Creating harmony with humans and AI
By Olaf Baunack, SVP, Head of Sales Financial Services & Insurance at Intellias
We have seen a plethora of AI-related projects for businesses, from driving decision-making in finance services to providing instant, rich analysis for businesses at board level. However, while there is a huge amount of hype around, there is also considerable fear, particularly around public availability of data, the impact on human labour and other concerns. Let’s take a look at how AI and human activity might work together.
AI and Automation for mundane tasks
AI is incredibly helpful at automating tedious tasks across a number of fields, freeing employees to focus on higher value work. Some of the most popular uses include process automation, customer support, data entry, predictive maintenance and beyond. AI is well equipped to take on these tasks, allowing us to concentrate on more strategic and creative aspects of our jobs.
However, although AI can be a powerful tool to improve productivity and efficiency, it should be integrated into the workplace thoughtfully and ethically. Organisations should strive for a balance between automation and human creativity, ensuring that AI enhances human capabilities and supports workers rather than replacing them entirely.
The right balance of human creativity with AI
There now exists a remarkable opportunity to unlock new frontiers of innovation and problem-solving by fostering a culture of collaboration. Encouraging open communication and teamwork between humans and AI systems allows for the exchange of ideas, insights, and expertise. Human creativity can fuel AI algorithms with novel data inputs, while AI can assist humans by identifying patterns and possibilities they might have overlooked.
However, providing the right tools and training is critical: equipping employees with the skills to work effectively with AI technologies will empower them to exploit the full potential of these systems. Training should encompass not only technical aspects but also emphasise critical thinking, problem-solving, and ethical considerations related to AI usage.
At the same time, we must understand AI’s limitations. While AI excels in data processing and pattern recognition, it lacks uniquely human qualities, such as emotional intelligence and empathy. Recognising these boundaries helps ensure that humans remain actively engaged in tasks that require empathy, emotional understanding, and creative thinking.
For financial services, AI-powered risk models can evaluate complex financial scenarios and assess potential risks associated with investments, loans, or business ventures. By providing risk analysis in real-time, AI helps decision-makers mitigate potential losses and optimise risk management strategies.
AI can also play a key role in fraud detection and prevention, monitoring transactions and identifying suspicious activities, helping financial institutions combat fraud more effectively. Or it can help with personalised financial planning: say you buy a new e-bike and post the news on Facebook; your AI-powered insurance provider should be alert to the purchase, know you are an existing customer and reach out with a customised deal.
Focusing on the user experience
Although AI clearly has a significant part to play in many aspects of the modern workplace, we must also be careful about how it is deployed. It is vital to communicate with customers to find out how best AI fits into how they interact.
By following a customer focused strategy and leveraging AI or other technologies to address specific user needs, organisations can avoid falling into the trap of adopting AI for the sake of it. The result will be a more meaningful, impactful, and satisfying user experience that resonates with customers and drives long-term success.
Think outside of the box
Often, when considering AI, companies are thinking big, which drives down the speed of deployment. My advice is to think outside the box and be provocative. Conduct as many tests as fast as you can, rather than taking eighteen months to implement. It’s essential to challenge the status quo, consider unconventional approaches, and prioritise the human element to ensure responsible and transformative AI deployment.
There are other ways in which we can go beyond conventional AI approaches: ethical AI, human-centred design, and explainable AI are examples of methodologies that push the boundaries of current AI. By adopting these alternative perspectives, organisations can deploy AI in ways that align with their values, positively impact society, and create more sustainable and meaningful solutions for the future.
It is impossible to predict where AI will go next but it is safe to say that AI will continue to surprise us, and human involvement will hopefully always be at the heart of it all.
Ultimately, combining human creativity with AI necessitates building a foundation of collaboration, skills, and understanding. By fostering a symbiotic relationship, we can unleash the full potential of AI while preserving and amplifying the uniquely human attributes that drive creativity and innovation.