As AI continues to advance and integrate into consumer finance, industry leaders are faced with the challenge of effectively balancing this powerful technology with the invaluable contributions of human expertise. 

One of the questions you may be wrestling with is how to find that balance - does adopting AI mean abandoning your team?

The short answer: no. There are things AI does well, and things humans do well, and the businesses best prepared for future success will lean into both of those things in order to produce maximum results.

AI and people: Different skill sets

While AI excels at processing vast amounts of data and identifying patterns, human expertise remains critical for interpreting those insights and developing strategic initiatives. 

For instance, a collections team could use AI to automate QA and compliance audits. But the QA staff would be better equipped to identify areas for improvement and plan agent training based on the results of those audits.

Or in reverse, a fintech’s strategy team could look for solutions to increase payments while lowering cost-to-collect, and turn to AI to analyze customer data in order to recommend the best time of day to send an email to a borrower.

By leveraging AI-powered analytics in tandem with human judgment and domain knowledge, organizations can make more informed decisions and drive meaningful outcomes.

Where to start with AI

Using AI in your business doesn’t have to be an all-or-nothing proposition. You can start small, considering rote or manual tasks.

"Anything you are doing several times a day or that you spend several hours in a month doing is something you should figure out how you can automate,” says Shantanu Gangal, CEO of Prodigal.

So you start with a regular task, maybe something unrewarding or unpleasant for people to do. By strategically deploying AI to handle repetitive, time-consuming tasks, you can unlock the true potential of your human workforce. 

Tim McCarthy, CEO of Annuity Health, explains that using AI technology to automatically generate call notes has reduced his team’s overall handling time by nearly 30%.

And there are benefits to the agents and the patients as well.

As a company that prides itself on its commitment to patient experience, Annuity knew that typing while talking to patients wasn’t ideal to forming a real connection or focusing on solving their concerns.

"Automated call notes allow us to concentrate on the call, not to have to worry about notes," McCarthy explains. "So actually, not only was it very efficient for us, it actually improved the conversation with the [patients]."

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Next steps for both people and AI

Echoing Tim’s explanation of automation, Shantanu explains that "AI is going to open up a lot of your time to focus on the things that matter the most." 

Freed from the burden of mundane responsibilities, employees can dedicate their time and energy to higher-level, customer-centric activities that require emotional intelligence, problem-solving skills, and creative thinking.

And as you expand your use of AI, you can continue to see those benefits to your people as well as your business.

"If you choose to embrace it, you can use AI to drive down your cost by making your team more productive. Then you can take on more and more business - your profitability will be that much more because every person is that much more productive,” Shantanu added.

By leveraging AI to enhance employee productivity, organizations can not only reduce costs but also increase their capacity to take on new business, ultimately driving profitability.