Standard Bank has partnered with Stellenbosch University's School for Data Science and Computational Thinking to develop a framework for responsible AI in business.
The partnership and framework were announced at a panel discussion in Cape Town. The panel included John Mukomberanwa, head of digital insights at Standard Bank Corporate and Investment Banking; Musa Malwandla, co-chief investment officer and head of data science at Differential Capital; Kuvarshan Govender, executive for client experience at Standard Bank; and Kieno Kammies, MD of CDI Capital.
Called the Standard Bank Responsible AI Approach, the framework sets out parameters for the responsible development, deployment and use of AI, and proposes ways to speed up its adoption in business.
It provides a basis for building AI systems that are safe and secure, with human oversight and accountability across their life cycle.
“While AI presents significant opportunities to enhance efficiency, innovation and client experiences, it also introduces a degree of uncertainty due to its complexity,” said Mukomberanwa.
He said the bank had chosen to work with an academic institution to combine its financial and industry expertise with the university's strength in data science, computational thinking and ethics.
According to the bank, the use of AI in business has come under growing scrutiny on ethical and human rights grounds, with concerns about bias and discrimination, transparency, accountability, privacy and the effect of AI-driven decisions on individuals and society.
“These concerns have heightened uncertainty, particularly in industries such as financial services, where decisions and outcomes can directly impact people's livelihoods, businesses and the broader economy,” the bank said.
Statista estimates that 30% of B2B companies were actively implementing AI across their organisations in 2025, up from 23% in 2024, a shift from experimentation to enterprise-wide deployment.
Professor Kanshukan Rajaratnam, director of the school, said the university was pleased to work with an industry partner that recognised the value of its technical and ethics expertise.
He said the framework could be applied by any business and had wider societal relevance.
“It is important that the document be maintained as an evolving and adaptable framework, as AI is dynamic and continuously changing, contributing to its increasing complexity,” he said.
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