According to Rachael Rowe, RVP for financial services at Seismic, AI works best when we collaborate. In this blog for IFA Magazine, she reminds why it’s important to consider the benefits as well as the risks in using AI
“No country wants to be left behind in the ‘AI arms race’, but neither does any industry or job function. At the UK’s AI Summit this autumn, as nations discuss a consistent global approach to ensure that no country is excluded, they must also focus on AI’s application across industries – from financial services to manufacturing – if they want to succeed.
We must use AI to drive collaboration between business functions, as this leads to better outcomes. In FS, this means leveraging AI to drive the industry’s digital transformation and double down on go-to-market (GTM) efficiency in a highly competitive economic environment. For example, in a modern enablement platform, AI can be transformative in helping financial services firms achieve their goals by uniting content, tools, insights, and coaching to break down silos, unlock data-driven decision-making and find fresh ways of engaging clients.
FS still needs higher levels of security and regulation than many other industries and for good reasons. It’s important to recognise the efficiency and competitiveness AI can bring to the industry, but we must also take care to mitigate risks. Ultimately, it’s about defining the limitation and application so there’s clarity on how we can leverage the power of technology collectively and improve our synergy and collaboration with each other.
The whole point of AI in business is to work smarter, not harder. If we want to ensure that no nation is left behind, we also need to be smart and make sure we facilitate collaboration and synergy between industries and job functions.”
