Access Holdings Advocates use of AI in Banking Services

Access Holdings Plc has echoed the need for ethical considerations in using Artificial Intelligence (AI) for banking transactions.

The company called on stakeholders in the financial industry to factor its sustainability implications. This call to action was driven by a compelling keynote address delivered by executive director of IT & Digitalisation at Access Holdings, Lanre Bamisebi at the Smart Banking Summit 2024 held in Kenya.

Speaking on the topic, ‘AI Guardians: Securing Compliance and Mitigating Risks’, Bamisebi 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.

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,” he said.

As the transformative power of AI continues to fuel innovation, concerns remain about its negative impact on the environment. 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.”

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.