Latest news with #Nema
Forbes
24-06-2025
- Business
- Forbes
Beyond Robo-Advisors: Designing A More Human-Centered Financial Future
Swati Deepak Kumar (Nema) is Senior Vice President at Citibank, leading Data and Insights with a strong background in innovation. In a world racing toward automation, the greatest innovation will be remembering what makes us human. As artificial intelligence (AI) continues to permeate the financial industry, institutions face the challenge of integrating advanced technologies without compromising the trust and personalized service that clients expect. The future of finance lies not in choosing between human advisors and AI but in harmonizing the strengths of both to deliver superior outcomes. The pressure on financial institutions is growing. Clients expect faster, more seamless service—yet they also crave personal engagement and tailored advice. Balancing these seemingly contradictory demands requires a paradigm shift: one that doesn't view technology and humanity as mutually exclusive, but rather as complementary forces that can amplify each other. My journey with AI began over seven years ago, guided by a strong belief that empathy and intelligence can work together. My focus has been to use automation with purpose, enhancing efficiency while keeping the human touch at the center. The Evolving Role Of AI In Financial Services In 2025, AI has become integral to nearly every facet of financial services: Financial institutions are increasingly experimenting with agentic AI systems that can autonomously initiate and complete tasks based on defined goals. This form of AI is being piloted in customer onboarding, risk monitoring and even loan processing workflows. It reduces manual intervention, streamlines complex operations and frees up advisors to focus on strategic engagement. With growing regulatory scrutiny, particularly from the EU AI Act and similar frameworks in the U.S., explainability has shifted from a theoretical ideal to an operational requirement. XAI enables clients and regulators alike to understand the rationale behind algorithmic decisions, whether it's a credit score adjustment or a portfolio recommendation. Transparency isn't just good governance—it's good business. GenAI tools such as ChatGPT or Perplexity are now being used by a significant and growing portion of financial advisors—likely around one-third to nearly half—to draft personalized investment reports, simulate client scenarios and assist in client communication. These tools offer scalable personalization, allowing even small firms to deliver tailored experiences. However, they require careful oversight to ensure content remains compliant and aligned with fiduciary duties. Maintaining Trust In An AI-Driven Landscape Trust remains a cornerstone of the client-advisor relationship. According to the CFA Institute, the majority of investors still favor human advisors over robo-advisors when navigating complex financial decisions. Trust, in this context, is not just about accuracy—it's about relatability, contextual understanding and the assurance that someone is truly looking out for the client's best interests. This presents a challenge: How do institutions adopt sophisticated AI tools without undermining the emotional bond between client and advisor? The answer lies in intentional design. Institutions must consciously architect hybrid models where AI acts as a force multiplier for human intelligence, not a replacement. Here's how they can bridge the gap: AI can crunch data, simulate outcomes and flag anomalies—but it cannot replace the nuanced judgment of a seasoned advisor. By allowing AI to handle the analytical load, advisors can devote more time to coaching, goal-setting and relationship-building. Implement XAI at both the advisor and client levels. Advisors need to understand the models they're using, and clients should feel empowered, not confused, by the logic behind recommendations. This also helps meet compliance expectations from regulators like the SEC and FINRA. AI models must be monitored for fairness, inclusivity and security. Financial institutions must ensure that their algorithms do not replicate or amplify historical biases in lending, insurance or wealth management. A strong internal governance framework—backed by cross-functional committees—is essential. Strategic Actions For Financial Institutions To effectively integrate AI while preserving client trust, financial institutions should pursue the following four strategies: Adopt explainability frameworks such as SHAP (SHapley Additive exPlanations) or LIME (local interpretable model-agnostic explanations). These models allow advisors to interpret outputs in plain language, improving advisor-client conversations and audit readiness. The financial advisor of the future is also a data interpreter. Firms must offer training programs that empower advisors to ask the right questions of their AI systems, recognize anomalies and translate insights into action. AI is only as good as the data it feeds on. Data accuracy, lineage tracking and secure sharing practices are foundational to trustworthy AI. Institutions should embed data governance into the design and deployment of every model. The AI landscape is evolving rapidly. Institutions must stay agile through regular upskilling, peer benchmarking and ecosystem partnerships. Creating internal AI innovation labs can also accelerate testing and adoption while maintaining governance. What Good Looks Like: Emerging Examples Several leading global financial institutions have pioneered innovative uses of AI that exemplify effective integration while enhancing client trust and service quality: • A major U.S.