeria (PenOp) has urged pension operators to adopt the usage of Artificial Intelligence (AI) and big data to grow the sector.
The association believes AI, data analytics, and big data have a key role to play in shaping how industries evolve.
They made the position at a seminar organised by the operators in Lagos tagged, ‘What has Data Analytics, Artificial Intelligence (AI) and Big Data got to do with Pensions’.
PenOP argued that AI would help the sector address challenges in data recapturing, chatbots, investment portfolio analysis, customer complaint tracker, customer 360, and fraud detection
Considering the level of connectivity across the world, which enables trades and transactions, over 700 financial technology players and key stakeholders at the event believe that to improve efficiency in the pension industry, there is a need to prioritise data, primarily for its transformational purpose.
Speaking at the event, a Partner at Deloitte’s Risk Advisory and the West Africa Data Analytics Leader, Jania Okwechime, highlighted some of the major benefits of leveraging data analytics and AI in the pension industry.
From decreased cycle time which leads to faster execution to improved accuracy, detailed data capture, flexibility, scalability improved productivity, and reduced operational costs, he said the opportunities in AI are huge.
