Future-Proofing Finance - Issue #486 September 19th, 2024

The U.S. Commerce Department has proposed new reporting mandates for developers of advanced AI and cloud computing services to enhance the safety and security of emerging technologies. This initiative aims to ensure these systems are resilient against cyberattacks and operate securely.

Hosted by Oprah Winfrey and featuring tech leaders like Sam Altman and Bill Gates, a new special delves into the profound impact of artificial intelligence on daily life. The program aims to demystify the technology and empower viewers to understand and navigate the rapidly evolving AI future.

Chainbase's co-founder and COO, Chris Feng, joined host Elisha Owusu Akyaw to explore how data and artificial intelligence are reshaping the blockchain ecosystem. Their discussion highlighted the untapped potential of on-chain data as a crucial asset, driving innovation in the Web3 space and bridging advancements between AI and blockchain technologies.

Bankers are generating record revenues for their companies, thanks to technological advancements like online banking and artificial intelligence. Since 2009, the average contribution per bank employee has increased by $98,000. Without these productivity gains over the past 15 years, financial firms would have needed 400,000 additional bankers to achieve today's revenue levels.

Amid growing skepticism over artificial intelligence investments, Bank of America maintains that the AI boom is just beginning, drawing parallels to the internet's rapid rise in the 1990s. Despite investors pouring money into the sector and recent doubts about realizing promised efficiency and productivity gains, the bank believes AI is poised for significant growth ahead.

In a groundbreaking move for African banking, Sterling Bank Limited has adopted SeaBaaS—the continent's first indigenous core banking solution developed by Peerless—completing a system rollout announced in August 2024. This strategic shift positions Nigeria at the forefront of digital banking innovation driven by local expertise. By leveraging advanced data analytics and artificial intelligence, SeaBaaS aims to enhance customer experience and operational efficiency, delivering smarter and faster financial services.

The Hong Kong government is preparing to release its first policy statement on the use of artificial intelligence in finance, aiming to boost the technology's adoption in areas like trading, investment banking, and cryptocurrencies. The Financial Services and Treasury Bureau is drafting guidelines on the ethical use of AI and general principles for its application in the financial sector, incorporating industry feedback. While specifics are still being finalized, the move signals Hong Kong's support for AI as governments worldwide grapple with the technology's potential.

A PwC India report reveals that 90% of Indian financial institutions are prioritizing artificial intelligence and generative AI as key drivers of innovation. Additionally, 74% of surveyed organizations emphasize data analytics for enhancing insights and decision-making. These findings underscore the growing reliance on advanced technologies to transform India's financial services sector.