Using AI to win
A leader's mindset in a less AI-receptive world
In today's rapidly evolving technological landscape, integrating Artificial Intelligence (AI) into business operations is no longer a futuristic concept but a present-day reality. However, the journey to harnessing AI's full potential is often met with resistance, especially in environments less receptive to technological change. For leaders, this presents both a challenge and an opportunity to innovate and drive progress.Forward-thinking leaders recognise that artificial intelligence can be a powerful tool for achieving business success and social impact. By identifying opportunities where Artificial Intelligence can deliver mutual benefits, leaders can foster a culture of collaboration and shared success. This approach enhances business outcomes and contributes to the greater good.
A common concern is the fear of job displacement due to automation. Leaders can address this by focusing on reskilling their workforce and preparing employees to work alongside artificial intelligence rather than being replaced by it. This strategy mirrors the transformative impact of the Industrial Revolution, during which new technologies created new roles and opportunities.
Transparency and explainability are crucial for gaining trust in artificial intelligence systems.
Leaders must ensure that Artificial Intelligence tools are practical and understandable to their teams. By demystifying artificial intelligence and clarifying its processes, leaders can build employee confidence and acceptance.
Daily integration
As AI becomes more integrated into daily operations, leaders must consider their employees' digital well-being. This approach includes managing the mental load, ensuring autonomy, and addressing digital dependency. Leaders can create a healthier and more productive work environment by prioritising digital well-being.
The future of work lies in the collaboration between humans and machines. Leaders should leverage Artificial Intelligence for routine tasks, such as scheduling and customer support, while creating new roles, including AI ethicists and model trainers. This collaborative approach maximises the strengths of both humans and artificial intelligence.
AI's potential extends beyond business value and can drive social progress. Leaders should explore partnerships with non-profits and local organisations to use AI in addressing societal challenges. By doing so, they can promote equity and growth, demonstrating AI's positive impact on society.
The impact of Artificial Intelligence is evident in its widespread adoption and significant contributions to various sectors. The global AI market is projected to reach N$24,614 billion by 2030, experiencing substantial growth from its estimated N$3,933 billion revenues in 2024.
GDP contribution
AI is expected to contribute a significant 21% net increase to Gross Domestic Product (GDP) by 2030. Approximately 35% of businesses have adopted artificial intelligence, with 64% believing that it will help increase their overall productivity. By 2025, artificial intelligence might eliminate 85 million jobs but create 97 million new ones, resulting in a net gain of 12 million. Over 75% of consumers are concerned about misinformation from artificial intelligence.
Artificial Intelligence is transforming the banking industry by enhancing efficiency, security, and customer experience. AI algorithms analyse transaction patterns to detect and prevent fraudulent activities in real time, significantly reducing bank fraud-related losses. Artificial Intelligence-powered chatbots and virtual assistants, like Bank of America's Erica, provide around-the-clock customer support, handling inquiries and transactions efficiently. AI models are being used to assess credit risk by analysing vast amounts of data, improving the accuracy of credit scoring and lending decisions. Artificial Intelligence analyses customer data to offer personalised financial advice and product recommendations, enhancing customer satisfaction and loyalty.
Document review in seconds
American banks such as JPMorgan Chase's Contract Intelligence (COiN) platform use AI to enhance risk management and fraud detection. By parsing thousands of legal documents and detecting unusual transaction patterns, COiN has reduced document review time from 360 000 hours annually to seconds and significantly improved fraud detection.
Wells Fargo uses AI to enhance customer service and operational efficiency. Their AI-powered chatbot, "Fargo", assists customers with account inquiries, transactions, and financial advice.
Additionally, AI models are used for fraud detection and credit risk assessment, improving security and decision-making processes.
Navigating a less AI-receptive world requires a leader's mindset that embraces innovation, transparency, and collaboration. By adopting these strategies and leveraging AI's potential, leaders can win in their respective fields and contribute to an inclusive and technologically advanced society.
*Gideon Amakali is Bank Windhoek’s Head of Management Accounting.