“Artificial intelligence is going to have a massive impact on the financial sector. The use of AI will streamline work processes and result in overall quality improvement, ultimately leading to an enhanced customer experience.”
This is according to Simon Guldager, co-founder and partner at the IT and consulting firm Nobly. Thomas Terney, a Ph.D. in artificial intelligence and a lecturer, strongly agrees with these aspects. He emphasizes that we are already witnessing rapid developments:
“Many new services are emerging in the financial sector that leverage artificial intelligence to accelerate progress in areas such as customer service and financial advisory.”
Simon Guldager and Thomas Terney were both Keynote Speakers at the Nobly Talks 2023 conference, where they held presentations on the implementation of AI in the financial sector.
New Demands on Competencies
As the systems in the financial sector become automated with the help of artificial intelligence, it will change the competency requirements for employees in the industry, according to Simon Guldager:
“Many think that the use of artificial intelligence will make it easier to be an employee in the financial sector, but it could very well lead to greater demands on the remaining employees, as they will need to become more specialized,” says Simon Guldager.
He elaborates that the previous focus has been on creating systems that support case workers. However, with the implementation of AI, one will experience that employees in the financial sector in the future will need even greater expertise and be prepared to handle more specialized cases, complaints, and quality assurance.
Increased Need for Transparency and Data Structure
In a time when digital transactions and data exchange constitute an essential part of our daily lives, questions about security, privacy, and transparency have become more urgent than ever before.
“Financial companies must maintain their focus on compliance and transparency, and they should take an even more active stance in communicating what data they process and how they use it. This is an area that can raise concerns from a customer perspective,” says Thomas Terney.
In addition, Simon Guldager highlights that financial companies, in general, face a significant challenge in creating the best data foundation for the use of artificial intelligence:
“It’s not guaranteed that your data will fit into your AI model because data collection has previously occurred using different methods. Therefore, there is a significant need for improved data structure.”
Participants gained further insights into all aspects during this year’s Nobly Talks, as the conference took place on September 21-22 in Copenhagen.
About Nobly
Nobly is a Scandinavian IT- and consulting company, founded in 2011, with offices in Aarhus, Copenhagen, Oslo and Stockholm. Nobly delivers critical digitization solutions primarily to customers in the finance and healthcare sectors. Among Nobly’s customers are Nykredit, Arbejdernes Landsbank, Velliv, and Alka.
About Nobly Talks 2023
For the second year in a row, Nobly hosted the Nobly Talks conference on September 21- 22, 2023, where participants had access to the latest knowledge on digitalization and automation within banking, finance, insurance, and pensions. This year, among others, Simon Guldager and Thomas Terney were Keynote Speakers, both presenting exciting presentations with a focus on AI.
