First City Monument Bank (FCMB) has obtained the Responsible AI & Intelligent Finance Award on the CIO & C-Suite Conference and Awards Africa in recognition of its responsible method to adopting and governing synthetic intelligence in monetary providers.
The award was offered on the convention in Lagos, which attracted leaders from the know-how, fintech and monetary providers sectors to deliberate on knowledge localisation, innovation and the increasing position of synthetic intelligence in enterprise operations.
The recognition comes amid rising adoption of AI by monetary establishments searching for to enhance operational effectivity, strengthen threat administration, detect fraud and supply extra personalised buyer experiences, whereas addressing crucial considerations round governance, knowledge privateness and accountability.
FCMB’s method to responsible AI adoption is supported by its ISO 42001:2023 certification, the worldwide customary for Artificial Intelligence Management Systems. The certification offers a framework for establishing and sustaining governance processes for responsible AI administration, together with the identification, evaluation and administration of related dangers.
The Bank’s Chief Technology Officer, Blessing Ehize, mentioned its adoption of synthetic intelligence was guided by a deliberate and responsible technique that locations buyer belief, privateness and regulatory compliance on the centre of its operations.
“Technology must work for the customer, not against them, and must always align with ethical standards and human oversight,” Ehize mentioned.
As the adoption of synthetic intelligence continues to increase throughout the monetary providers trade, FCMB mentioned it stays targeted on deploying know-how to boost service supply, promote knowledgeable decision-making and develop safe, scalable and inclusive monetary options.
The award additional underscores the Bank’s dedication to responsible innovation by balancing the alternatives provided by rising applied sciences with the governance frameworks and safeguards crucial to guard prospects and different stakeholders.
It additionally highlights the rising significance of responsible AI administration within the monetary sector, the place establishments should be certain that technological development is supported by applicable requirements, accountability and human oversight.
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