-based investment firm has developed an internal AI-powered concierge system for its financial advisors. This tool delivers real-time market insights and personalized portfolio optimization suggestions by analyzing individual client risk profiles and investment goals, enabling advisors to make more informed decisions swiftly. • One of the world's largest asset management companies utilizes AI to develop investment strategies. Their AI platform analyzes vast data to identify investment opportunities, and XAI enables them to transparently explain these decisions to investment managers and clients. Final Thoughts On AI In Finance The integration of AI into financial services is not a replacement for human advisors but an enhancement of their capabilities. When implemented thoughtfully, AI tools can enrich personalization, improve efficiency and reduce risk. But the real differentiator will be how institutions embed these tools within a human-centered framework. Decision-makers who focus on trust, transparency and hybrid intelligence will not only lead in innovation but also in outcomes. The future of finance is a synergistic blend of human empathy and artificial intelligence. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
BBC News
16-06-2025
- Politics
- BBC News
100 die, 6,500 displaced for di afta effects of Benue attack - wetin Pope Leo tell Nigeria goment
Di National Emergency Management Agency (Nema) for Nigeria don release dia first report about di recent attack wey happun for Yelewata community, for Guma Local goment Area of Benue State, North central Nigeria. Dis recent attacks, according to Nema bin happun for di early hours of Saturday, 14 June, 2025. Nema say dia early investigation show say more dan 100 pipo kpai for di attack including two sojas and one officer of di Nigeria Security and Civil Defence Corps (NSCDC). Di number of pipo wey die fit still go up as di agency say di current figures still dey inconsistent sake of di volatile security situation and limited access to di affected areas. "Dozens of pipo sustain injuries, and 46 individuals bin dey rushed to hospitals. Sadly, 20 of dem later die for hospital sake of di injuries wey dem sustain," di Nema statement read. Di agency also say police bin kill some of di attackers as dem dey exchange gunfire, but dem no talk how many of di attackers wey police kill. As e be now, more dan 6,527 pipo don run comot for dia house and dem dey take shelter for Internally Displaced People Camps. Dis include "1,768 females; 759 males; 657 children under 18 years; 1,870 adults above 18; 252 lactating mothers; 82 pregnant women; and 91 elderly persons". According to Nema, hospitals for Makurdi dey call for urgent blood donations for di pipo wey wunjure for di attack, and also for humanitarian support for di pipo wey dey IDP camps. Also, di head of di Catholic Church, Pope Leo XIV, don chook mouth for di killings wey dey go on for Benue State - e describe di situation as a "terrible massacre". Pope Leo tok dis one for im Sunday Angelus wit di Catholic faithful for di St Peter's Basilica, and e pray for "security, justice, and peace". E say: "On di night of 13/14 of June, for town of Yelwata for di Guma Local Goment Area of Benue State in Nigeria, a terrible massacre bin happen wia more dan 200 pipo bin dey killed in a cruel manner. Most of dem na Internally Displaced Persons hosted by di local Catholic mission. "I pray say peace, security, and justice go prevail for Nigeria, a beloved kontri wey dey affected by various forms of violence." Remember say di late Pope Francis bin pray regularly for security and peace to reign for Nigeria. Di first time na on 15 August 2020, afta di Catholic Bishops Conference of Nigeria release a statement about di rising insecurity for northern Nigeria. Di second one na for June 2022 afta gunmen attack one Catholic Church for Owo, Ondo State and kpai plenty pipo including children. Goment to set up panel to investigate Di govnor of Benue State, Hyacinth Alia, tell tori pipo on Sunday say dem go set up a five-man panel wey go chook eye into dis crisis and come up wit a white paper wey di goment go implement. "Dis white paper go help us to know who be di culprits, to know who be di sponsors, to identify di victims, and to see wia justice go dey applied," di govnor tok. BBC Pidgin bin don report accounts of pipo wey bin dey affected for previous attacks we happen for Benue State dis year, including di tori of one woman who say di jaguda pipo bin rape her eight times bifore day break, and anoda pesin wey lose six members of im family. For previous interview wit Channels TV, govnor Hyacinth Alia say im no believe say di attacks na farmers and herdsmen wahala. E say di killers dey specialised and dem dey fight like pipo wey dey trained for guerrilla war. "Di way dis attacks come and di intel we receive, na direct and calibrated plan and dem go execute am. Evriday, we dey receive dis intel. Of late, each of di intel we receive, 60 to 65 per cent of dem dey quite accurate. "And den wen you realise wetin dey go on, e dey beyond just conflict, e dey beyond just ethnic fight between herders and farmers for our state, e dey directed, e dey planned and den, dem go execute am, na terrorism." On Sunday, President Bola Tinubu call on di govnor and oda political and community leaders for Benue State to "act responsibly and avoid statements wey fit further increase tensions and killings".
