"The unknown" is a vast and scary landscape. For many it's also a place where Artificial Intelligence (AI), with its intricate workings and potential impact, resides.
While we use and enjoy AI everyday with our Alexas, Siris, Amazon wishlists, and personalized playlists on Spotify, there is a fear about these technologies. There are concerns that we’ll lose some of our humanity, not to mention a lot of our jobs.
What we fail to realize are the benefits of AI in helping humanity be better at, well, being human. So this month, we’ve compiled 5 articles on AI that give a glimpse of how AI can help us mitigate the monotonous and mundane tasks, and create enough space and time to home in on human skills, such as empathy, compassion, motivation, conversation, etc. And, as always, help us sleep better at night.
Article #1 – The Rise of AI Makes Emotional Intelligence More Important, Harvard Business Review
Authors: Barry Libert, CEO of OpenMatters, @barrylibert & Megan Beck, digital consultant at OpenMatters
Quote: “Those that want to stay relevant in their professions will need to focus on skills and capabilities that artificial intelligence has trouble replicating — understanding, motivating, and interacting with human beings.”
We tend to place our self-worth in what we do and the impact we make. But there’s an imminent threat that the current impact we’re making will soon become irrelevant with the use of AI. This article shares what humans should be focusing on within their work in order to stay helpful, relevant, and fulfilled in the wake of this new, earth-shattering technology.
Article #2 – Analytics in Banking: Time to Realize the Value, McKinsey & Company
Authors: Amit Garg, Davide Grande, Gloria Macias-Lizaso Miranda, Christoph Sporleder, and Eckart Windhagen
Quote: “The tools are there; banks must now carry them forward into actions that can drive meaningful change.”
Takeaway: Advanced analytics is still a gray area for many banks. It’s an expensive endeavor, it’s still new to the industry, and some banks have found it difficult to scale. Despite initial fears and hesitations, this article lays down the groundwork for why banks need to begin implementing advanced analytics within their organizations. Trust us, you need to read this. By implementing advanced analytics, you’ll create new roles and responsibilities within the bank, “gold standard” data-management processes, and bring imaginative channels to the bank, among many other positives.
Article #3 – Banking Must Move From Mobile-First to AI-First, The Financial Brand
Author: Jim Marous, @JimMarous
Quote: “In a study from Accenture, it is proposed that the winners of the future will be characterized not only by technological capabilities, but also by the ability to use technology to empower people within the organization.”
Takeaway: AI is changing the face of the banking industry. In a recent Accenture study, bank executives were polled on various topics surrounding AI, and a summary can be found in this article. The main takeaway: A bank’s ability to use AI to better serve its customers will be what distinguishes it from its competitors.
Article #4 – TD Artificial Intelligence Innovation Day Shows How AI Can Make Business More Human, Betakit
Author: Stefan Palios, entrepreneur & blogger, @stefanpalios
Quote: “Just like how many folks thought they’d lose their jobs from the mobile revolution, people fear that with AI. However, the reality is that there are so many other opportunities that become available because of AI.”
Takeaway: TD Bank dedicated an entire day to AI innovation. Planned by junior people at the bank who wanted to bring their fears and concerns to the table, this day served as an opportunity to ask questions and get a better understanding of AI in our world now, and where it’s headed. Read this article to learn more about TD’s Innovation Day, and how “[Deep learning] will make humans more effective at their jobs …”
Article #5 – 23 things artificially intelligent computers can do better/faster/cheaper than you can, SethGodin.typepad.com
Author: Seth Godin, @ThisIsSethsBlog
Quote: “Artificial intelligence does a job we weren't necessarily crazy about doing anyway, it does it quietly, and well, and then we take it for granted.”
Hopefully by this point, you’ve realized that the pros for AI far outweigh the cons and that human beings are still (and always will be) relevant. But if you need just a little more convincing, check out this quick read in which Godin explains where we’re already using AI, and then challenges you to become as resilient – and as human - as possible.
About the Author
Content Manager at PrecisionLenderMore Content by Maria Abbe