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  • @fintechna 3:35 am on May 20, 2018 Permalink | Reply
    Tags: , , , , eager, , machines   

    Bank employees are eager to collaborate with machines 

    Ancient Greek playwright Aeschylus wrote that “When one is willing and , the Gods join in.” In my first post of this series, I pointed out that executives believe their are resistant to AI and that, on average, only 26 percent of their workforce is ready to work with intelligent technologies. We think that pessimism is misplaced, as our survey of bank employees indicate that they are more willing and eager to work with AI than their bosses believe.

    need to seize this opportunity and leverage their employees’ enthusiasm for AI.

    Of the more than 1,300 bank employees from large organizations who participated in our Future Workforce Survey, 40 percent are very confident in their abilities to work with intelligent technologies (vs. 33 percent cross-industry). Just over two-thirds said they believe AI will create opportunities in their work, while 72 percent expect it to make their jobs simpler. The majority foresee improved career prospects, while two out of three think AI will improve their work-life balance. Despite this optimism, they know these benefits won’t accrue automatically and 75 percent say it’s “important” or “very important” that they develop their skills to be able to work with AI over the next three to five years.

    Our research identifies three primary ways in which will enable people to work more effectively:

    1. Machines will amplify the capabilities, effort, and impact of humans by allowing them to be smarter and more productive. For example, the combination of customer service chatbots plus live customer service representatives (CSRs) intervening where needed, will allow each employee to greatly increase their impact, both within the organization and with customers and partners.
    2. Machines will give humans the ability to interact with powerful databases and computing engines in unprecedented ways. Humans will be able to leverage insights that will enable meaningful personalization and support better decisions in areas like credit risk management or fraud detection.
    3. Machines will help bank employees better embody everything that the bank stands for. By converting principles, policies and processes into consistent human practices, interactions and experiences, machines will help the bank’s people understand what to do, when, and in which way. More than that, they will bring the vision of the bank to life in the form of a multitude of everyday actions.

    Banks need to seize this opportunity and leverage their employees’ enthusiasm for AI. Their people are not only impatient to thrive in an intelligent enterprise that can disrupt markets and improve their working experience; they are also eager to acquire the new skills required to make this happen. Yet, somewhat surprisingly, only three percent of bank executives said their organization plans to significantly increase its investment in training programs in the next three years. This low level of commitment, at a time when a new era of work is imminent, will radically curtail their ability to deploy and benefit from AI at scale. This is the primary disconnect at the heart of our survey findings and a wake-up call for bank executives.

    Banks fully capitalizing on human-machine collaboration depends on their ability to fundamentally reimagine work. It means redesigning jobs as people move to project-based work. It means refreshing traditional job descriptions and thinking more about the tasks and the interactions between humans and machines in executing those tasks, rather than traditional job descriptions. It also means ensuring that almost all bank employees are conversant with new IT skills and can master new tasks. The employees are willing and eager, so the c-suite gods of the banking industry must now join in to give them the help they need to thrive in the world of the intelligent enterprise.

    I invite you to read the complete survey.

    The post Bank employees are eager to collaborate with machines appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • @fintechna 3:35 pm on May 12, 2018 Permalink | Reply
    Tags: , , , , , machines, synergies,   

    Identifying the synergies between humans & machines 

    A common scene in the African savanna is a small, yellow-billed oxpecker perching on the back of a zebra. They are collaborating for mutual benefit. The oxpecker feeds off ticks and parasites that live on the zebra’s skin and—when it senses danger—it flies up near the zebra’s head and sounds a distinct warning. The oxpecker gets a free ride and a constant source of food, while the zebra gets constant pest control and a head start on predators. Each benefits from the collaboration.

    Nearly 80 percent of the senior banking executives interviewed for our recent Future Workforce Survey plan to use AI to automate tasks to a large or very large extent in the next three years.

    In banking, we see a similar synergistic relationship emerging bank employees and artificial intelligence (AI). Our analysis¹ indicates that between 2018 and 2022, that commit fully to AI and human-machine collaboration could boost their revenue by an average of 34 percent and, critically, increase employment levels by 14 percent. There are many things that do very well and also things that do very well, but we are increasingly recognizing that in many activities, man + machine is the most powerful combination.

    Read the report

    We are also at the beginning of a material investment wave. Nearly 80 percent of the senior banking executives interviewed for our recent Future Workforce Survey plan to use AI to automate tasks to a large or very large extent in the next three years. Findings from our 2018 North America Banking Operations Survey show that 22 percent of banks are already using AI, machine learning, and natural language processing—and another 55 percent intend to do so within the next year.

    Following industries like manufacturing, banks have already embraced the power of AI to automate processes and lower costs. Yet to win against digital startups and non-banks, incumbents will need to move beyond automation—applying in more nuanced ways AI’s ability to sense, communicate, interpret and learn within a broad enterprise structure that elevates human capabilities and unlocks new value. It’s what Accenture calls “applied intelligence,” combining and human ingenuity across all parts of a bank’s core business to solve complex challenges, delight customers, break into new markets and generate entirely fresh revenue streams. Rather than working in isolation, humans and machines are going to be working together just like the oxpecker and the zebra to produce a combined effect greater than the sum of their separate outcomes.

    Our research points to three key actions banks can take to transform their workforce, an essential step in creating positive synergy between their human and machine workers:

    1. Reimagine work to better understand how machines and people can collaborate.
    2. Pivot the workforce to areas that create new forms of value.
    3. Ramp up “new skilling” to enable people to work with intelligent machines.

    While they see the potential, most banks have yet to take a disciplined enterprise-wide approach to AI. A significant barrier is banking executives’ anticipation of resistance from employees. Most cite a growing skills gap as the leading factor influencing their workforce strategy, and they believe that, on average, only 26 percent of their workforce is ready to work with intelligent technologies.

    We think this pessimism is misplaced, and that they are in for a pleasant surprise. In part two of this topic, I’ll discuss what bank employees told us about their views on human-machine collaboration.

    Until then, I invite you to read the entire report to learn more.

    ¹ Accenture econometric modeling, “Reworking the Revolution”, 2018, page 42


    The post Identifying the synergies between humans &038; machines appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • @fintechna 2:18 pm on July 11, 2016 Permalink | Reply
    Tags: , , , machines, , , versus   

    The future of healthcare is not people versus machines 

    humanconrtolled1 A digital shift in in recent years has paved the way for advances in automation, artificial intelligence and even surgical robots. Whether using a virtual human to capture patient intake data or sensors to monitor symptoms, digital is undoubtedly propelling the industry forward. But concern exists that this technology will start to replace health workers. Read More

    fintech techcrunch

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