IT Consortium, a leading financial technology company, is using artificial intelligence (AI) to improve operations and develop new products.
The company has created AI-powered solutions like Remit Pay, which allows individuals to send money directly to institutions such as utility companies or hospitals without the need for intermediaries.
Speaking to members of the Institute of Financial and Economic Journalists (IFEJ) who embarked on a facility visit, the Managing Director of IT Consortium, Romeo Bugyei, noted that the company uses AI to analyze transaction history and behaviour patterns to determine creditworthiness and detect potential fraud in the financial sector.
He also noted that the company has also developed intelligent agents that can extract insights from data and provide answers to user queries, making it easier for institutions to access information.
IT Consortium also uses AI for data analysis, product development, and recruitment. The AI analyzes large datasets quickly and accurately, speeds up product development, and helps classify job applicants,” he further stated.
The company has also implemented innovative AI-powered systems, including a staff attendance system that uses facial recognition and a vehicle recognition system that grants access to authorized vehicles.
AI makes it extremely easy to analyze data and even using simple tools like chart GPT, just give it a table of records and it can generate reports for us." - Ekow, IT Consortium
By harnessing the power of AI, IT Consortium is revolutionizing financial services and operations, improving efficiency, and enhancing customer experience.
Joscelyne Ahiable, Communications Manager of UKGCC, commending It Consortium for hosting the journalists, emphasized the significance of press freedom in enabling the media to deliver relevant information and advocate for important causes.
"Media platforms enable us to do this," she said, noting that the chamber has worked closely with the media to facilitate relationships and provide important publicity and visibility for its members.
Collaboration and Mutual Benefits
She acknowledged that the partnership between UKGCC and IFEJ has resulted in successful engagements, with member companies enjoying publicity. Ahiable expressed gratitude to IT Consortium for hosting the event, describing it as a "mutually beneficial engagement."
Rabon Bulley, President of the IFEJ, emphasized the importance of human journalists in credible story writing, despite the challenges and opportunities presented by artificial intelligence (AI).
Speaking at a facility visit to IT Consortium to mark World Press Freedom Day, Bulley noted that while AI can generate stories, it cannot provide sources and attribution, making human journalists essential for credible reporting.
"For us, we are quite aware of the challenges that AI brings into the work system of journalists," Bulley said. "AI is associated with factors that help in generating stories for publication. However, AI cannot provide sources and attribution. That's when humans will always be important for credible story writing."
Bulley highlighted the role of journalists as learners and articulators of information. "We are supposed to know something about everything, not everything about everything," he said. "We are here to learn from experts in various fields and try to do what we are forecast to do. The more we understand, the better it is for us to articulate these in our reportage."
The facility tour was facilitated by the UK Ghana Chamber of Commerce (UKGCC) as part of activities to for IFEJ to marked this year’s World Press Freedom Day.
The event celebrated the importance of press freedom and the role of journalists in holding those in power accountable. Bulley expressed gratitude to IT Consortium for hosting the event and providing a platform for journalists to engage with experts and discuss the challenges and opportunities in the industry.
World Press Freedom Day is celebrated annually on May 3rd. It was proclaimed by the United Nations General Assembly in December 1993, following UNESCO's General Conference, to raise awareness about the importance of press freedom and remind governments of their duty to respect the right to freedom of expression.
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