Writer: Jerrica DuBois
3 min read October 2023 — Learning to adapt to AI and embrace innovation became the overarching themes from the first panel discussion at the recent Invest: Miami 2022-2023 leadership summit. The panel, titled ‘Adaptation & Ingenuity: What the professional services industry is doing to adapt to the now and prepare for the future,’ focused on embracing the emerging world of AI, the impact of growth and the future.
Albert Primo of Kaufman Rossin, Ray Jimenez of Check Point Software Technologies, Craig Armstrong of Hancock Askew & Co., LLP, and Jeff Watts of Valley Bank served as panelists for the discussion, with Scott Brandman of Baker Mckenzie taking the helm of moderator.
“The regulators require banks to be front and center around data, customer privacy and security, so that is step one in the process,” said Watts. “The application today, whether it be ChatGPT or others, is to enable the customer experience. It’s the ability to compliment the human interactions we have with our customers, whether it’s consumer or commercial banking, to get simple customer service questions answered and simple capabilities set up. It’s an add-on to the overall client experience. The human element is not going to go anywhere.”
The panel quickly delved into the impact that innovation and technology is having on growing cities. While the regional population growth in South Florida has mainly been net-positive, Jiminez discussed how the increased number of people has led to additional devices that need security and protection.
“The challenge we have that both defines our strategy from a product offering point of view and as a company is that we now have to protect you not just in a physical building but everywhere you go because you have an iPhone, an Apple Watch, or another intelligent device,” said Jimenez in regards to the impact of growth. “You’re using it not just in the office and at home, but you’re using it in the cafe or at a hotel. That presents both a challenge and an opportunity because the perimeter is no longer a physical building, it’s each one of use because of the multiple devices we carry.”
The panel also discussed the current labor challenges and what impact AI will have on the workforce. According to a report released by the U.S. Chamber of Commerce, South Florida is the second most at-risk market for potential job loss due to AI at 15.01% (Las Vegas took the top spot at 14/80%). Roles that relate to administration, such as cashiers, clerks, data entry, accounting and bookkeeping, are most at risk. However, some also see incorporating more AI as a positive, not to eliminate jobs but to allow employees more time to do more meaningful work.
“On the innovation and technology side, the goal is not only to work better, faster and smarter, but to do more with less,” said Primo. “The more we can do with technology, the less our dependency on going to the market to find talent. We are now training AI models to do tasks that humans do that are highly repeatable and straightforward. The ultimate goal is to assume a large portion of the tax preparation process. This frees up more billable hours, and it also improves employee experience because they get to work on more exciting jobs.”
As the panel began to wrap up, the conversation turned toward what the future looks like in South Florida for these companies. Jimenez stressed that the next phase is all about innovation, while confronting the issues of ethics and privacy. This prompted further commentary on making the best use of AI to benefit the industry and the workforce as a whole.
“My biggest concern is in the area of mental health,” said Armstrong. “We’ve been focusing on the human capital side, and we need to work hard to let AI do what it does so that we can really focus on the individual and continue to build the whole self.”
For more information, visit:
