Access Holdings calls for responsible use of AI at Smart Banking Summit

Access Holdings Plc, a leading financial services group, has echoed the need for ethical considerations in using Artificial Intelligence (AI), calling 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 recently.

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.

“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. 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.