A prominent provider of financial services, Access Holdings Plc, has emphasized the ethical implications of using artificial intelligence (AI) and urged financial industry stakeholders to take sustainability into account.
At the Smart Banking Summit 2024, which was held in Kenya on Wednesday, Executive Director of IT & Digitalization at Access Holdings, Lanre Bamisebi, gave a powerful keynote address that inspired this call to action.
Speaking on the topic, “AI Guardians: Securing Compliance and Mitigating Risks,” Bamisebi’s keynote shed light on the imperative to strike a balance between innovation and responsibility as the banking sector and broader society embrace AI’s transformative potential.
“Our societies could undergo a radical transformation thanks to artificial intelligence. Over the years, this has become increasingly evident, offering unprecedented opportunities for growth, efficiency, and innovation. From enhancing customer service to optimising risk management, AI’s potential benefits in finance are vast. However, as we embrace AI, we must also ensure that its deployment is ethical, secure, and compliant with regulatory standards to mitigate risks effectively,” he said.
As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months. Additionally, they predict that by 2040, the information and communications technology (ICT) sector will account for 14% of all emissions worldwide, with data centers and communication networks contributing the majority of these emissions.
Speaking to these concerns, Bamisebi said, “The exponential growth of AI adoption must be met with thoughtful consideration for its environmental footprint. As we harness the power of AI, we must prioritise sustainable practices to mitigate its energy consumption and carbon emissions, ensuring a harmonious coexistence between technological advancement and environmental preservation.
“We must embrace our roles as guardians, and place comprehensive regulatory frameworks, ethical standards, and continuous learning at the fore of our considerations so that we create a future that is safe, inclusive, and prosperous for all,” Bamisebi charged.
Themed ‘Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking’, the summit was a pivotal gathering of leaders spearheading the digital evolution in the African banking and finance space.
Other contributors at the summit include Winnie Kaaka, Head of Product and Digital Banking, Access Bank Plc; Harry Hare, Co-Founder and Chairman, dx5; Moses Okundi, CIO/CTO, Absa; Tim Theuri, CISO, Safaricom/M-Pesa Africa; Daniel Adaramola, CISO, SunTrust Bank Nigeria Ltd; Steve Njenga, Founder and CEO, Metis Technology Solutions Ltd, and more.
