The capitalist system, with all its advantages and imperfections, stands out for its ability to imitate nature. Just like species that adapt and evolve to survive, companies that manage to adapt to the environment, becoming more efficient in a competitive environment, tend to prevail. The idea here is not to discuss whether we should improve or replace this system, but rather to reflect on how it encourages innovation and the constant search for improvements. And it is in this context that the artificial intelligence (AI) revolution is and will continue to transform the financial sector, bringing a new era of productivity and efficiency.
Enthusiasm in the Financial Sector
The financial sector is experiencing palpable excitement about the potential of AI, especially generative AI (GenAI), a type of Artificial Intelligence that is trained on huge databases and has the ability to generate new content, and among other things, understand and process human language. This new package of technologies has the potential to transform routine tasks, especially within service companies.
Imagine your office routine being revolutionized by tools that, instead of simply executing commands, anticipate needs, organize information and automate processes with unprecedented precision and efficiency. This is the potential of GenAI: transforming administrative activities into something almost magical, freeing up time and resources for innovation and creativity.
The idea of having a tool that can not only perform repetitive tasks, but also offer insights and optimize complex processes, has the potential to transform the way financial institutions operate. It's not just about automation, but a true partnership between humans and machines, where AI acts as a co-pilot, guiding and enhancing human capabilities.
To better understand the impact of this transformation, Microsoft and LinkedIn's "2024 Work Trend Index Annual Report" provides a comprehensive look at AI adoption in the workplace. The report is based on research involving 31,000 “knowledge workers” from various industries in more than 30 countries. Knowledge workers is a new concept that this report highlights. These are professionals whose main capital is knowledge. They use their cognitive skills to solve complex problems, make informed decisions, and innovate within their areas of expertise. In the financial sector, this includes financial analysts, investment advisors, risk managers, auditors and other professionals who rely on accurate information and detailed analysis to make strategic decisions.
Recent data shows that the use of GenAI at work has nearly doubled in the last six months, with 75% of knowledge workers using AI. This is due to the tangible benefits that AI offers: 90% of users report that AI helps save time, 85% say it improves focus on important work, 84% that it increases creativity, and 83% that it makes work more efficient. pleasant.
AI Tools Embedded in Every Application
We are living in an era where AI tools are or will be embedded in virtually every application and device we use, often transparently to the user. The image of famous Artificial Intelligence agents such as Hal 9000 from "2001: A Space Odyssey" or Jarvis, Tony Stark's inseparable companion in "Iron Man" and other Marvel films, comes to the surface. Now, these characters are no longer mere pieces of fiction, but concepts increasingly closer to reality.
A current and tangible example of this integration ideal is Microsoft's Copilot. As its name suggests, Copilot acts as a digital copilot, helping us get the most out of our tools quickly, accurately and efficiently. It is not just a passive tool, but a proactive agent that facilitates the creation of documents, spreadsheets, presentations and much more.
With Copilot, and other built-in AI Agents, performing routine tasks such as creating a detailed report, preparing a convincing presentation or managing a complex workflow becomes a simplified and fast task. AI agents can suggest improvements, automate steps, and ensure results are of high quality. This omnipresent presence of AI is changing the way we interact with technology, turning it into a natural extension of our capabilities.
Interestingly and worryingly, many employees are bringing their own AI tools to work, even without official approval from their companies. This indicates a sense of urgency and anxiety, where perceived benefits outweigh governance and security concerns. This practice, although more common in small and medium-sized companies, where 80% of workers adopt this approach, happens in all company sizes and sectors. The impacts of this acceleration in the use of AI disconnected from governance concerns are still uncertain.
The Era of Humanized and Creative Work
However, the revolution goes beyond efficiency and productivity. The true promise of digital copilots is the possibility of more humanized and creative work. By automating bureaucratic and tedious tasks, AI can enable professionals to focus on what really matters: innovation, solving complex problems, and meaningful interaction with customers and colleagues.
According to the report, among those frequent users of AI (I use it very frequently and several times a week with savings of more than 30 minutes per day), 92% of them, the overwhelming majority, say that AI increases creativity, and 91% say that AI helps them feel more motivated and enjoy their work more.
In Brazil, 88% of professionals with a frequent user profile say they start their day with AI, and 91% use AI tools to help them prepare for the next day.
In the financial sector, this change is especially relevant. With a digital mindset, fierce competition and an incessant search for speed and precision, the environment is ready to embrace this transformation. Digital copilots could be the boost needed for a new era of work, where technology supports and amplifies creativity and human capacity.
A lot of buzz, and for good reason
We are on the verge of a profound transformation. The AI revolution in the financial sector is not a distant promise, but a reality in the making. Enthusiasm for the potential of GenAI, the integration of AI tools across applications and behavioral change in the workplace point to a future where work is more efficient, accurate and, above all, human.
On the other hand, the report reveals that 60% of leaders fear that their organizations lack a clear plan and vision to implement AI, which generates an ambiguous feeling, a mix of anguish and uncertainty with enthusiasm and expectations. This is a point of attention: never before have leaders with a deep understanding of the impacts and scope of the changes we are experiencing been so necessary.
At the heart of this transformation are generative agents that promise to not only automate tasks but also unlock human potential for creativity and innovation. The financial sector, with its intrinsic need for efficiency and speed, is leading this revolution, and those who meet the challenge head-on have the opportunity to stand out, showing that the magic of technology is here to transform the way we work and live.
More details about the report can be find in “2024 Work Trend Index Annual Report" from Microsoft and LinkedIn” - https://assets-c4akfrf5b4d3f4b7.z01.azurefd.net/assets/2024/05/Microsoft_2024_Work_Trend_Index_Annual_Report_663b79bdc8f91.pdf
