Artificial intelligence’s ever-expanding role in professional services
Writer: Chérie Lynn Canada
May 2024 — The integration of artificial intelligence (AI) is fundamentally altering how firms operate and deliver value to clients. With mounting pressure to stay ahead of the curve while still understanding the full scope of AI capabilities, executives in banking and finance and professional services view the advancements as a net positive on productivity.
“Technology advancements such as machine learning can help us become more efficient. When we are working with our clients, it can help us take care of some of the repetitive transactions. If they are applying for a loan, for example, it can help speed up the process. In that sense, we see artificial intelligence as a tool for process improvement. Nevertheless, it must work alongside the bankers who are working with our clients to solve problems. I do not see it replacing human interactions, but as an enhancement to help with efficiency,” said Joe Losch, market president and senior vice president of Amerisbank, in a conversation with Invest:.
AI is fundamentally changing the way professionals work in the professional services sector. As of January 2024, one in four desk workers reported having tried AI tools for the job, according to a survey conducted by productivity platform Slack. By automating routine tasks and leveraging AI-powered tools, professionals can focus on higher-value activities that demand creativity and strategic thinking. This shift enhances productivity and enables professionals to deliver more personalized and innovative solutions to clients.
“We are excited about what this technology brings to the industry. However, based on customer feedback, the value of human interaction remains paramount, with a continued preference for personalized advice from local bankers. Artificial intelligence is anticipated to streamline our processes and enhance efficiency, but it is not expected to supplant the critical human element of our services. It stands to complement our workforce by enabling swifter operations and potential cost reductions,” said Julie Kleffel, executive vice president and chief operating officer of Seacoast Bank, in a conversation with Invest:.
Despite the myriad benefits, the widespread adoption of AI in professional services presents challenges that firms must address. According to the same Slack survey, executives cited data security and privacy (44%) as a top concern with the integration of AI.
“I do not think that AI replaces the need for our employees; however, humans need to analyze fact patterns, understand complicated structures, liaise with various experts, both domestic and international, and use judgment to find solutions for our clients. Human oversight is necessary. Nevertheless, AI can add much value and save time in areas such as compiling and summarizing information, as well as drafting emails or memos,” said Cristina Hale, Central Florida Tax Practice Leader of BDO USA, when speaking to Invest:.
Firms taking a proactive approach to adopting AI tools stand a better chance at winning over the workforce of the future. “You will see that the firms that survive can be at the forefront of the industry’s technology and become very good at winning the war on talent,” Craig Forness, CEO of Moss, Krusick & Associates LLC, told Invest:.
For more information, please visit:
https://www.amerisbank.com/orlando
https://www.bdo.com/
https://mosskrusick.com/
https://www.seacoastbank.com/
