Chirag Shah, founder and CEO of Nucleus Commercial Finance and Pulse.io
Just imagine this: a workspace environment where intelligent machines help human workers with their daily tasks, meaning they can accomplish objectives quicker and likely have better overall job satisfaction. Well, welcome to the world of Artificial Intelligence (AI) – a revolutionary technology that is changing the way we work, none more so than for fintech companies. Here, we explore exactly what fintech companies can expect from AI and how you could use it with real-life examples.
Making boring and repetitive tasks a breeze
We all know that boring and mundane tasks are often some of the most important in business. Data analysis, report creation, and trend identification. But what if you could give these jobs to someone else? That someone else is a machine that doesn’t dread them. That’s exactly where AI comes in.
Whether it’s data input, calendar management, or customer interactions, to name a few, AI can handle these routine jobs with ease. And there’s no risk of AI becoming tired in the same way that a human might, meaning you don’t need to worry about human error or mistakes either.
One of the best and most adopted examples of this is Chatbots, which are used to manage customer queries with agility, allowing you to dedicate your time to tasks that require the human touch. There are plenty more instances where AI can be used too.
Guiding businesses to make better and quicker decisions
Another area where AI can really help human teams, and not replace them, is in decision-making. After all, the best decisions are the ones that are backed by data but analysing and interpreting data is often easier said than done. With AI by your side, however, you can predict market trends, sales, and optimal product launch timings.
In fact, with its data analytics capabilities, AI provides you with actionable insights, serving as an invaluable tool for decision-making. Again, there’s no risk of AI tiring either which means you’re free from the risk of human error and costly mistakes.
Even with a constrained budget and a smaller team, AI can be crucial for your business. Decision-making can be complicated, but AI serves as your guide through the challenging times, offering the most viable options for success. For SMEs striving to compete with larger competitors, AI can be the difference-maker. Of course, that’s not to say that AI should replace your human team but instead, it can complement human judgement by providing insightful data-based suggestions.
Transforming laborious employee training
Employee training is essential to keep both new and existing teams up to scratch. But boring and tedious training does nothing for our learning or job satisfaction. Again, this is where AI comes in revolutionising employee development by providing adaptive learning experiences.
AI can even personalise the training program to align with an individual’s pace and needs, enhancing engagement overall. In fintech, keeping your team updated with the latest trends can be daunting. But, AI simplifies this by breaking down complex topics into easy to understand and digestible chunks, ensuring your team is not just educated but engaged.
On the topic of an engaged workforce, in today’s society, many want to work remotely which can be a challenge for some managers. AI is not just enhancing the in-office experience but revolutionising remote work too. With features like real-time transcription, meeting summaries, and sentiment analysis, AI is making virtual work environments more efficient and productive. AI can even manage scheduling conflicts for a geographically dispersed team, making the remote work experience seamless.
Pros and cons of AI
Despite all of the potential of AI, it’s important to also look at the downside of it. After all, while impressive, it can sometimes misinterpret instructions or fail to understand the context, requiring the human touch.
Like any powerful tool, AI also comes with its set of ethical considerations. These range from data privacy issues and potential machine bias to the human aspect of job displacement. Businesses must address these concerns to employ AI responsibly.
So what does the future hold?
Indeed, AI is really exciting and we’re at the cusp of a transformative work environment. However, there’s no denying that, while it might seem like a futuristic concept, it’s very much a part of our present work environments. The key for fintechs lies in its responsible adoption. How we leverage this incredible technology will shape the work landscapes of tomorrow. One thing’s for sure, whether you’re eager to adopt AI or still assessing its potential: AI is a transformative force that’s here to stay.
Chirag Shah, founder and CEO of Nucleus Commercial Finance and Pulse.io has over 20 years of experience in the financial services industry and a deep understanding of the needs of UK SMEs.
In 2011, he founded Nucleus, a leading alternative finance provider, to offer flexible and tailored solutions for SMEs across various sectors and stages of growth. With an understanding of the challenges that UK SMEs face in the current economic climate, Chirag launched Pulse in October 2022, a free-to-use service that helps businesses and accountants gain insights into financial performance with AI-powered data visualisation and personalised dashboards. Chirag is not only committed to driving growth and innovation in the UK business ecosystem, but he’s also helping SMEs better understand their data to boost their profitability and guide them towards success.