Is Tech a New Frontier for Sustainability?
Financial institutions must address the issue of technological sustainability, especially with regard to data, robotics, and artificial intelligence. Although these new technologies have vast potential, businesses also need to understand their risks, social impact, and ethical implications.
PARIS – Discussions about “sustainability” usually center on a company’s environmental and social commitments, and for understandable reasons. But the financial sector in particular should consider two other, less obvious, dimensions of sustainability. Regulatory sustainability is essential for addressing the systemic risk that the financial sector poses to our societies. In addition, the emerging new frontier of technological sustainability is having an increasing impact on business models and strategies.
Data, robotics, and artificial intelligence are on everyone’s minds. But although these new technologies have vast potential, financial institutions also need to understand their risks, social impact, and ethical implications.
Regarding data, the numbers are striking: 90% of all data worldwide have been created in the last two years, and we generate an estimated 2.5 quintillion bytes of it every day. In this context, it is essential for financial institutions – which are both key producers and users of data – to address issues concerning data creation and protection.