In today’s rapidly-evolving technological landscape, integrating Artificial Intelligence (AI) into business operations is no longer a futuristic concept, but a present-day reality. However, the journey to harnessing AI’s full potential is often met with resistance, particularly in environments that are less receptive to technological change. 

For leaders, this situation presents both a challenge and an opportunity to innovate and drive progress.

Forward-thinking leaders recognise that AI can serve as a powerful tool for achieving business success and social impact. By identifying opportunities where AI can deliver mutual benefits, leaders can cultivate a culture of collaboration and shared success. This approach not only enhances business outcomes, but also contributes to the greater good.

A common concern is the fear of job displacement due to automation. Leaders can address this issue by concentrating on reskilling their workforce, and preparing employees to work alongside AI rather than be replaced by it. 

This strategy mirrors the transformative impact of the Industrial Revolution when new technologies created new roles and opportunities.

Transparency and explainability are crucial for gaining trust in artificial intelligence systems. Leaders must ensure that Artificial Intelligence tools are practical and comprehensible to their teams. By demystifying artificial intelligence and clarifying its processes, leaders can foster employee confidence and acceptance.

As AI becomes more integrated into daily operations, leaders must consider their employees’ digital well-being. This approach includes managing the mental load, ensuring autonomy and addressing digital dependency. By prioritising digital well-being, leaders can create a healthier and more productive work environment.

The future of work lies in the collaboration between humans and machines. Leaders should leverage AI for routine tasks such as scheduling and customer support, while creating new roles like AI ethicists and model trainers. 

This collaborative approach maximises the strengths of both humans and artificial intelligence.

AI’s potential extends beyond business value, and can drive social progress. Leaders should explore partnerships with non-profits and local organisations to use AI in addressing societal challenges. 

By doing so, they can promote equity and growth, demonstrating AI’s positive impact on society.

AI impact globally

The significance of AI is reflected in its widespread adoption and considerable contributions to various sectors. The global AI market is projected to reach N$24.614 billion by 2030, experiencing substantial growth from its estimated N$3.933 billion revenues in 2024. Artificial Intelligence is expected to contribute a significant 21% net increase to Gross Domestic Products (GDP) by 2030. Approximately 35% of businesses have adopted AI, with 64% believing that it will help increase their overall productivity. By 2025, artificial intelligence may eliminate 85 million jobs but create 97 million new ones, resulting in a net gain of 12 million. Over 75% of consumers are concerned about misinformation from AI.

Artificial Intelligence is transforming the banking industry by enhancing efficiency, security and customer experience. 

AI algorithms analyse transaction patterns to detect and prevent fraudulent activities in real-time, significantly reducing bank fraud-related losses. 

Artificial Intelligence-powered chatbots and virtual assistants, like Bank of America’s Erica, provide around-the-clock customer support, efficiently handling enquiries and transactions. 

AI models are utilised to assess credit risk by analysing vast amounts of data, improving the accuracy of credit scoring and lending decisions. 

Artificial Intelligence analyses customer data to offer personalised financial advice and product recommendations, enhancing customer satisfaction and loyalty.

American banks such as JPMorgan Chase’s Contract Intelligence (COiN) platform leverage AI to improve risk management and fraud detection.

By parsing thousands of legal documents and identifying unusual transaction patterns, COiN has reduced document review time from 360 000 hours annually to seconds, and significantly enhanced fraud detection. 

For Wells Fargo, AI is used to boost customer service and operational efficiency. Their artificial intelligence-powered chatbot, “Fargo,” assists customers with account enquiries, transactions and financial advice. Additionally, AI models are employed for fraud detection and credit risk assessment, enhancing security and decision-making processes. Navigating a less AI-receptive world requires a leader’s mindset which embraces innovation, transparency and collaboration. By adopting these strategies and leveraging AI’s potential, leaders can excel in their respective fields, while contributing to an inclusive and technologically-advanced society.

*Gideon Amakali is Bank Windhoek’s Head of Management Accounting.