Understanding Artificial Intelligence: How AI Complements Humans, Not Replaces Them
PYMNTS asked industry executives across the payments and digital commerce landscape to give us their take on the pivotal shifts, technological advancements and strategies that have shaped business in 2023. Their responses show critical trendlines to watch in the new year. Amir Wain, CEO of i2c, discussed how artificial intelligence (AI) should be combined with the human element.
Artificial intelligence is no longer shrouded in mystery. Instead, it’s becoming increasingly pervasive in our lives. Generative AI capabilities have elevated AI and machine learning by introducing a new level of abstraction. The true power of technology lies in its ability to simplify complex processes for users. As generative AI becomes more commercialized in 2024, this simplification will make it easier to implement and more efficient to use. Technology continues to evolve 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. AI deployment across various applications did not happen overnight but there are many issues that require users to be cautious, especially those of us in the financial services businesses. Due to quality and regulatory requirements, users should adopt an augmented approach that combines both the human element and AI.
Generative AI has already brought about significant changes in how end-users interact with data-rich environments. Organizations should seek to use AI in 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 tools to process customer contact center data in real time, identifying issues more efficiently than before. However, a human element still remains essential for quality control and ensuring compliance.
It is crucial to understand that AI should augment rather than replace human efforts. Users need to have the skills and experience to understand how nuanced queries and an understanding of the technology’s intricacies are very important to getting good results from AI. The technology already offers advances in areas like fraud detection, customer acquisition and retention and real-time personalization, but efficiency and convenience are vital considerations.
Users of generative AI need to be aware of the potential for the technology “hallucinating,” or generating fabricated results, which poses especially daunting 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 that uses the human element is essential to avoid risks and ensure responsible use.
Next year will be very exciting as we watch AI continue to become more mainstream with various organizations. However, everyone needs to understand 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.
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