How data analytics, artificial intelligence will help PFAs enhance customer service

The importance of artificial intelligence (AI), data analytics and big data in helping organizations drive transformation and client management has attracted the attention of pension fund administrators (PFAs) and stakeholders in the pension industry.

According to them, these play a key role in shaping the development of industries and have become a massive force driving the transformation of all businesses in today’s world.

With this in mind, the Pension Fund Operators Association of Nigeria (PenOp) recently put together an industry seminar to educate and demonstrate the benefits of adopting AI and data analytics. The seminar was tagged: “What do data analysis, artificial intelligence (AI) and big data have to do with pensions?”

The online session, open to pension professionals, sought to answer questions such as: what does AI have to do with the pension industry? Can Big Data Help the Industry Make Better Investment Decisions? All of this and more was discussed at PenOp’s recent knowledge sharing session.

The session, which was attended by over 200 fixed income professionals at various levels, was moderated by Jania Okwechime, a Partner in Deloitte’s Risk Advisory practice and Head of Data Analysis in West Africa. It helps organizations transform data and analytics to enable data-driven decision making across the enterprise.

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At the beginning, the participants were explained what data analytics and artificial intelligence are really about. An important finding of the seminar was the main objective of data analysis as it relates to statistical analysis and technology on data to find trends and solve problems.

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The session looked at how we all interact with AI in our daily lives. ie through the use of biometrics, data retrieval, facial recognition and so on.

It also highlighted some of the key benefits of leveraging data analytics and AI in the pensions industry, from reduced cycle times resulting in faster execution, to improved accuracy, more detailed data collection, flexibility and scalability, improved productivity and reduced operational costs.

The session reassured attendees that AI is not here to do their jobs, but here to help with productivity.

Participants also learned that AI could help investment managers evaluate a broader data set and evaluate them without manual stress. Additionally, it could be used in the pension industry in data recovery, chatbots, investment portfolio analysis, customer complaint tracker, Customer 360, fraud detection, etc.

This session was part of PenOp’s monthly knowledge session. The session is a forum allowing operators in the pension industry to network; exchange ideas and listen to subject matter experts discuss current and relative issues.

The Pension Fund Operators Association of Nigeria (PenOp) is an independent, non-governmental, non-political, non-profit organization.

PenOp was established to promote the operations of the pensions industry, to ensure self-regulation and to ensure that international best practices related to the industry are followed by Nigerian registered operators. It is the umbrella organization for all Licensed Pension Fund Custodians, Pension Fund Administrators and Closed Pension Fund Administrators (PFCs, PFAs and CPFAs) operating in Nigeria.