Artificial intelligence (AI) is no longer shrouded in mystery; instead, it’s becoming increasingly pervasive in our lives. According to Amir Wain, CEO and chairman of i2c, generative AI capabilities have elevated AI and machine learning (ML) by introducing a new level of abstraction. Wain emphasizes that the true power of technology lies in its ability to simplify complex processes for users. As generative AI becomes more commercialized, this simplification will make it easier to implement and more efficient.
In the rapidly evolving world of AI, tools now advance at an unprecedented pace, driven by the widespread integration of generative AI. However, this integration is the result of years of experimentation, research, and investment, much like the digitization process. Wain notes that AI deployment across various applications didn’t happen overnight and advises caution, especially for financial services businesses. Due to quality and regulatory requirements, he suggests adopting an augmented AI approach.
Generative AI has already brought about significant changes in how end-users interact with data-rich environments. Wain highlights specific areas where this technology can drive efficiency and process optimization, with compliance being a prime example. Ensuring 100% compliance in financial services is challenging, but generative AI can help reduce costs and improve compliance quality. i2c, for instance, uses natural language processing (NLP) tools to process customer contact center data in real-time, identifying issues efficiently. However, a human element remains essential for quality control and ensuring compliance.
It’s crucial to understand that AI should augment rather than replace human efforts. Wain emphasizes the need for a new skillset, as obtaining consistent results from AI models requires nuanced queries and an understanding of the technology’s intricacies. AI already offers advances in areas like fraud detection, customer acquisition and retention, and real-time personalization, but efficiency and convenience are vital considerations.
Wain raises concerns about generative AI’s potential for “hallucinating,” or generating fabricated results, which poses challenges for financial services firms. Given the industry’s stringent quality and compliance standards, a cautious approach is necessary. Implementing a compliant framework around the technology is essential to avoid risks and ensure responsible usage.
As we move forward, Wain sees the next decade as “super exciting.” However, he underscores the importance of responsible adoption to prevent rogue users from harming the technology’s potential. In this ever-evolving landscape, businesses must stay ahead of the risks and continue harnessing the transformative power of AI.