Nigerian business incubation platform, Instig Labs, has continued its advocacy and capacity development for increased AI (Artificial intelligence) usage in financial planning with its recently held AI in Finance meet-up in Lagos.
AI is a trending technology that enables computers and machines to simulate human intelligence and problem-solving capabilities.
The applications of AI continue to grow across diverse fields. The Instig Labs AI in Finance meet-up had stakeholders at the intersection of technology and finance, charting up pathways to leverage this novel technology in improving the efficiency of the financial sector.
Participants at the event include tech and finance experts from OpenBB, Risevest, and UBA amongst others.
AI in finance transforms the way people interact with money, helping the financial industry streamline and optimize processes. It helps drive insights for data analytics, performance measurement, predictions and forecasting, real-time calculations, customer servicing, intelligent data retrieval, and more.
Large financial organizations across the world are also adopting the use of AI with accompanying benefits.
According to its website, J.P. Morgan has been using the underlying AI-powered large language models for payment validation screening for more than two years. It also speeds up processing in other ways by reducing false positives and enabling better queue management.
According to Deloitte, AI offers a chance to address some of the challenges in today’s financial systems by automating data collection and other processes.
Instig Labs has been at the forefront of driving AI adoption for increased efficiency across diverse fields. In November 2023, the outfit teamed up with leading open-source investment research software platform, OpenBB, and quantitative asset management firm, Pav Finance, to provide free eight-week investment research training for intending financial analysts.
Earlier in July 2023, Instig Labs collaborated with technology outfit, S.L.O.T Africa, to host Nigeria’s first conference on music and data. The conference brings together experts and stakeholders to explore the intersection of these two fields in advancing the production, promotion and accessibility of music in Africa.
About Instig Labs
Instig Labs is a business incubation platform that provides a watering bed for pre-seed startups in the tech space through various support systems.
Pan-African, sector agnostic, and technology-focused, Instig Labs aims to facilitate over $150,000 investment funds for 10 startups and create over 200 jobs by the end of 2024.
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