Fihla: ANC managing the transition “responsibly”

South Africa is on the brink of a significant political transition as discussions around forming a government of national unity gain momentum. Kenny Fihla, CEO of Standard Bank CIB, recently shared his views on this development, highlighting the positive aspects of the current situation. Fihla commended the ruling party for accepting the outcome of the election and managing the transition responsibly, despite losing its majority in parliament. He emphasized the importance of political parties working together in the best interests of the country to stimulate economic growth and uphold the will of the electorate. Fihla expressed optimism about the future of South Africa, noting the potential for stronger checks and balances that could lead to substantial economic growth if managed effectively. The upcoming parliamentary meetings are expected to solidify the reform agenda and policy changes that have already shown promising results, particularly in the electricity sector. Fihla’s encouraging outlook reflects a sense of maturity and cooperation among political parties, setting a positive tone for the country's future. In addition to the political developments, Fihla also discussed the impact of emerging technologies on the financial services sector. He highlighted the significant changes brought about by innovations such as artificial intelligence (AI) and blockchain in revolutionizing banking services. Fihla acknowledged the role of technology in simplifying processes, reducing costs, and improving efficiency in the industry. Standard Bank has leveraged AI to enhance customer experience, anticipating their needs and offering tailored solutions. However, Fihla also cautioned about the risks associated with AI, particularly the potential for discriminatory practices based on historical data. He emphasized the importance of human oversight to prevent bias and ensure equitable treatment of all customers. Fihla underscored the need for a balanced approach where AI complements human capabilities rather than replaces them entirely. Cybersecurity concerns were also addressed, with Fihla highlighting the increased threat of cyber attacks and the use of AI by criminals to target financial institutions and clients. As South Africa navigates this period of political transition and technological advancement, the key will be to harness the opportunities presented by collaboration and innovation while mitigating risks to safeguard the interests of the country and its citizens. The evolving landscape offers a glimpse of a future where economic growth, technological progress, and responsible governance converge to shape a brighter tomorrow for South Africa.