AI to define global financial security
ARTIFICIAL intelligence (AI) will define the future of global financial security, Founder and Chairman of CWG Ghana, Austin Kwesi Okere, has said.
He said the evolution of AI comes with both opportunities to enhance financial sector security as well as pose risks to financial sector security.
In an interview with the media at the launch of CWG Ghana’s 20th anniversary, he said while AI would play a crucial role in areas such as product development and fraud prevention, the bad actors would also seek to use it to their advantage.
He said AI would become the most important differentiating factor between financial service providers that would succeed and those that would struggle in the new era of global finance.
“Things keep changing and now AI poses a new threat by making it easier to fake identities so we have to also up our game and use that same AI to improve security.”
“Security in banking is always evolving and our job is to bring in the latest and best practices to protect your money. As the world gets more complicated, these safety measures become even more crucial,” he said.
Mr Okere also urged technology companies to create systems that would enable young businesses to thrive.
“Today, with digital inclusion, almost 7 billion people on the globe are connected to the Internet through their mobile phones and if you look at the things we do on our mobile today, we couldn’t even do them with big computers.”
“So if more people have access to the Internet now, then we need to give them tools that they can use to enhance their businesses. Young people are now going into their own businesses and we need to enable their businesses.”
“Put their accounting system on a subscription basis, put the HR system, logistics system on a subscription basis so that they can use it when they need it and pay for it. They don’t have to buy big complex systems,” he advised.
CWG at 20
Commenting on CWG’s 20th anniversary, the founder said the decision to set up in Ghana was due to the immense opportunity it saw to replicate a proven strategy of service excellence and customer intimacy in a rapidly growing market.
He noted that Ghana had discovered the jubilee oilfield and had become the headquarters of the African Continental Free Trade Area and more so, its anchor customer MTN, with whom it was doing a global annual revenue of $35 million, had selected Ghana as its West African hub.
“It therefore made a lot of sense to follow the path of our biggest customer by establishing CWG Ghana as our West Africa hub as well.”
“We have changed the game for service delivery to our customers in telecoms, banking and Oil and Gas and Government in Ghana by shouldering their technology burden so that they can focus on their core business and they have rewarded us with their loyalty, making CWG Ghana one of the biggest contributors to our global revenues,” he stated.
He said that had been sustained over the 20 years through quality global partnerships with global giants such as Infosys, Dell and Microsoft as well as locally developed Platforms that offer products and services on a subscription basis.
Shaping the future of ICT
For her part, the Managing Director of CWG Ghana, Harriet Yartey, said two decades ago, the company embarked on a mission to shape the future of information and communication technology in Ghana.
He said that was a bold vision that demanded dedication, innovation and unwavering commitment.
“Our journey began with a handful of pioneers who believed in the power of technology to transform lives. In those early days, we faced challenges that tested our mettle, obstacles that would have deterred the faint-hearted.
“Yet, it was precisely during these trying times that the core of CWG Ghana was forged. Our team, our family, rallied together with a shared determination, bound by a collective spirit, to surmount these hurdles and pioneer a new path in the dynamic and ever-evolving ICT landscape,” she stated.
She said the journey has evolved into an extraordinary tapestry of milestones, each representing a significant leap forward in its unceasing quest for excellence.