Saudi Gazette
03-06-2025
- Business
- Saudi Gazette
More than 700 believed dead in devastating Nigeria floods
MOKWA — The official death toll after deadly floods hit the Nigerian town of Mokwa on Thursday has risen to more than 200, officials say. Another 500 people are still missing in the town in the central Niger State however, local official Musa Kimboku told the BBC that rescue efforts had ceased because authorities no longer believe anyone could still be found alive. The floods, said to be the worst in the area for 60 years, swept through the Mokwa districts of Tiffin Maza and Anguwan Hausawa after torrential rains. In an effort to prevent disease in the area, authorities will soon start to dig out corpses buried underground, Mokwa's district head Muhammadu Aliyu said. Recounting scenes of catastrophe, local residents told the BBC that they saw their homes and family members get washed away. One man, Adamu Yusuf, lost his wife and newborn baby. "I watched helplessly as water washed away my family. I survived because I could swim," he told the BBC. Another resident, Saliu Sulaiman, said the floods had left him homeless and destroyed some of his cash business profits. "I lost at least $1,500 to the floods. It was the proceeds from the sale of my farm produce the previous day. I contemplated going back into the room to get it, but the pressure of the water scared me." Some local residents have said that the flooding was so devastating because a nearby dam had burst, however the authorities have not confirmed this. Residents said the pressure of the floodwater was so intense that bodies had been washed up in the town of Rabba, at least an hour's drive from Mokwa. Mokwa's Deputy Vice-Chairman Musa Kimboku said they had told neighbouring villages to bury "any corpse that they find." District head Aliyu said some bodies were unrecoverable because they had gone "through the River Niger". On Sunday, the National Emergency Management Agency (Nema) announced it had started the process of providing relief packages to people affected. The agency added in a post on Facebook that roads and bridges were also affected by the flood, which has had a knock-on effect on the local economy and traffic. The Nigerian Red Cross also released a statement on Friday saying the floods had caused "significant loss of life and widespread distress". Floods are not uncommon during the Nigerian rainy season, which lasts from April until October. In 2024, Nigeria experienced flooding from heavy rain which caused deaths and drove people from their homes. There was also severe flooding in 2022, when more than 600 people died and 1.3 million were displaced. — BBC
BBC News
01-06-2025
- Business
- BBC News
Nigeria floods: Death toll hits more than 200, officials say
The death toll after deadly floods hit the Nigerian town of Mokwa on Thursday has risen to more than 200, officials are still 500 people missing in the town in north-central Niger State, as a search mission deputy chairman of Mokwa Local Government, Musa Kimboku, told the BBC that rescue efforts have ceased because authorities no longer believe anyone could still be floods, said to be worst in the area for 60 years, swept through the towns of Tiffin Maza and Anguwan Hausawa after a bout of torrential rain. In an effort to prevent disease in the area, authorities will soon start to dig out corpses buried underground, Mokwa's district head Muhammadu Aliyu scenes of catastrophe, local residents have told the BBC that they saw their homes and family members get washed away. Meanwhile, on Sunday, the National Emergency Management Agency (Nema) announced it had started the process of providing relief packages to people agency added in a post on Facebook that roads and bridges were also affected by the flood, which has had a knock-on effect on the local economy and Nigerian Red Cross also released a statement on Friday saying the floods had caused "significant loss of life and widespread distress".Floods are not uncommon during the Nigerian rainy season, which lasts from April until October. In 2024, Nigeria experienced flooding from heavy rain which caused deaths and drove people from their was also severe flooding in 2022, when more than 600 people died and 1.3 million were displaced. More BBC News stories about Nigeria: Could Nigeria's careful ethnic balancing act be under threat?Blank questions, power cuts and a suicide: Nigeria's exams fiasco'How I survived Nigeria attack that killed my 16 friends' Go to for more news from the African us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica
