TECH
Technology influences all sectors of an economy, and banking is no exception. The discussions in this track revolved not only around the opportunities and hopes we have regarding technology and innovation in addressing global challenges, but also the risks and concerns that come with the unknown. These discussions led to some intriguing insights, which we've tried to capture below.
The ethical side of AI
It's not surprising that we're confused and worried about AI, considering how it's portrayed as a key technology that opens a door to an unknown world, leaving us uncertain about what lies behind it. As Professor Caspar Chorus also explained, AI is modeled after human intelligence and inherits human biases, essentially mirroring our behavior. Additionally, he stressed that it is crucial to design AI with the aim of positively impacting society in the future.
Read also Caspar's column on dispelling myths about explainable AI
Heard at
At the session ‘Global trends on Digital Transformation,’ Robert Knigge and Emlyn van der Wal from Accenture presented 4 actions that are critical in shaping the digital transformation agenda. (1) Drive a seamless experience (2) Modernize data use & experiment with Generative AI (3) Integrate inside and connect outside (4) Streamline the core banking data. In the same vein, there are four areas you need to address: (1) What are the needs and expectations of your customers? (2) How far along are you on the journey, and where do you want to position yourself? (3) What will be your competitive advantage? (4) How prepared is your organization?
What's being said
Ruben Eguiguren, CEO of Produbanco from Ecuador, attended the session ‘Digital Transformation: Lessons from Financial Institutions. Watch what he has to say about this session.
The good and the bad
During the 'Driving Financial Innovation' session, the panelists agreed that technology does not always equate to innovation, as there's both good and bad innovation.
On one hand, it can be argued that consumer data trails offer numerous opportunities for 'positive innovation,' particularly in fostering inclusion. On the other hand, there are risks associated with data misuse, especially affecting more vulnerable segments of the population. The panel ended up concluding that the next significant innovations will stem from data revolution.
What's being said
Austin Chijikwa, Head Business Banking at the National Commercial Bank in Zambia, sees opportunities in particular for serving smaller customers more efficiently through technology.