Artificial intelligence should be viewed as part of a comprehensive strategy rather than only a goal for better business, writes Brigitte Kaps in her article for finews.first.
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Since the beginning of 2023, the topic of artificial intelligence (AI) has dominated the financial and economic world. This is understandable, as a recent McKinsey study suggests that generative AI could contribute between $2.6 and $4.4 billion annually to the global economy.
Companies across all industries are engaging in in-depth discussions about how they can use AI to increase efficiency and secure long-term competitiveness. For banks, the primary investment priorities for expanding AI within the organization are automation and data and analytics platforms.
In addition to considerations about whether a company should rely on commercially available open-source LLMs or develop its own proprietary version for security and privacy reasons, there are unknown risks and opportunities and complex data protection issues to navigate. Another critical question is who bears responsibility for the implementation and execution of these processes.
«Communication plays a crucial role in the successful implementation of AI»
Chief Experience Officers in the banking sector see the automation of customer onboarding as the most exciting AI application (42 percent), followed by the automation of risk, regulatory, and compliance inquiries (41%), and fraud detection (41 percent). According to industry reports, more than two-thirds of banks and insurance companies in the German-speaking region already use AI applications, with a growing trend.
The fact is that communication plays a crucial role in the successful implementation of AI in all areas and intersections with target groups. Until now, change processes within companies, such as in mergers and acquisitions (M&A), have been accompanied by «change management communication.» Often, this has been more poorly executed than effectively, as any corporate change presents not only organizational, technical, and financial challenges but also, often underestimated, human and emotional challenges.
These natural human reactions to change can lead to reduced motivation, decreased productivity, resistance to management, and increased job turnover. Fear can be a destructive force for corporate culture, which must be countered with targeted communication.
«Some positions will be eliminated by AI, but most jobs will be transformed and optimized»
A «good culture» paves the way for a «good» AI integration and acceptance by employees, customers, and business partners of a company. However, if organizations focus on creating a «AI culture» instead of an AI-capable culture, the conclusion is that everything revolves around AI. Employees may feel redundant and undervalued, leading them to sabotage or resist the transformation.
AI should be seen as part of a broader strategy and not as a goal or outcome for better business. Corporate communication must play a leading role, in alignment with management, in this cultural transformation between humans and AI. Its task is to create acceptance for digital transformation and to design and accompany the digital change communicatively so that it reaches all target groups. It should integrate its four fields of action: guidelines and vision, willingness to change, involvement in the information process, and storytelling.
While some positions in companies will be eliminated by AI, most jobs will be transformed and optimized. Transformation communication must foster willingness and acceptance within the company, conveying AI guidelines and re-establishing them within the corporate culture.
«A master's degree does not guarantee certification in empathy and communication skills»
Employees need to understand that dealing with generative AI platforms in the workplace will become a key qualification of the future. It is crucial to convey this clearly and authentically and to gain employee buy-in. Informed, engaged, and valued employees are motivated employees.
A master's degree from an elite university does not guarantee certification in empathy and communication skills. As much as next-generation AI will bring efficiency, it requires unique human abilities: creativity, emotionality, and most importantly, critical thinking.
Complex, hierarchical approval processes, too much «my turf» behavior with the associated fear of disruption, and outdated or non-integrable technologies, present massive challenges for companies. They risk being unable to keep up with the pace of AI development and, by focusing on implementing new technologies, fail to give appropriate importance to communication with all target groups.
«The goal should be to create a good AI culture ecosystem within a company»
AI can analyze data on customer interactions to make better decisions about customer communication strategies. Based on customer behavior and preferences, algorithms can create tailored content that meets the needs of each customer, leading to more efficient resource use and higher overall customer satisfaction.
This is particularly true for the financial industry: careful customer communication is crucial to ensure that the customer loyalty built up over years and decades is not undermined by the loss of the human touch. This is especially important in the financial industry.
Money and wealth are often associated with personal issues such as identity, success, and value. Therefore, it can be difficult for customers to discuss topics around money, finances, and wealth building with an AI-driven robo-advisor or chat. Maintaining customer privacy concerning their financial information is also crucial. AI-supported customer communication must, therefore, be «humanized.» This requires critical thinking, accompanied by the ability to ethically and critically question content.
The goal should be to create a good AI culture ecosystem within a company. The quality of AI performance depends on the quality of the new corporate culture and, therefore, the success of the company.
Brigitte Kaps is the CEO and founder of Rent a PR. She holds a Master of Advanced Studies in Business Communications (HWZ, MAZ & LSE) and a degree in Communication Sciences from FH Frankfurt am Main. She brings 25 years of international professional experience in leadership positions at foreign banks (ABN Amro, GE, RBS), including ten years in corporate finance and investment banking. Before founding her company in 2015, she led corporate communications for Cembra Money Bank (formerly GE Money Bank) as a member of the executive board.
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