An honest assessment: A signal of hope in a post-AI world
The consensus about AI’s impact is that jobs will change and AI will take over many of the tasks currently performed by people. It would be disingenuous to write about anything else right now when discussing business services and fund administration. But can business services really afford to wave goodbye to human beings? What are the positives? Are there any?
Scroll through social media now and you’d be forgiven for feeling a bit glum about the future. All the world is talking about is the potentially existential crisis we face because of AI implementation. Although some have argued that AI could create more jobs than it takes, the overwhelming belief is that AI will change the business services landscape, reshaping existing roles and, for some, replacing them altogether.
This is reinforced by the conversations I have every single day with fund administrators and fund managers who all want to know what life is going to look like after AI implementation. Every single person I speak to starts with efficiency: finding speed and simplicity in previously complex and convoluted processes using AI. And what comes with speed and simplicity? Less human input. Of course, that doesn’t necessarily mean that AI won’t create any jobs, but one shift being discussed right now is a move from operating the processes to helping create the AI models that will run them. It is akin to training your replacement. It’s hard to see that as a position with long-term prospects.
But does that mean that human input will be completely discounted in the future? No, it won’t. Humans are social creatures. As we solve the complex issues of today, more complex issues of tomorrow take their place. This is not a stationary target we are shooting at. Innovation breeds innovation, and the more we innovate, the hungrier we get for more innovation. In those situations, while we may have significant AI resources at our fingertips, customers will continue to ask for a customized, versatile product.
In a post-AI world, where everybody has access to the same AI models, do consumers really want the exact same product that everyone else receives? Where does customization come from? Some will say that AI models can do everything and are customizable. That may be the case, but the human customer at the other end must keep up with them. Customers must trust the output, but more importantly, they need to trust that what has been produced is truly different from their competitors’ offerings and that the service you are providing is truly different from your competitors’ services. How can it be if we all use the same toolbox?
Rarely in my career have I come across the same relationship issue twice. Businesses are driven by people, and people are all different and have unique drivers themselves. Clients are also all different, and in a world where everyone is searching for alpha, everyone is looking for an edge that nobody else has. Especially in fund services, fund managers are looking to unearth golden investment opportunities and provide distinctive products to their investors. So why would they accept a service that utilizes the same AI product that everyone else can provide? Why would they even hire you if they could just get the AI solution themselves?
Great client service, grounded in strong governance and control, is what makes great products better. Sure, you can create a curated AI model designed to answer customer needs whenever they arise and in exactly the way customers expect, but will it be truly customizable? Sincere? Relatable? I see no world where human businesses will be satisfied with receiving a purely automated service with no human interaction. I believe that personal customer service will become the ultimate product differentiator. How you interact with your clients and how well you translate complex data into stories that apply to their issues will be highly sought after.
So, I am doubling down on people. I don’t know how yet, but I am pledging that the future of Boldbridge and my own future will involve people: flawed, personable, charismatic, non-standard people.