Photo Caption: Ricardo Dystant, acting chief, operations and information technology at JN Bank
Despite some concern over its growing usage, Ricardo Dystant, acting chief, operations and information technology at JN Bank, says Artificial Intelligence can create immense value for Jamaica’s digital economy.
He made the point last month in an online forum looking at the effects of artificial intelligence and other emerging technologies on the Jamaican society. The forum was organised by the Family Committee of the St Luke’s Anglican Church in Cross Roads, St Andrew.
Describing AI as technology that can think like humans, Mr Dystant shared that these systems have revolutionised the financial sector. He said more changes are also expected in the near future, especially with current advancements in mobile payments and digital currencies.
“AI is helping to improve efficiencies, risk management and customer experiences and as they evolve, we stand to see even greater innovation and transformation in our businesses, how we work and how we interact with our customers,” he said.
The banker noted that AI has been helping financial institutions, including JN Bank, to automate their processes, adding that the automation has resulted in reduced costs, less human errors, greater efficiencies, and improved regulatory compliance. He said customers are receiving better and more accurate services, even as the volume of transactions increase with the new technologies in house.
He also pointed out that AI has been creating more jobs, allaying fears that these expert-systems will significantly impact employment.
“We now need more developers, more networking skilled persons, more business analysts and other information technology (IT) skilled persons,” he said. “When I just joined JN, the IT department was so small and now we have a Testing department, an Infrastructure department, an Application department, and a User Support department. Plus, we have product owners who are experts in the different technologies we are using,” he added.
Mr Dystant reasoned that AI is supplementing the work of individuals, not replacing them. Citing personalised customer experiences as another benefit of using AI, he said the technology also has the potential to help customers build generational wealth and increase internal referrals for institutions. He noted that on an online banking platform, for example, an AI could learn from its user and recommend services to the user.
Turning to the data analysis capabilities of AIs, the chief said the tech is also allowing institutions to gain valuable insights and patterns to improve customer experiences.
“This data is telling us where we need to go as a financial institution,” he said, disclosing that his organisation has seen more than a 35 per cent jump in the use of its JN Bank LIVE Online Banking platform since the onset of COVID-19. “We’re now seeing that more people are becoming comfortable in a digital space, and we’re going to use AI to improve that whole online experience and data collection.”
AI, according to Mr Dystant, has also forced firms to have enhanced cybersecurity mechanisms in place to protect data. He reasoned that while the algorithms these technologies use can utilise historical data to identify suspicious activities and prevent data breaches, criminals are always trying to find new ways to exploit the technology for their own benefit. He said personal responsibility is, therefore, also important for people using financial technologies to do business online.
Mr Dystant said educational forums, such as the church’s recent online panel discussion, can help the country to better navigate this new environment. The online panel discussion also featured presentations looking at the impact of AI in health and education.
