Nedbank head office branch in Sandton North of Johannesburg.
This conversation between Leanne Manas, the MC, and Ray Naicker, the Group Chief Information Officer at Nedbank, focuses on digital transformation and the use of new technologies like AI and machine learning to empower businesses, particularly black-owned ones.
Leanne highlights Ray’s extensive experience in banking and his role in driving Nedbank Group's technology strategy and digital innovation.
The discussion aims to provide insights into how businesses can harness these technologies to remain competitive.
Ray emphasises the rapid rate of technological change and its impact on customer expectations. He notes that customers now expect experiences similar to those provided by major tech companies like Apple, Uber, and Netflix.
This elevated expectation applies to businesses of all sizes, pushing them to adopt new technologies to meet customer demands effectively.
Leanne raises concerns about the cost of adopting AI and advanced technologies, especially for small businesses. Ray responds by highlighting the role of cloud computing as a great equalizer.
He explains that cloud services and affordable devices like smartphones and tablets have lowered the barriers to entry, allowing even small businesses to access advanced technologies without significant upfront investments in infrastructure.
Ray further elaborates on the benefits of cloud computing, which provides small businesses with access to leading technology ecosystems and AI as a service.
This access enables them to participate in larger commercial ecosystems and find the necessary skills and capabilities to operate efficiently. He also touches on the importance of connectivity, stating that good internet access is crucial for leveraging cloud services effectively.
The discussion also addresses ethical considerations in the use of AI, such as the need for ethical guidelines and the role of humans in ensuring responsible AI use.
Ray underscores that while AI can produce significant results, human context and empathy remain essential for validating and guiding its application. He outlines a phased approach to AI adoption, starting with internal processes and gradually moving towards more impactful customer-facing applications.
In conclusion, Ray paints a positive picture of the future for small businesses, particularly in Africa.
He highlights the dropping costs of technology, the speed of learning new skills through AI, and the importance of data sharing and partnerships. These factors, he believes, will drive significant growth and success for small, medium, and micro enterprises, with a special emphasis on black-owned businesses. The conversation wraps up with a sense of excitement about the potential and opportunities that lie ahead in the rapidly evolving digital landscape.
Watch the discussion below:
BUSINESS REPORT