Your team is hesitant about AI in finance. How can you address their resistance effectively?

AI's integration into banking is inevitable. We're seeing massive operational improvements daily with our clients (for context, we're a Gen AI compliance platform that helps teams automate manual tasks.) That being said there's still a lot of hesitation and apprehension inside companies, particularly in regulated financial services. 1) Listen to their concerns. Ignoring and hoping they go away will just elongate the processes. Hearing them out gives you an opportunity to do research and come back with facts. 2) Explain the benefits. Usually you want to implement AI within some specific area. Focus on how that area will be much better optimized with the addition of AI.

AI in finance has obvious benefits because AI has been embedded in finance for decades. If we want to specifically focus on Generative AI in finance then there are definitely benefits as well, but clearly understanding what those are is pivotal. GenAI isn’t (yet) a great tool for calculating but it’s a great tool for reasoning, reviewing and fast directionality. So when we augment finance work flows and problem areas with GenAI then you’re not only freeing up time, but you’re also freeing up creativity, capacity and capability. Humans Artificial Intelligence = Augmented Intelligence Also known as AI

AI provides significant benefits in the financial sector, including enhanced efficiency, error reduction, and improved customer experiences. For instance, AI-powered algorithms can process large volumes of transactions with greater speed and accuracy than human counterparts, leading to quicker and more informed decision-making processes. By automating routine tasks such as data entry and transaction processing, AI enables financial professionals to allocate more time to strategic analysis and customer interactions. Moreover, AI-based chatbots in customer service can provide instant responses to queries, improving responsiveness and enhancing customer satisfaction.

Imagine having a crystal ball that predicts market trends and guides you through financial labyrinths. That's AI in finance! From automating mundane tasks to providing real-time insights, AI is like that one friend who knows all the hacks. It’s not here to replace jobs, but to make our lives easier, smarter, and more efficient. Think of AI as your financial sidekick – always vigilant, tirelessly working, and never needing a coffee break!

To address team hesitancy towards AI in finance, it's crucial to educate about benefits, provide adequate training, ensure transparency in implementation processes, and involve the team from the outset to build trust and demonstrate tangible AI benefits for enhancing efficiency and decision-making. #Finance #AI #ChangeManagement If you want to discuss more, call me and we'll talk.

I get it – AI sounds like something out of a sci-fi movie where robots take over. But fear not! AI isn’t here to steal our jobs or our souls. It’s like a GPS for finance, guiding us through complex data terrains and alerting us before we drive off a cliff. The key is transparency and education. Show your team that AI is a tool, not a terminator. It’s here to assist, not resist, and definitely not to insist on world domination.

AI won’t replace you… yet. Someone already doing your job AND using AI is more likely to replace you today. Software Engineering job openings look for Philosophy and Logic skills now. Product Manager jobs need experience with large data. ML & Data Science openings are looking for Computational Linguists. The playing field is much more multifaceted and interdisciplinary now and it will continue to grow that way. This isn’t a scare tactic it’s a pulse check. Times are changing, and whether friend, foe or frenemy, understanding how AI can and will interact with and integrate into your work flow is the most important thing you can learn right now. Start with learning, go from there.

Experimente! Mostre para sua equipe experimentando junto com eles, faça testes e programas piloto, use todos os dias, seja o exemplo! Mostre para seu time que a IA é uma ferramenta que potencializa o ser humano, amplia nossas capacidades e nos leva para outro estágio de desenvolvimento! O medo está normalmente naqueles que estão paralizados no mesmo lugar a algum tempo, naqueles que naturalmente já não buscam inovar e tem medo de quaisquer outras coisas que o retirem da zona de conforto, não se trata de IA, mas sim o medo da mudança por sí só. Construa uma equipe que possua em seus membros pessoas que não tem medo, aceite o erro, promova a cultura que deseja que permeie sua organização e seu time ao longo dos próximos anos!

Training opportunities, skill labs, study halls, conferences, so on and so forth. If you’re not interacting with GenAI directly you won’t understand it or how to use it. To best leverage this type of technology you must change the perspective you have about human-computer interactions. There are no longer one-way or human-determined. So one can only learn by doing, and persevering. Interacting with AI is a negotiation more than it is task execution. Don’t focus on getting from 0 to 1 — instead learn how to bootstrap from 0 to 0.5 to 2 to 10. If you’re not pushing your team or work force to start learning then you are doing them a disservice by not prioritizing their professional growth.

Picture this: your team, equipped with AI knowledge, transforming into financial superheroes. Providing training opportunities is like giving them a map and compass in the AI jungle. Host fun workshops, gamify learning, and celebrate small victories. Think of it as upgrading their financial toolbelt with AI-powered gadgets. Plus, who doesn’t love a good “aha!” moment when they realize AI can crunch numbers faster than you can say “compound interest”?

Integrating AI in finance is like hosting the ultimate potluck dinner – everyone brings their best dish, and together, we feast! Encourage your team to collaborate with AI like it’s a new colleague with superpowers. Blend human creativity with AI precision to cook up innovative solutions. The goal is to create a harmonious symphony where AI handles the heavy lifting and humans add the strategic flair. After all, teamwork makes the dream work – even with AI on the team.

AI is not a nice to have anymore. It is the future and the logical evolution in data analytics. Whatever the use case - automation, no code design, conversational AI/chat bot, generative AI, there are front runners already leveraging AI and can be used as a benchmark for a fintech to embark on their own roadmap of AI adoption.

The future of finance with AI is like switching from a flip phone to a smartphone – a game-changer! We’re talking about smarter investments, personalized financial advice, and unparalleled efficiency. Picture a world where financial decisions are backed by data-driven insights, and risk management is more like risk elimination. Embrace the AI wave now, and you’ll be surfing smoothly into a future where finance is faster, fairer, and downright futuristic.

Quantas vezes você em sua carreira empresarial entrou em uma discussão sobre o futuro da empresa? Isto representa quanto tempo investido em contrapartida ao tempo onde simplismente sentou para trabalhar? Não se trata de medo da IA, mas da falta de vivência nas discussões sobre o futuro da sua empresa, do seu departamento, da sua função, da sua área de conhecimento! Perceba que falar sobre futuro é algo que não fazemos todos os dias em relação ao trabalho, mas será que isso faz sentido? O uso da IA potencializa o ser humano, então abrace esta ideia e viva o novo, cada passo em direção ao desconhecido é um passo importante em seu desenvolvimento cognitivo.

Best advice for starting: - Gather up your team. - Pick one of the most recent projects that has been completed. - Then open a GenAI chat and ASK the AI how it would have approached the problem. Don’t explain or put in your solution, just ask. - Go from there. Don’t let the conversation end, even if it feels done, because then they will see exactly how powerful these types of systems and technologies can be.