{"id":607424,"date":"2023-10-03T00:00:00","date_gmt":"2023-10-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/ai-and-big-data-what-to-know-and-how-to-think-about-it\/"},"modified":"2023-10-03T00:00:00","modified_gmt":"2023-10-03T00:00:00","slug":"ai-and-big-data-what-to-know-and-how-to-think-about-it","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/03\/ai-and-big-data-what-to-know-and-how-to-think-about-it\/","title":{"rendered":"AI and big data: What to know, and how to think about it"},"content":{"rendered":"

AI and big data are going to transform the banking industry: <\/strong> The rapid evolution of generative AI in the past year and a bit is threatening to fundamentally reshape a number industries everywhere \u2014 and finance is no exception. And with machine learning, big data, and algorithmic decision-making only growing in importance in the industry, the question becomes: What kind of transformation do we want, and how can we ensure it is done responsibly?<\/p>\n

On the first day of the Enterprise Finance Forum, we welcomed on stage <\/strong>three industry insiders who have plenty of experience with AI and big data: CIB Group CFO Islam Zekry <\/strong> (who was earlier in his career the first head of data science at an Egyptian bank), Chief Data Scientist at Beltone Holding Basma Rady<\/strong>, and Synapse Analytics co-founder and COO Galal Elbeshbishy<\/strong>.<\/p>\n

ICYMI- <\/strong>McKinsey\u2019s Larry Lerner, who co-moderated the panel, set the scene with an introduction on what every banker needs to know about AI. You can download The promise of AI and GenAI in banking: Separating hype from potential (pdf)<\/a><\/strong> here.<\/p>\n

Larry has also agreed we can share McKinsey\u2019s <\/strong>What every CEO should know about generative AI (pdf)<\/a><\/strong> . <\/strong><\/p>\n

The 4 \u201cV\u201ds that make big data, well, big: Volume, velocity, variety and value. <\/strong>While volume <\/strong>is what distinguishes a dataset as big data, velocity <\/strong> is a business\u2019 capacity to efficiently process and derive value from the influx of data including customer narratives embedded within datasets, said Zekry. Variety <\/strong> covers a wide array of data types, extending beyond numerical and financial transactional datasets to encompass elements such as social mediator interactions, preferences, videos and emails, Zekry added.<\/p>\n

The most valuable \u201cV\u201d: <\/strong> Generating substantial and meaningful value <\/strong> from all of the data a bank or business gathers that could drive decision-making processes is probably the most important element to keep in mind, said Zekry. Demonstrating the return on investment in expanding big data analysis is imperative, as decision-makers may be hesitant if they do not see a clear path to tangible returns, he added. <\/p>\n

The AI 90\/10 mix in credit <\/strong> decision-making <\/strong> : <\/strong>Whether or not to give a client access to credit is an example of where supervised AI learning can be applied, said Zekry. CIB also uses algorithms to inform decisions about who to issue credit cards to, he said. \u201cFinancial institutions are reaching out to us for one defined use case, [and] that is instantaneous credit [decision making],\u201d Elbeshbishy said, echoing Zekry\u2019s thoughts. This is 90% of today\u2019s AI use cases in the banking sector, with generative AI taking up just 10%, said Zekry. Applications of AI are currently limited in the local market, but could triple over the next 5-10 years, Rady said.<\/p>\n

Thin credit profiles call for AI interventions: <\/strong> The current level of financial inclusion and credit coverage is quite limited, leaving substantial capacity for growth, said Elbeshbishy. One place where banks have been using AI to good effect is to handle clients with thin-to-no credit profiles by using alternative data as well as tapping into predefined and pre-trained datasets. <\/p>\n

How do you secure management buy-in for AI? Demonstrate value: <\/strong> In the case of an institution like Beltone, the leadership team already firmly believed in the power and value of AI and data to help people at all levels of the organization make decisions, Rady said. For data scientists with management teams that still need to be coaxed on the uptake, it\u2019s important to continuously demonstrate the value of data and AI to senior leaders. She argued that AI adoption in Egypt extends beyond financial institutions and is evident in digitally native tech startups. The adoption rates, however, vary among organizations, with some struggling to secure management support, Rady said. <\/p>\n

The features of an AI-first institution: Data assets + talent + balanced decision-making. <\/strong>\u201cIf you have data and you have the talent, the sky\u2019s the limit,\u201d said Rady, highlighting the key pillars for AI-driven growth in financial institutions. Rady stressed the need to consider data collection in product launches and investing in talent growth, while striking a balance between machine learning and human domain expertise. <\/p>\n

