Covenant News

Department of Banking and Finance Hosts Seminar on Artificial Intelligence in Finance

 The Department of Banking and Finance recently organized an engaging town and gown seminar at the Centre for  Systems and Information Services (CSIS) Data Centre, spotlighting the transformative role of Artificial Intelligence (AI) in the finance sector. The seminar, titled, ‘Application of Artificial Intelligence in Finance,’ featured an insightful presentation by Dr. Wuraola Pelumi Jegede, a distinguished alumna of Covenant University and a seasoned chartered accountant currently with Paystack Payments Limited in Lagos.

Dr. Jegede, who graduated with first-class honors from Covenant University, provided an in-depth exploration of AI, describing it as a human-engineered system capable of performing cognitive tasks, analyzing vast datasets, automating processes, and enhancing decision-making capabilities. She delved into various AI subfields, including machine learning, deep learning, natural language processing, robotic process automation, and predictive analytics. Referencing a McKinsey report, she emphasized AI’s potential to generate an additional $1 trillion in value for banks each year.

The seminar also featured practical insights into AI applications in finance as Dr. Jegede illustrated the substantial growth experienced by banks implementing AI solutions, showcasing examples of AI-driven tools for smart saving, fraud detection, and credit processing. These case studies underscored the significant impact of AI on operational efficiency and customer service in the banking sector.

Concluding her presentation, Dr. Jegede highlighted the expanding career opportunities at the intersection of AI and finance. She urged students to build a robust understanding of AI, emphasizing the necessity of skills in data analysis and management tools like SQL, Pandas, and Tableau, along with programming expertise in languages such as Python, R, or MATLAB. Additionally, she stressed the importance of mastering machine learning and AI techniques, developing critical thinking and problem-solving abilities, improving communication skills, and embracing lifelong learning and adaptability.

The Head of the Department of Banking, Professor Ailemen Ikpefan used the occasion to highlight the import of the reasons behind the Town and Gown interaction series in Covenant University as a way of bridging the gap between the theoretical base as found in the University and the real world of work, as seasoned professionals are invited to impact the students on the hands-on practical work life so that the students will be prepared for the world of works.

While lauding the erudite presentation of Dr. Jegede, he implored the students to glean from what she offered them through her wonderful presentation and make headways in their various lives as gallant achievers when they leave school.

The seminar drew an enthusiastic audience of faculty, staff, and students from the Department of Banking and Finance, fostering a rich environment for knowledge exchange and professional growth in this rapidly evolving field.

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