SAS Commits $1 Billion to AI-Powered Solutions, Targeting the Banking Industry

Last week at the SAS innovate conference, the company announced a major commitment to AI focusing particularly on the banking industry.

The company said it plans to commit $1 billion over the next three years specifically to AI-driven innovation. The announcement is a strong follow up to last year’s acquisition of Kamakura, positioning SAS to focus on providing banks of all sizes with solutions to the recent banking crisis.

SAS’ AI and analytics platform, SAS, Viya has had positive reviews in recent months. While banks have expressed interest in AI-Powered solutions, the industry is moving cautiously towards implementation.

One of the themes, however, of the conference was responsible AI, with the company acknowledging that companies need to act responsibly with the new opportunities that come with developing technology.

SAS launched its “responsible innovation” efforts about one year ago. Specifically, the company launched an ethical AI health care lab in the Netherlands, and had a speaker discuss its progress to its customers at the conference.

The company also highlighted its Data Ethics Practice by integrating its Data for Good program, allowing the company to consider not just the risks of AI but also its potential for positive change.

Recently, major figures such as Elon Musk have been vocal about major concerns over the risk of AI on the future of civilization, and have encouraged the government to take steps to watch over the process of innovation.

The concept of Responsible AI gets out in front of the potential risks while allowing for meaningful innovation to continue.