The importance of defining an AI strategy. Source: Shutterstock.com

It could be easy for a company to fall into the trap of mistaking AI as a ‘tick-box’ trend and implementing it purely to be able to say that it is being implemented.

Nombuso Matsape, Head of IT Digital Data and Innovation Business Engagement, ICBC Standard bank, highlighted this issue at the 6th Annual Artificial Intelligence in Financial Services Conference 2024, which took place this week. The presentations took time to explore the latest innovations in artificial intelligence and how they are being used to enhance the financial services industry.

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A presentation titled ‘How to Implement and use AI GitHub- Co Pilot to improve technology and customer experience’ looked at translating technical data results and successful AI use case in Investment banking.

In explaining what the vital pillars are for companies in their approach to AI, Matsape listed essential foundations, with a key focus on having a defined AI strategy.

Matsape said: “Firstly, define the strategy. Before you start anything, you need to be able to hear the AI strategy. And that strategy is not just for it to define, that strategy must also be aligned to the business goals, because what we’ve seen in the past is that people get excited for the organisation. Get excited when anyone wants to start doing implementation. But really no one understands what are we trying to achieve. Then if you walk by and say, yes, we’ve just bought this AI tool. Do you understand what that strategy?

“Once you define the strategy, you need to start refining. So if you’re not refining your strategy, you need to at least do it every six months. Because the technology is changing so much. So every six months, you’ve been revisited, and you are in the right place.”

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The other essential foundations laid out included making sure that stakeholders buy into the implementation across all departments

Data strategy, quality and accessibility, are critical of training a reliable model. Continuous improvement, ongoing data evolution, Infrastructure and security, regulatory compliance and training, were also listed as key points of focus for those looking to implement AI.

Matsape’s presentation looked at GitHub’s AI platform and how it could be used to improve a company’s service and results.

One of the key benefits of GitHub is that it is easy to install and integrate. It provides code suggestions, unit test suggestions and code refactoring.