Data and analytical insights are the most significant benefits of traditional AI across all financial sectors, followed by productivity gains.
This was the recent finding of a report titled Artificial Intelligence in the South African Financial Sector, which also identified the biggest risks to be data privacy and protection, with cybersecurity close behind.
The report, released jointly by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA) at the end of November, is based on the regulators’ 2024 survey on AI usage in South Africa’s financial sector.