Artificial intelligence will allow to reduce business risks by 30 percent – New Algeria

Confirm Local and international experts Yesterday in Algiers, the use of artificial intelligence will play a positive role in modernizing the financial sector in Algeria by improving risk management as well as the services of banks and insurance companies to customers.

In this context, the General Director of the insurance company confirmed “Macir Vie”During a study day entitled: “Artificial Intelligence is a catalyst for the modernization of the Algerian financial sector,” which was organized by the Alumni Association of the Institute for Development Finance for the Arab Maghreb (EFIDAS), he stated that “Artificial Intelligence allows for faster progress and obtaining predictive information,” indicating that this technology will add $16 trillion to the global economy by 2030.

In the same context, the General Director of the Laboratory for Development, Innovation and Digitization of the Financial Sector “Algeria Finlab”, Abdelkader Khanoussi, considered that artificial intelligence will allow, in parallel with the creation of this amount, “to reduce business risks by 30 percent and the cost of risks by 30 percent as well, which will generate additional revenues for institutions.” Finance“.

For his part, the international expert and head of information systems implementation projects in banks, MrInsurance companiesAbdel Razzaq Haddad, said that artificial intelligence has made “tremendous progress in improving results in project management,” adding that “Algeria possesses the skills and can benefit from the experiences of other countries and achieve gains in accessing the benefits of artificial intelligence in the financial field.”“.

For her part, the expert in digital transformation, Ms. Latifa Barbara, explained that artificial intelligence allows “improving the quality of decisions” by analyzing data, which humans cannot process at the same speed due to its large size.

In his intervention during this study day, the international legal expert, Mr. Monji Maawi, reassured that artificial intelligence cannot access data that it was not authorized to access, considering it “just a tool that can be controlled.”“.

For his part, the honorary president of the Alumni Association of the Development Finance Institute for the Arab Maghreb (EFIDAS) and the president of the Algerian Federation of Insurance and Reinsurance Companies, Mr. Youssef Ben Missia, enumerated the advantages offered by artificial intelligence in the field of insurance, and mentioned, in particular, better customer knowledge and better provision of products and services. Which can be presented to a larger customer segment, with the possibility of better anticipating and evaluating risks.

Regarding what intelligence offers to develop the banking sector, the expert trainer in the field of banking confirmed that artificial intelligence will provide many solutions to all the problems that the banking sector suffers from in Algeria.

For his part, the President of the Alumni Association of the Development Finance Institute for the Arab Maghreb, Ahmed Haftari, indicated that this meeting, which brought together actors in the Algerian financial system, “allowed to identify the opportunities offered by artificial intelligence in the areas of risk management, predictive analysis, financial security and service improvement.” He added that His association hopes, by organizing similar meetings, to be “a source of suggestions that contribute to shaping the country’s financial future.”“.

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