Artificial intelligence (AI) has been a hot source of debate in recent times. AI has existed for quite some time now, an example of this is the recommendations you can see in your favorite e-commerce platform as it was generated by AI based on your personal shopping preferences and history. However, the rapid progression of its development and its common use in everyday life and professional business may arouse concern for some people. Proponents of AI argue that AI use in businesses could help increase efficiency and productivity, while those critical of the use of AI argue that AI may reduce the need for human jobs and hence diminish competitiveness in the job market, but are those statements true? Read the article below to find out.
Is AI Usage Taking Over the Job Market?
One thing to keep in mind is that AI is neither inherently good or bad. The rapid development of AI comes out of necessity to improve day-to-day life. In businesses, it is mostly used to provide automation and boost a business’ productivity, hence positively contributes to the business’ overall efficiency by reducing mundane and repetitive tasks that would otherwise take too much time and manpower. The chart above from Economist.com shows that industries that require a large amount of automation such as food preparation, construction and cleaning are more prone to get replaced by automated AIs. Additionally, according to a report from Goldman Sachs, generative AIs such as ChatGPT could replace an equivalent of 300 million full-time jobs. This report explains that jobs in tech, media, legal, marketing and finance may be vulnerable to be fully replaced by generative AI. According to Anu Madgavkar from the McKinsey Global Institute however, generative AIs are still prone to generating misinformation, incorrectly answering coding questions and producing errors in basic math, thus she argues that human intervention is still required in the operation of this type of AI. The same is true for jobs in industries that are ‘replaced’ by automation, human touch is still required to upkeep the machine and system’s productivity and safety. Therefore, it is also arguable that AI could also create more jobs than it displaced.
According to an analysis by PwC, 7 million jobs could be displaced by AI in the UK between 2017-2037. However, 7.2 million jobs could also be created by the use of AI. However, there is an unequal distribution of percentages of jobs created and displaced by AI. True to the point above, most of the jobs predicted to be displaced by AI require a large amount of automation such as manufacturing and transportation. According to Euan Cameron, PwC’s AI lead in the UK, digital skills, creativity and teamwork are capabilities that are less likely to be replicated by AI, therefore those skills are favored by the jobs offered in the fourth industrial revolution that is happening today.
Why Do So Many Businesses Use AI?
A contributing factor on why AI usage is growing in the workplace is that it helps cut down service level agreements (SLAs). AI can help cut down SLAs by automating tasks, improving efficiency and providing insights. There are many reasons why businesses would want to reduce SLAs, such as an improved customer satisfaction, reduced costs, increased productivity and an overall improved competitive advantage.
AIs used in business come in many shapes and forms such as machine learning, natural language processing, computer vision and robotics. Although each type of AI caters to different business types, they all serve the same purpose of helping improve business efficiency. According to data from Forbes Advisor, AI is most used in customer service (56%), followed by cybersecurity/fraud management (51%) and digital personal assistants (46%). The same study also suggests that a majority of business owners expect that AI will benefit their business with 64% of business owners anticipate that AI usage would help improve customer relationships and increase the business’ overall productivity.
How We Can Help Your Business Utilize AI
We recognize the significance of security and efficiency in business operations, which is why ASLI RI has developed an advanced Electronic Know Your Customer (E-KYC) with Biometric Verification system. This system incorporates biometric verification and leverages cutting-edge AI technologies to enhance its performance. The following AI tech stacks are integrated into the E-KYC with Biometric Verification solution:
- Machine Learning: This component empowers our E-KYC system becomes increasingly effective in accurately identifying and verifying individuals, providing a secure and reliable solution for businesses.
- Natural Language Processing: By employing natural language processing techniques, the E-KYC system can comprehend and analyze textual information, such as identity documents and customer inputs, making the verification process more efficient.
- Liveness Detection: The AI system utilizes sophisticated algorithms and computer vision techniques to determine if an individual is physically present and actively participating during the biometric authentication or identification process. This ensures the prevention of spoofing attempts and enhances overall security.
- Optical Character Recognition: The E-KYC system employs optical character recognition technology to extract relevant information from identity documents, such as identity card (KTP), driver’s licenses, and passports. This automated process reduces manual data entry errors and accelerates the verification process.
- Computer Vision: Integrated computer vision capabilities enable the AI system to interpret and analyze visual data, such as facial features, to facilitate accurate biometric matching and identification.
Please refer to the picture below for more information.
This system is more reliable, accurate and smarter than its predecessors. Our system can help cut down SLAs whilst also keeping your business secure from potential fraud by automating online user verification.
Our E-KYC system verifies user identity by processing user biometrics through a liveness check that could detect spoof attacks with high accuracy. Several benefits of using E-KYC includes:
- Improving customer convenience by allowing customers to onboard quickly without having to visit a branch or provide physical documents, saving time and increasing practicality.
- Reducing costs by eliminating the need to print or mail documents and costs that may come from fraud.
- Improving compliance by helping businesses comply with counter-terrorism and anti-money laundering regulations. E-KYC enables businesses to verify the identity of their customers and reduce the risk of crime or fraud.
- Improving security by enhancing the security of customer’s data against fraud and unauthorized access.
E-KYC benefits a broad range of businesses like finance, education and e-commerce among others. It is a flexible and reliable tool for businesses to utilize especially in the digital age today.
E-KYC: Secure and Efficient AI for Your Business
In conclusion, the use of AI in businesses is projected to grow over the next few years and that the development of AI tools is something that should be embraced, instead of prevented. ASLI RI’s E-KYC is a promising example of the usage and application of AI in businesses that can help improve your business’ efficiency and output. With the rapid development of AI, we are expected to see more businesses utilize AIs like E-KYC to help improve their day-to-day operations and protect their customers. If you’re interested to learn more about how E-KYC and other AI technologies could benefit your business, visit www.asliri.id for more information. Step up your business by utilizing secure and efficient AI!
artificial intelligence asliri Business Automation eKYC
Last modified: July 12, 2023
