Banks urged to ensure inclusivity along with technological changes

 

Financial institutions are being urged to make well-designed plans for digital and technological changes.

 

Minister with responsibility for Digital Transformation Dr. Dana Morris Dixon, says as technology evolves in the banking sector, the changes must be inclusive. 

 

"Through digital platforms, banking services are no longer confined to brick and mortar establishments, but are accessible to anyone with a smartphone or computer. This branch and your online banking platform are testament to that," she said at the opening of Sagicor Bank's New Brunswick Village branch in Spanish Town on Tuesday. 

 

"This democratisation of banking services is crucial for reaching underserved communities, allowing them to partake in financial systems that were previously out of reach. When we close branches, we are excluding some people from the financial services space," the minister added. 

 

She said the use of artificial intelligence must also be closely assessed. 

 

"In the banking sector and around the world, they are using more artificial intelligence. And it is useful because it makes the services more efficient. It makes you go in and out more quickly. Customer service is actually better. But as we use artificial intelligence, I maintain that we also have to look at safeguarding those concepts of inclusion, so fairness and non-discrimination is a key element.

 

"When we use AI in banking, usually it's around algorithms. It is very important that we scrutinise all these algorithms and ensure that no Jamaican is disadvantaged because of where they come from, or disadvantaged because whether or not they are male or female," she urged.