AI is not a strategy; business outcomes are, according to Pragashani Reddy, executive director: Digital Business Banking at Absa Group. She will present at the ITWeb AI Summit 2026 on 22 April at The Forum in Bryanston.
Reddy says trust, explainability and governance are non-negotiable, while data quality remains the key competitive advantage. She argues that scaling AI is more important than piloting it, and that revenue comes from better decisions rather than better algorithms.
Banks and fintechs that move beyond AI hype to embed intelligence into core operations – such as payments, risk management and trust-building – will lead the future of financial services, Reddy says.
She highlights high-impact AI use cases, including fraud detection and anti-money laundering, credit scoring and lending, AI-driven customer service, and risk, compliance and regulatory reporting.
However, she notes that banks face structural and operational barriers, including legacy systems, data silos, complex regulatory requirements, difficulties scaling pilots, skills gaps and risk aversion.
“Banks don’t lack data or ambition – they struggle with integration, speed and scale,” she says.
Fintechs, meanwhile, face challenges such as limited access to regulated data, scaling AI securely, building trust with regulators and customers, and balancing speed with responsible AI practices.
“Fintechs move fast, but the real challenge is trust and resilience at scale,” Reddy adds.
AI delivers revenue by improving credit, pricing and risk decisions; enabling personalised cross-sell and upsell; reducing fraud and defaults; lowering cost-to-serve; and supporting new AI-enabled products and services, she notes.
“AI does not make money by existing – it makes money by changing decisions and behaviour.”
The winners will be those that operationalise AI rather than merely experiment with it, she concludes.
For more information and to register, visit ITWeb AI Summit 2026.
Share