by Hans Timmerman

The information balance between governments/organizations and their citizens/customers has become increasingly skewed over the past decades. Political motives and resulting legislation compel executing organizations to collect excessive amounts of data about their citizens or customers. Meanwhile, privacy laws simultaneously restrict how they can use this collected data. Without explicit consent from the citizen or customer, the use of this data is minimal. This leads to significant excesses and/or inefficiencies, as seen in the benefits scandal and now with the implementation of the Wwft (the law to prevent money laundering and the financing of terrorism). In both cases, the political efforts to prevent fraud and terrorism have gone so far that executing organizations are effectively forced to trample basic human rights. That this leads to mishaps and excesses is understandable. How can we restore this balance? Continue reading…

by Daoud Abdel Hadi

When AI entered the mainstream, it instilled a sense of panic in many people. It was seen as a threat that would replace humans across the working world. Given the speed at which AI is advancing, and the emergence of technologies such as ChatGPT, this fear may seem reasonable. But over time, we’ve started to see AI as a helpful tool, not a replacement for humans. And just like any other tool, it can be used for good or bad. As a result, the real threat AI poses is not mass redundancies. It’s the pace at which malicious actors have exploited it to commit crime. To respond effectively, financial institutions need to fight fire with fire, using AI to limit the ability of lawbreakers to get away with their crimes. In doing so, it’s essential to balance the analytical prowess of AI and the nuanced understanding of humans. So what does this collaboration look like? Continue reading…

by Hans Timmerman

My first book in 1982 was about robots. About the robots entering the factory. How they could take over heavy and monotonous work in the factory as flexible, mechanical machines. Besides the interested companies for this industrial automation, the study also attracted the attention of journalists who were eager to hear when this type of robots would also start supporting us at home. At that time, however, the home robot was still a dream of the future. But with Apple’s announcement in recent weeks, it seems that future has come much closer. Over the past decades, robotic technology has become available in and around the home: robot mowers and vacuums that quietly and independently take over this boring work from us. Or the pet-like home robots like Amazon’s Astro, which can also watch over and guard the house when you’re away, or Sony’s robot dog Aibo. Finally, the serving robots that we see appearing in more and more hospitality establishments. The idea of robots in our homes and the service sector is not new. But with the advent of new AI speech capabilities, entirely new human communication and usage possibilities emerge. What can we expect in the coming years? Continue reading…

by Daoud Abdel Hadi

It’s a new world – defined by rapid technological advancements, and witnessing more organisations embracing AI. To navigate this ever changing landscape, it is essential that regulators recognise traditional governance principles no longer suffice. In fact, relying on these outdated principles could result in more harm than good. Regulators must begin to use the power of AI to modernise their approach and promote responsible innovation. As the world turns, it’s essential for regulators to foster an ecosystem that integrates AI effectively and protects individuals at the same time. Continue reading…

As in other industries, the explosion of generative AI has forced the financial services sector to quickly adapt while riding a wave of regulatory and ethical questions. How will banks, insurers and other financial firms balance the risks and rewards of GenAI and other transformative tech in the year ahead? Experts and execs from SAS anticipate a year of great promise – and potential peril – as generative AI and other technologies reshape financial services. Continue reading…

by Rasha Abdel Jalil

Generative artificial intelligence (AI) is reshaping our world, moving beyond its initial harmless applications to power more sinister activities. Its ability to create convincing fake content is enabling criminals to exploit personal information obtained from the vast numbers of internet-connected people for illicit purposes. In response, businesses bolster defences and often rely on Know Your Customer (KYC) as an essential step in fraud prevention. While advances like biometrics and facial recognition have undoubtedly improved identity verification, KYC isn’t foolproof. Criminals are good at finding these weaknesses and slipping past checks. Continue reading…

The Commission welcomes the political agreement reached between the European Parliament and the Council on the Artificial Intelligence Act (AI Act), proposed by the Commission in April 2021. Ursula von der Leyen, President of the European Commission, said: “Artificial intelligence is already changing our everyday lives. And this is just the beginning. Used wisely and widely, AI promises huge benefits to our economy and society. Therefore, I very much welcome today’s political agreement by the European Parliament and the Council on the Artificial Intelligence Act. The EU’s AI Act is the first-ever comprehensive legal framework on Artificial Intelligence worldwide. So, this is a historic moment. The AI Act transposes European values to a new era. By focusing regulation on identifiable risks, today’s agreement will foster responsible innovation in Europe. By guaranteeing the safety and fundamental rights of people and businesses, it will support the development, deployment and take-up of trustworthy AI in the EU. Our AI Act will make a substantial contribution to the development of global rules and principles for human-centric AI.” Continue reading…

by Robert Houghton

As financial institutions gear up for the next 12 months, it’s time to reflect on the key trends and developments, considering how they’ll shape the year ahead. While the financial landscape is constantly evolving, we believe there are four important issues that will shape 2024: Continue reading…

by Ajay Katara

Basel III end game is the latest update to the US Capital requirements which will bring about sweeping changes to the existing capital requirements in place for the US banks. Under the existing provisions there are two approaches which apply to US banks. The standardised approach applies to all banking organisations (other than community banks) and advanced approaches apply to category 1 and category 2 US banks, and they must also compute Risk Weighted Assets (RWA) under the standardised too. The US regulators have proposed July 2025 for compliance with new requirements with a three-year transition period ending in Jun 2028. The new regulation will bring about a lot of changes and will fundamentally apply to banks with asset sizes greater than USD 100 Mn with specific changes applying to banks designated between category 1 to category IV. Continue reading…