Free Malaysia Today
31-05-2025
- Climate
- Free Malaysia Today
At least 115 dead after floods in central Nigeria
Flooding, usually caused by heavy rains and poor infrastructure, wreaks havoc every year in Nigeria. (EPA Images pic) MOKWA : Flash floods that ripped through parts of central Nigeria have killed at least 115 people and injured dozens of others, emergency services officials said yesterday, with the toll expected to rise further. Teams of rescuers continued to search for missing residents after torrential rains late on Wednesday through early Thursday washed away and submerged dozens of homes in and around the town of Mokwa, located on the banks of Niger River, in Niger state. 'We have so far recovered 115 bodies and more are expected to be recovered because the flood came from far distance and washed people into the River Niger,' Ibrahim Audu Husseini, a spokesman for the Niger state emergency management agency, told AFP. 'Downstream, bodies are still being recovered. So, the toll keeps rising.' He said many were still missing, citing a family of 12 where only four members have been accounted for. 'Some bodies were recovered from the debris of collapsed homes,' he said, adding that his teams would need excavators to retrieve corpses from under the rubble. At least 78 people have been hospitalised with injuries, the Red Cross chief for the state, Gideon Adamu, told AFP. According to the Daily Trust newspaper, thousands of people have been displaced and more than 50 children in an Islamic school were reported missing. The national emergency management agency (Nema) described it as an 'unprecedented flood'. The police and military have been roped in to help with the disaster response. An AFP journalist in Mokwa, more than 300km east of the capital Abuja, saw emergency services conducting search and rescue operations with residents going through the rubble of flattened buildings as flood waters flowed alongside. 'We lost everything' Local media reported that more than 5,000 people have been left homeless, while the Red Cross said two major bridges in the town were torn apart. Displaced children played in the flood waters, heightening the possibility of exposure to water-borne diseases as at least two bodies lay covered in banana leaves and printed ankara cloth. An emotional woman in a maroon headscarf sat with tears dripping down her face. Mohammed Tanko, 29, a civil servant, pointed to a house he grew up in, telling reporters: 'We lost at least 15 from this house. The property (is) gone. We lost everything.' Fisherman Danjuma Shaba, 35, said he slept rough in a car park. 'I don't have a house to sleep in. My house has already collapsed,' he said. Describing how she escaped the raging waters, Sabuwar Bala, 50, a yam vendor, said: 'I was only wearing my underwear, someone loaned me all I'm wearing now. I couldn't even save my flip-flops.' 'I can't locate where my home stood because of the destruction,' she said. Nigeria's rainy season, which usually lasts six months, is just getting started for the year. Flooding, usually caused by heavy rains and poor infrastructure, wreaks havoc every year, killing hundreds of people across the West African country. Scientists have also warned that climate change is already fuelling more extreme weather patterns. In Nigeria, the floods are exacerbated by inadequate drainage, the construction of homes on waterways and the dumping of waste in drains and water channels. 'This tragic incident serves as a timely reminder of the dangers associated with building on waterways and the critical importance of keeping drainage channels and river paths clear,' said Nema in a statement. The Nigerian meteorological agency had warned of possible flash floods in 15 of Nigeria's 36 states, including Niger state, between Wednesday and yesterday. In 2024, more than 1,200 people were killed and 1.2 million displaced in at least 31 out of Nigeria's 36 states, making it one of the country's worst flood seasons in decades, according to Nema.
