Responsible AI + Sustainability = A Perfect Match
- Anja Hannerz
We're delighted to be joined by Anja Hannerz, Group Head of Sustainability at Nordea Bank, and other leading voices for this year's Annual Banking Conference on 6th and 7th November, where our experts will discuss this year's theme 'Optimising Banking in a Digital Age: People, Professionalism and Technology.' Use the links below to book your free online place!
AI and sustainability, two darlings in any business strategy these days. But are they a perfect match or are there crucial target conflicts between a sustainable business model and a strategic focus on AI and machine learning?
Being a leader in today’s rapidly evolving world requires the ability to navigate the intersection of cutting-edge technology, such as AI and machine learning, and environmental and social responsibility. The strategic leader must make decisions that drive innovation, while also upholding ethical standards and protecting our planet and people. For a financial institution, societal responsibility and strong governance are key building blocks to protect our customers and this position also influences our innovation and technical solutions. We are already successfully using AI to improve customer service, speed up internal processes and prevent financial crime.
But AI also presents risks to our operations and may have negative impacts that can be difficult to anticipate, identify and measure. It can produce discriminatory outcomes against certain groups, generate unexplainable predictions, or pose a risk to individual privacy given its heavy reliance on data. We need to consider what responsible AI is, in particular in the light of a sustainable business model.
It is no news that AI has the potential to revolutionize our understanding and progress within the area of sustainability, from optimising resource use to supporting climate research. AI can analyse vast amounts of data, beyond any human, and provide insights that lead to reduced environmental impacts. Moreover, it may even improve our ability to adapt and build resilience for future disruptive events, given its power to analyse even the most unpredictable patterns.
Financial actors must prioritiSe sustainable development, making decisions that consider the long-term environmental and societal impact. But we also need to maintain our competitive position and commercial validity. Leveraging AI to reduce carbon footprints, circular economies and build powerful decision-making support to continue developing our future sustainable business in a cost-efficient way is an opportunity we cannot miss. We just need to make sure that the marriage between our darlings is a happy one, and that AI is implemented responsibly without undermining our concerns for people and planet, in the short and long run.
Want to hear more? Join us online for the Annual Banking Conference this November
To hear more on this fascinating topic, join us virtually at this year’s Annual Banking Conference, where Paul and other leading speakers will discuss this year’s theme: Optimising Banking in a Digital Age: People, Professionalism and Technology. Sign up using the links below!
Book your free tickets for Day One here.
Book your free tickets for Day Two here.
For those wishing to enhance their knowledge of digital, AI, and automated banking and the role of FinTech should also consider enrolling in our new Certificate in Digital & AI Evolution in Banking, which forms part of our new learning pathways designed to help learners reach Associate Chartered Banker status. Learn more about the newly updated Institute learning pathways here.