NEWS
SAS sponsors research on why banks must act now or risk AI irrelevance
As financial institutions worldwide confront intensifying economic volatility, explosive technology acceleration and the rise of digital rivals, they face an existential squeeze. Banks must act now or risk irrelevance in an AI-accelerated future, warns new research on the future of banking by Economist Impact, supported by data and AI provider SAS.
The report – Intelligent Banking: The Future Ahead, based on insights from 1,700 senior executives surveyed across six continents and in-depth interviews with select banking and fintech executives – offers banking players, large and small, a compass for navigating today’ s digital intelligence revolution.
“ A defining decade lies ahead for banking, driven by converging regulatory fragmentation, technology disruption, and escalating, interconnected risks,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS.
Stu Bradley
“ To persevere – and lead – in the Digital Intelligence Era, financial firms must restore consumer trust at scale by fortifying data governance and innovating with integrity.”
The study finds near universal Generative AI adoption; 99 % of surveyed executives report some degree of Generative AI implementation. However, many institutions have struggled to realise tangible returns:
More than half of execs indicate their early Generative AI initiatives yielded limited to no financial benefit.
Also, while Generative AI innovation boosts fraud detection, criminals wield it to create deepfakes and synthetic identities that defy conventional detection methods. Nearly 80 % of surveyed executives expect cyberattacks, fraud and financial crimes to have major operational impacts in the decade ahead. This underscores firms’ need for advanced, AIpowered defences supported by robust data management and governance frameworks.
“ Generative AI’ s promised benefits, like streamlined operations and more personalised customer experiences, also introduce significant operational, ethical and compliance risks,” said Melanie Noronha, Principal of Policy and Insights at Economist Impact.“ Banks must balance innovation with vigilance at every turn.”
Desco drives circular manufacturing conversation at Africa Technology Week
truly smart factory doesn’ t just optimise inputs, it takes
A responsibility for its outputs, all the way to end of life. This was the key message from Desco Electronic Recyclers director Giulio Airaga as opening remarks on the Smart Factory Innovations panel at Africa Technology Week summit that was held at the Century City Conference Centre recently.
Drawing on Desco’ s leadership in e-waste management and circular economy solutions, Airaga outlined how manufacturers can transform end-of-life electronics into renewed value streams by embedding the 6Rs – Reduce, Redesign, Reuse, Recover, Remanufacture, and Recycle – across every phase of a product’ s lifecycle.
By embedding the 6Rs into every stage of a product’ s life, manufacturers can turn e-waste into profitable resources, cut costs, and boost sustainability:
• Reduce: adopt more energy-efficient designs
• Redesign: build for longevity, not three-year obsolescence
• Reuse: give batteries and servers a second life – EV battery packs can power solar installations
• Recover: harvest CPUs and components for reuse
• Remanufacture: refurbish to extend lifespan
• Recycle: break down materials to commodity level and feed them back into production
Giulio Airaga
He detailed how integrating the 6Rs throughout a product’ s lifecycle empowers manufacturers to unlock value, cut costs, and drive sustainability.
“ For OEMs, it’ s not just the 3 Rs consumers know, it’ s the 6 Rs.”
Airaga then underscored why a higher upfront investment pays dividends over time:“ The question of the century is investing in something that may or may not work. But when you consider total lifecycle cost – not just capital expense – smart systems and quality goods end up delivering far greater value. If you include circularity costs early, you’ ll see positive returns later, whether through second-life usage or end-of-life recovery.”
On turning waste into profit, he offered a practical blueprint:“ A smart factory is essentially a massive data-capturing system.”
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