Access Holdings Advocates Ethical Deployment of AI in Financial Sector

May 27, 2024
Lanre Bamisebi ethical deployment of AI

By Modupe Gbadeyanka

The need for the ethical deployment of Artificial Intelligence (AI) in the financial industry has been called for by Access Holdings Plc.

At the Smart Banking Summit in Kenya last Wednesday themed Navigating the Next: Africa’s Leap into Smart, Secure, and Inclusive Banking, the Executive Director of IT and Digitalisation at Access Holdings, Mr Lanre Bamisebi, during his keynote address, said if guidelines for the use of AI in the sector are not set, it could be abused.

According to him, “Artificial Intelligence has the power to revolutionise our societies. 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.”

During the delivery of his speech titled AI Guardians: Securing Compliance and Mitigating Risks, the IT expert urged stakeholders in the financial industry to factor in the sustainability implications of AI.

Commenting on the concerns about the negative impact of AI on the environment, Mr 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.”

According to OpenAI researchers, since 2012, the amount of computing power required to train cutting-edge AI models has doubled every 3.4 months.

They also posit that by 2040, the emissions from the Information and Communications Technology (ICT) industry will reach 14 per cent of the global emissions, with the bulk of those emissions coming from ICT infrastructure, particularly data centres and communication networks.

The Smart Banking Summit had other contributors like the Head of Product and Digital Banking at Access Bank Plc, Winnie Kaaka; the co-founder and chairman of dx5, Harry Hare; the CIO/CTO of Absa, Moses Okundi; the CISO of Safaricom/M-Pesa Africa, Tim Theuri; the CISO of SunTrust Bank Nigeria Ltd, Daniel Adaramola; the founder and CEO of Metis Technology Solutions Ltd, Steve Njenga and more.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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