Access Holdings Plc has emphasized the critical need for ethical considerations in the use of Artificial Intelligence (AI) within the financial industry.
This call to action came during the Smart Banking Summit 2024 held in Kenya, where Lanre Bamisebi, Executive Director of IT & Digitalisation at Access Holdings, delivered a keynote address titled “AI Guardians: Securing Compliance and Mitigating Risks.”
Bamisebi highlighted the transformative potential of AI in revolutionizing societies and financial services, emphasizing its ability to enhance customer service, optimize risk management, and drive efficiency and innovation.
However, he underscored the importance of balancing innovation with responsibility, ensuring that AI deployment is ethical, secure, and compliant with regulatory standards to effectively mitigate risks.
“As we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” Bamisebi stated.
Concerns were also raised regarding the environmental impact of AI, as the computing power required to train advanced AI models continues to grow exponentially. Bamisebi pointed out that by 2040, emissions from the Information and Communications Technology (ICT) industry, including data centers and communication networks, could reach 14% of global emissions. He stressed the need for sustainable practices in AI adoption to mitigate its energy consumption and carbon emissions.
“The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint,” Bamisebi commented. “We must prioritize sustainable practices to ensure a harmonious coexistence between technological advancement and environmental preservation.”
Bamisebi called on stakeholders in the financial industry to act as guardians, advocating for comprehensive regulatory frameworks, ethical standards, and continuous learning to create a safe, inclusive, and prosperous future.
The Smart Banking Summit 2024, themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, brought together leaders driving the digital evolution in the African banking and finance sectors. Other contributors included Winnie Kaaka from Access Bank Plc, Harry Hare from dx5, Moses Okundi from Absa, Tim Theuri from Safaricom/M-Pesa Africa, Daniel Adaramola from SunTrust Bank Nigeria Ltd, and Steve Njenga from Metis Technology Solutions Ltd.
Access Holdings Plc’s commitment to ethical AI use reflects its dedication to leveraging technology responsibly to drive sustainable growth and innovation in the financial services sector.
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