Itumeleng Nomlomo, Senior Business Solutions, Manager at SAS in South Africa

Banks today need a technology foundation that enables simple, safe, and fair banking with rewarding outcomes. SAS enables true digital transformation by delivering powerful advanced AI and analytics solutions to empower banks with the means to be agile and enhance their business development and customer experience while also combating emerging risks.

SAS has solutions that address the hurdles banks will be facing in 2024.

For SAS, GenAI is about creating more intelligent, responsive, and personalised banking experiences. From enhancing customer service with AI-driven insights to optimising operational efficiencies, GenAI is the catalyst for next-generation banking.

However, there remains the need for human oversight in the use of GenAI. As part of this, accuracy checks and the elimination of unintentional bias must be prioritised. Our powerful AI solutions can also help banks improve their investigation efficiency with intelligent case management. For instance, an advanced analytics-driven alert and case management solution that presents a single view of data can automatically prioritise cases, recommend investigative steps, and fast-track straightforward cases.

In today’s cloud-driven world, the fundamental premise of banking operating models is changing. Digital banking and banking-as-a- service are just two examples of how banks are increasingly focusing on how they can create value for their clients.

With banking analytics in the cloud, SAS enables financial services providers to significantly improve decision-making processes regardless of the level of analytical maturity. Using a secure, dependable infrastructure combined with our managed SAS offerings, your bank will be equipped to meet changing regulatory and technology requirements, while ensuring that business and IT drive faster, easier and cost-effective access to analytical insights.

Furthermore, we have expanded our collaboration with Microsoft to deliver solutions that support multi-period, scenario based, integrated simulation and valuation for risk management, capital allocation, and balance sheet optimisation. This partnership is pivotal in helping banks navigate the complexities of risk management, ensuring they remain resilient and agile in a dynamic financial landscape.

SAS also works with several major cloud infrastructure providers like Microsoft, Amazon, Google, and Oracle to streamline SAS deployments in public clouds. We also partner with managed analytic service providers that offer cloud-based solutions for specific industries, including banking.

The rise of sophisticated fraud techniques, thanks to the availability of advanced technologies, necessitates even stronger detection and prevention strategies.

To put this into perspective: GenAI and deepfake technology are helping fraudsters circumvent biometric security measures. A criminal can clone a voice with R100 and a few seconds of audio using simple online tools. Similarly, phishing messages are more polished and imitation websites are virtually indistinguishable from legitimate ones. We are entering the Dark Age of Fraud, with banks and other financial services organisations needing to scramble to make up for lost time in AI adoption.

At SAS, we remain at the forefront of developing AI and machine learning solutions that enhance fraud detection and prevention, ensuring your organisation stays ahead of fraudsters. But for us, it is not just about the technology we deliver. Our focus is on injecting banks with the agility needed to foster an environment that aligns with ESG principles. It is about providing the means to drive a transparent and sustainable financial ecosystem.

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