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Stock markets, New Species Of Financial Services And The Rise Of AI Banking: How The Market Will Keep On Evolving

The Oasis Reporters

February 26, 2024




In the early 1990s, Nigeria’s new generation banks were born. They used computers and networked systems to create a new basis of competition, knocking the incumbents out of the way. Indeed, deposit money in the Onitsha branch, withdraw it in the Lagos branch, and in the process, deliver a customer perception, a higher order experience, well ahead of needs, and expectations.


As the era of AI kicks off at scale, new species of banks will be born in Nigeria, and they will transform the industry. Call them “AI-banks” because their genes would be made of AI (artificial intelligence).

The AI-banks will operate lean but will deliver positive customer experience even as stakeholders see great returns, writes Professor Ndubuisi Ekekwe and he asks:

Do you have an idea on how banks of the future will look like?

Yes, Nigerian banking gearing for take-off.

The Economist says that

Within the same period The Economist Magazine says:

“Although AI is propelling valuations, there are deeper forces at work”, because “Everywhere you look, stockmarkets are breaking records.

American equities, as measured by the s&p 500 index, hit their first all-time high in more than two years in January, surged above 5,000 points in February and roared well above that level on February 22nd when Nvidia, a maker of hardware essential for artificial intelligence (ai), released spectacular results.

The same day, Europe’s stoxx 600 set its own record. Even before Nvidia’s results had been announced, Japan’s Nikkei 225 had surpassed its previous best, set in 1989. Little surprise, then, that a widely watched global stock market index recently hit an all-time high, too.

Let’s watch out for the potential of the next futuristic banking experience and where it leads the global economy or places the Nigerian market .

Greg Abolo

Blogger at The Oasis Reporters.

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