Today marks a great day. A day where the private sector is engaging with Cyril Ramaphosa’s Presidential 4IR commission.
2 weeks ago I was fortunate enough to be on a panel at the AfricArena summit focused on how 4IR will impact job creation, regulatory engagement and credit risk scoring.
From a credit risk scoring perspective, 4IR presents a phenomenal opportunity to leverage the potential alternative credit scoring data, and predictive AI analysis can provide financial service providers with.
Alternative credit scoring data supplemented with AI predictions can be applied across any consumer profiles be those SME, thin / no-file consumers and informal market traders.
Some of the topics we touched on today were:
How do we create kick-ass bold strategy for the South Africa?
First we need to understand the definition of 4IR: It’s the convergence of labour, digital and biomedical platforms and solutions. NOT popularly defined as automation and job losses.
Key take aways:
- There has to be greater collaboration between the Presidential 4IR commission and private sector. I am reiterating what I mentioned at the AfricArena Summit. Anyone involved in the 4IR change needs to provide policy makers and regulatory bodies with on the ground experience of what is working and what is not. Domain experts need to present the challenges and solutions to in order to make 4IR work for South Africa.
- Execution should not be seen as a barrier due to a constraint resource or otherwise, it is the enabler that will make solutions which private and public sector formulate become a reality. Success needs to be measured by results – not white papers. We come back to the 80/20 rule. Execution on something whilst not perfect, is better than inertia and doing nothing with a perfect plan.
- We need to remove ourselves from the predictable path. We cannot expect change by continuing to take the same actions. No change = no progress.
- There is no perfect solution to anything. In the context of alternative credit scoring there is no size fits all. For instance, each consumer and market is different, and requires different approaches, techniques and non-linear AI analysis analysis methods. The same is true for 4IR. There is no silver bullet. In order for the country to succeed, there have to be multiple industries coming together and presenting their ideas, challenges and most importantly solutions with measurable results. The success of 4IR will be the combination of many solutions, technologies, stakeholder engagements and strategies – not one.
- Think wrong to get things right. In any truly agile high-growth environment failing is regarded as progress. In order to grow we will make mistakes and mistakes are sometimes costly.
In short there is so much hope and promise we all need to now execute!
@4IRSA @PresidencyZA @StandardBankCIB SonqobaMaseko @JpNdaba @anish1