Ensuring that AI is in the right hands and applied ethically is central <\/strong> to any conversation about the technology<\/strong>, said Elbeshbishy, stressing that this involves regulation to prevent misuse. The complexity of AI systems and the inherent biases in data is another aspect that needs to be considered, Elbeshbishy added, highlighting the need to differentiate between ethical concerns and biases originating from the data itself. Businesses will need to address biases within their AI systems, even if it means refactoring code to ensure fairness and avoid discrimination.<\/p>\n

What\u2019s an AI-driven bank? <\/strong>Being an AI-based bank means being highly responsive, offering services beyond traditional banking, and tailoring the customer experience to individual consumption patterns and lifestyles, Zekry said. He underscored the need for financial institutions to adapt their business models: \u201cUnder the severe pressure we are facing from the new demographics and the new customers and all their needs, I think we are changing our business model into a more intelligent, more responsive, more customer centric business model.\u201d<\/p>\n

What we can do better: Personalization + cloud solutions. <\/strong> AI will make it possible for banks to instantly create personalized. Together with wider adoption of cloud-based solutions as the Central Bank of Egypt permits it, banks could be looking a more profitability by delivering better services more efficiently. There\u2019s also significant potential in the local banking industry, our panelists agreed, with its relatively low market penetration, which leaves room for expansion, potentially serving up to 60-70% of the population more effectively. <\/p>\n

What\u2019s next? Financial inclusion for the next 10 mn people: <\/strong> Rady highlighted the role of data in building models for faster financial inclusion and overcoming biases through alternative data sources. \u201cIf you rely on new types of data sources that are less biased by nature, you can end up including more people into the financial services sector and have them become financially included,\u201d she said. Within the data science and AI community, there is a heightened awareness of privacy and ethical considerations, Rady added, saying that when developing models and technologies, there is a conscious effort to assess and mitigate biases. This proactive approach ensures that the resulting systems are designed to include as many individuals as possible while minimizing any potential biases, she said.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

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Longtime readers\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/3241.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639031,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/cib-feted-at-dinner-with-investors-corporates-journos-in-london\/","url_meta":{"origin":607424,"position":1},"title":"CIB feted at dinner with investors, corporates, journos in London","author":"enterpriseam admin","date":"19 October 2017","format":false,"excerpt":"CIB feted at dinner with investors, corporates and journos in London: On Monday evening, Egypt\u2019s ambassador to the UK, Nasser Kamel, held a dinner at his London residence in honour of CIB and the bank's contributions to business and the nation\u2019s economy. Among those in attendance were senior executives from\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597003,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/10\/this-evening-inflation-hit-a-new-record-in-july-economic-updates-from-finmin-efg-holding-had-a-good-2q\/","url_meta":{"origin":607424,"position":2},"title":"THIS EVENING: Inflation hit a new record in July + Economic updates from FinMin + EFG Holding had a good 2Q","author":"enterpriseam admin","date":"10 August 2023","format":false,"excerpt":"Good afternoon, and a very happy THURSDAY, ladies and gentlemen. It\u2019s shaping up to be a macro-heavy end to the workweek, with new inflation and budget data out today. Before we get underway, we have a couple of mea culpas from this morning\u2019s edition of EnterpriseAM, which we\u2019ve amended on\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/2700.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595568,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/another-green-hydrogen-plant-in-the-works\/","url_meta":{"origin":607424,"position":3},"title":"Another green hydrogen plant in the works?","author":"enterpriseam admin","date":"9 August 2023","format":false,"excerpt":"An unnamed foreign firm wants to produce green hydrogen here for export to Europe","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/432.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580042,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/04\/this-evening-imf-could-disburse-first-tranche-of-egypts-eff-this-month-maait-says-were-just-two-sleeps-away-from-the-enterprise-climate-x-forum\/","url_meta":{"origin":607424,"position":4},"title":"THIS EVENING: IMF could disburse first tranche of Egypt\u2019s EFF this month, Maait says + We\u2019re just two sleeps away from the Enterprise Climate X Forum","author":"enterpriseam admin","date":"4 December 2022","format":false,"excerpt":"Good afternoon, wonderful people. We have an exciting week ahead of us, not least because\u2026 We\u2019re looking forward to meeting many of you on Tuesday at 8am at the Grand Egyptian Museum for our inaugural Enterprise Climate X Forum.If you\u2019re attending: Please plan to arrive on time for our 8am\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/629.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":595001,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/this-evening-we-have-more-details-on-egytrans-nosco-acquisition\/","url_meta":{"origin":607424,"position":5},"title":"THIS EVENING: We have more details on Egytrans\u2019 NOSCO acquisition","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"Happy hump day, friends. It\u2019s shaping up to be a relatively brisk news day here at home as we start the slide towards the weekend. THE BIG STORIES TODAY #1- Egytrans announces details on NOSCO acquisition: Egytrans\u2019 acquisition of 99.9% of National Transport and Overseas Services Company (NOSCO) via a\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/1846.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607424"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607424\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607425"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607424"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607424"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}