Asseco addresses e-banking fraud at digital finance innovation summit
With the increased adoption and popularity of digital innovation in the financial sector, cyber criminals are becoming more tactical and elusive. It is therefore important that businesses and government be abreast of technologies that could help the economy stay ahead of cyber criminals.
Curbing fraud in digital finance was part of the fundamental issues discussed by experts at the maiden edition of the Digital Finance Innovation Summit organised by Asseco Nigeria in Lagos recently.
Asseco Nigeria is a subsidiary of the Asseco Group the 5th largest software company in Europe.
While giving his welcome address at the summit, Simon Melchior, CEO Asseco Nigeria reminded guests of the importance of innovation in finance given increased threat from new entrants.
He also shared insight into the Asseco Group and its activities in Nigeria.
“The Asseco Group has grown rapidly through the past decade and is now in over 50+ countries with 24,000 employees. The company has invested significantly in Nigeria, where we have a full team of technical consultants, developers and business managers. We have an extensive client base in Nigeria including a number of the top banks, insurance companies and public sector institutions,” Melchior said.
Adefolu Majekodunmi, managing director of Asseco Nigeria presented the growing trends in digital banking. He highlighted the growth in “neo banks” and “flanker banks” and how these have begun to challenge well established banks around the world.
He set the foundation rest of the sessions on the digital banking opportunities and associated risks in Nigeria.
Of special attention to the audience were solutions addressing fraud prevention and detection.
Wale Olokodana, enterprise director of Microsoft Nigeria, described the development in machine learning and artificial intelligence in banking. He was followed by a number of international technology leaders that provided demonstrations on digital onboarding solutions using artificial intelligence, risk management solutions to curb the growing menace of electronic banking fraud in Nigeria and customer satisfaction 2.0 applications.
Abidemi Asunmo of Sterling Bank, detailed the culture of innovation in the bank and shared insight into the mutually beneficial working relationship with Asseco.
The summit concluded following a brief presentation by Tunde Ogunleye of Oracle on addressing data protection regulations.
Adefolu Majekodunmi said that Asseco Nigeria is focused on supporting financial institutions with cutting edge technology during this period of disruption in the banking sector.