Harnessing the Power of AI: A Guide to Responsible and Effective Use
In today’s digital age, consumers are producing an unprecedented amount of data each year. With estimates predicting that a staggering 176 zettabytes of new data will be created annually between 2021 and 2025, businesses have a tremendous opportunity to harness this data to provide better customer experiences and outcomes. Commonwealth Bank Chief Decision Scientist, Dan Jermyn, emphasizes the importance of taking a multi-pronged approach to data privacy, security, and data protection while leveraging AI tools to achieve these goals.
AI, when used correctly, can offer businesses two major benefits: processing and interpreting large data sets to produce new insights or tools, and reducing the amount of repetitive tasks that staff need to complete each day. By automating lower-value tasks, AI can free up employees to focus on more valuable aspects of their job, ultimately improving efficiency and productivity.
At Commonwealth Bank, AI tools have been successfully implemented to enhance customer engagement and streamline processes. The customer engagement engine helps personalize communication with customers across various channels, while the Benefits Finder tool has connected customers to $1 billion in benefits since its launch in 2019. These tools have been optimized through strong partnerships with H2O.ai, showcasing the power of collaboration in AI implementation.
However, Mr. Jermyn emphasizes the importance of responsible AI use. Transparency and explainability are key principles that businesses must adhere to when utilizing AI systems. Understanding how AI algorithms work and being able to explain outcomes to customers are essential for building trust and ensuring fair and unbiased decision-making.
To ensure the effectiveness of AI systems, businesses should test for unintended biases, especially when developing their own AI tools internally. Additionally, there should be a chain of accountability in place to keep humans accountable for the decisions made by AI tools. Ultimately, AI is a powerful tool that can greatly enhance customer experiences and outcomes, but it is essential for businesses to use it responsibly and ethically.
Dan Jermyn, an experienced leader in technology and analytics, leads the AI and data science initiatives at Commonwealth Bank. With a background in strategy consulting and digital analytics, Dan brings a wealth of knowledge and expertise to drive decisions that improve the financial wellbeing of CBA’s customers and communities. His insights and guidance on responsible AI use are invaluable for businesses looking to leverage AI for success in the digital age.
