Nedbank CIO Ray Naicker argues that AI isn’t the real threat to jobs. Instead, the lack of AI skills could leave employees behind. Discover insights from the latest “Digital Dawn” event and how banks are investing in tech and talent.
In a recent discussion at the “Digital Dawn” event hosted by the South African Information and Communication Technology Association (Saicta), Nedbank Group CIO Ray Naicker addressed common misconceptions surrounding artificial intelligence (AI) and job security. Contrary to fears that AI might lead to widespread job losses, Naicker highlighted that the real issue is not AI itself but rather the disparity in skills between those who can effectively use AI and those who cannot.
Naicker emphasized that the true threat lies in employees who lack the skills to utilize AI tools effectively. “We shouldn’t be concerned about AI displacing humans. What we should worry about is other individuals who are proficient in AI displacing those who are not,” Naicker remarked. This shift underscores the importance of investing in employee training and development alongside technological advancements.
The Saicta Digital Dawn event gathered industry experts to explore the intersection of AI, cybersecurity, and digital transformation in the financial sector. Nedbank, for instance, has been at the forefront of digital innovation, investing R11.3-billion over 11 years into its “managed evolution” project, which was 93% complete as of 30 June.
Nedbank’s commitment to technology includes early adoption of Microsoft’s enterprise AI tools. Asokan Moodley, the executive head of end-user and communication experience at Nedbank, recently shared insights into the bank’s AI journey on TechCentral’s TCS+.
The financial sector’s increasing reliance on digital services has expanded its vulnerability to cyber threats. Naicker pointed out that as the sector adopts new technologies, including AI, the attack surface area for cybercriminals grows. Thus, both technology and skills must evolve. “As our applications move to the cloud, we’ve had to adapt our cybersecurity strategies to align with large cloud providers. Training has also evolved to meet these new challenges. As cybercriminals advance their skills, so must we,” Naicker explained.
Cybersecurity remains critical in the financial sector, where customers demand constant access to their banking services securely. Naicker compared this need to a Formula 1 car, stating that while speed is essential, having a robust braking system is equally important. “It’s not just about speed but also about having the best systems to ensure safety and efficiency,” he said.
Nedbank’s managed evolution represents a comprehensive investment strategy that integrates technological advancements with equal emphasis on human resources. Naicker stressed that cultivating a skilled workforce is as vital as technological progress. “The role of people and culture is just as crucial as advancing our technology estate,” he concluded.
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