Why there is nothing artificial about the promise of Artificial Intelligence replacing humans
With Artificial Intelligencetechnologiesheralding a new future for the UAE banking sector, “employees should embrace the emerging synergy between man and machine”, says H.E. AbdulAziz Al Ghurair, Chairman, UAE Banks Federation.
The global banking industry is going through a period of rapid transformation, heralded by disruption and driven by emerging digital technologies. As businesses around the world seek to embrace the latest advances, Artificial Intelligence (AI) is increasingly at the forefront of their thoughts.
It is clear to see why there is an enthusiasm across the industry to introduce this technology, which has the potential to revolutionize how banks do business. However, many are still unclear on exactly what role AI will play, and what its implementation means for the future of the existing workforce.
Recent years have seen major players adopt AI-driven marketing solutions to enhance their data analytics and develop increasingly realistic-sounding chatbots to streamline customer service. The growing use of cloud-based services and soaring demand for intelligent virtual assistants from tech-savvy consumers are driving further investment in cutting-edge solutions, and it’s not just customer service that is being revolutionized thanks to AI – the technology also offer valuable applications in cybersecurity, fraud prevention and anti-money laundering.
AI: Threat or Opportunity?
This often misunderstood area can evoke fears of humans being replaced by machines. So, should people be worried? While automation may reduce the need for certain types of roles in the future, the application of new technologies is poised to generate many fresh job openings across a whole range of industries.
The banking sector, in particular, enjoys an optimistic outlook. A recent survey carried out by Accenture Research found that 77% of leading banking institutions plan to use AI to automate tasks to a large extent over the next three years. And, a high proportion of respondents – 67% – expect this to lead to more jobs in their organizations during this period.
Synergy of man and machine
Perhaps more importantly, this technology is transforming existing roles. AI can be employed to carry out mundane and repetitive tasks throughout an organization, freeing up people’s time across multiple functions including customer service, HR, IT, marketing and management, to focus on important strategic and creative tasks – the more engaging topics, which benefit from a human touch.
This approach can be thought of as “Augmented Intelligence” – leveraging today’s tremendous advances in data processing power to develop AI-driven technologies and tools that complement the efforts of the existing workforce.
On the verge of digital transformation
Governments across the Middle East have identified digital strategies as key priorities, as they push ahead with their economic diversification agenda. It is estimated that AI’s contribution to the region’s economy will reach around US$320 billion in 2030.
The United Arab Emirates is at the forefront of this transformation, having unveiled the ‘UAE Strategy for Artificial Intelligence’, which outlines ambitious plans to cut government costs by 50% and boost the country's GDP by 35%. The fact that the UAE has appointed a Minister of State for Artificial Intelligence highlights the central role AI is going to play in meeting these objectives.
Banking customers in the UAE are already interacting with AI-powered services on daily basis. These range from virtual personal assistants to bilingual humanoid robots, which are being rolled out with the goal of streamlining customer service processes and meeting the evolving needs of today’s tech-savvy consumers.
Building on existing capabilities
There is no doubt that AI has remarkable potential to reinvent the banking industry and employees’ roles within it. Successful organizations should be focusing on how advances in technology can help their existing team members to work smarter, faster and better – empowering them to increase efficiency and boost productivity.
This will, in turn, help drive growth throughout the economy, creating further employment opportunities, including many new highly-skilled positions for those who specialize in the development and maintenance of the associated technology. Therefore, a world of opportunity awaits those who are prepared to work on developing their skillsets to keep up to date with the latest advances in technology.
As an industry veteran, I have seen many trends come and go, but one constant has remained: the human touch, which will continue to be as relevant and necessary where key decision-making is concerned. As AI continues to proliferate and become ever-more sophisticated, organizations that understand this universal truth and leverage advances in AI technology to amplify the impact of human ingenuity will stand to benefit the most.
