Access Holdings Calls for Responsible Use of AI at Smart Banking Summit

Access Holdings Calls for Responsible Use of AI at Smart Banking Summit

Artificial Intelligence (AI) has emerged as a transformative force with the capability to reshape our societies and economies. The potential benefits of AI, such as improved efficiency, innovation, and growth, are undeniable. However, Access Holdings PLC, a prominent financial services group, has underscored the importance of incorporating ethical considerations in the utilization of AI. This clarion call was articulated during the Smart Banking Summit 2024 in Kenya, spearheaded by Lanre Bamisebi, the Executive Director of IT & Digitalisation at Access Holdings.

In his keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi emphasized the critical need to strike a delicate balance between harnessing AI’s potential for innovation and upholding ethical responsibilities. While AI offers a myriad of advantages in the financial sector, ranging from enhancing customer experiences to streamlining risk management processes, it is imperative that its deployment adheres to ethical guidelines, prioritizes security, and complies with regulatory standards to effectively mitigate associated risks.

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Despite the boundless opportunities presented by AI, concerns loom over its environmental impact. Research from OpenAI reveals a troubling trend where the computational power required to train advanced AI models has doubled approximately every 3.4 months since 2012. Moreover, projections suggest that by 2040, emissions from the Information and Communications Technology (ICT) industry could contribute up to 14% of global emissions, predominantly stemming from ICT infrastructure like data centers and communication networks.

Addressing these environmental apprehensions, Bamisebi urged for a concerted effort to address the burgeoning energy consumption and carbon emissions associated with AI technologies. He stressed the importance of embracing sustainable practices to mitigate the environmental footprint of AI advancements, advocating for a harmonious coexistence between technological progress and environmental preservation.

Bamisebi’s call to action resonates with the notion of assuming the role of guardians in AI deployment. By advocating for robust regulatory frameworks, adherence to ethical standards, and a commitment to continuous learning, stakeholders in the financial sector can pave the way for a future that is characterized by safety, inclusivity, and prosperity for all.

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Under the theme ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking,’ the Smart Banking Summit convened a distinguished array of industry leaders championing the digital transformation within the African banking and finance landscape. Noteworthy contributors included Winnie Kaaka from Access Bank Plc, Harry Hare of dx5, Moses Okundi from Absa, Tim Theuri representing Safaricom/M-Pesa Africa, Daniel Adaramola of SunTrust Bank Nigeria Ltd, and Steve Njenga, the Founder and CEO of Metis Technology Solutions Ltd, among others.

The discourse at the Smart Banking Summit serves as a testament to the collective commitment towards embracing AI innovation responsibly, fostering sustainable practices, and steering the financial industry towards a future that is not only technologically advanced but also socially and environmentally conscious. As stakeholders continue to navigate the evolving landscape of AI integration in banking, the emphasis on ethical considerations and sustainability will remain pivotal in shaping a resilient and inclusive financial ecosystem.