mcmurryjulie / Pixabay
There is a growing interest among businesses concerning the idea of integrating AI or Artificial Intelligence into daily operations. The interest isn’t surprising. After all, AI has proven to be extremely beneficial. It improves efficiency and generates far better results.
Now, the pace at which AI is being adopted in the financial sector can be best described as slow. However, that does not mean it isn’t happening. There is a move towards greater AI integration within the fintech sector, but, on a more gradual level.
According to a LinkedIn Insights Survey, 63% of professionals in the fintech arena and 55% of investment bankers showed an interest in AI and machine learning as key investment opportunities. AI is a highly beneficial tool for businesses, especially in the context of creating new skills and jobs. A PwC (Pricewaterhouse Coopers) report projected the GDP in 2030 to be 14% higher as a direct result of AI integration across industries.
So, it’s a fantastic move if you’ve already made up your mind on integrating AI. However, Kriti Sharma, VP at Bots, suggests that businesses first consider a few basic principles before moving forward. According to Sharma, improved customer support is a very small part of what AI can do.
When integrating AI, there must be a push to ensure that it is more accepting of the diversity within an organization. There must be mechanisms in place to correct bias which can be acquired through the collection of negative or derogatory sentiments within existing data.
Businesses must realize that AI has no cognitive abilities. It is a system that learns by acquiring existing information. It cannot think for itself. Therefore, there is always the risk of your AI system executing behavior that is inappropriate in nature.
So, there must be a way to make sure the AI system does not come across negative or controversial data. Other than that, reward mechanisms must be used to correct such errors. This includes establishing reinforcement learning strategies according to how the AI system aligns itself with positive human values to provide a specific solution.
Businesses must leverage their AI systems to become more inclusive of who they hire. AI based technologies make it possible for dyslexics or people with sight problems to function with more ease. So, it would be beneficial and considerate of businesses to implement AI with the objective of creating an equal playing field. An added advantage is that businesses get to pick and choose from a larger pool of talent.
When integrating AI, businesses must also take into consideration the disruptiveness that can come as a result. A big fear among people is that AI will replace the human worker. However, businesses must find a way to leverage AI without causing too much damage.
For instance, while replacing current functions, they must look to create newer functions more suited to human skills. The most can be benefited from combining AI with the human element; not the other way around.
Source:: Business 2 Community