Are you ready to introduce AI to your brokerage?

Research shows Australians lag behind the rest of the world when it comes to embracing AI

Are you ready to introduce AI to your brokerage?

With technology developing constantly we have seen the rise and growth of fintech making financial transactions and loan applications easier and faster for the consumer. But how do you know if new artificial intelligence (AI) solutions are something you should be taking more advantage of as a broker?

New research from Genpact says businesses need to first overcome lingering doubts from their customers and employees.

The second edition of Genpact’s research series, AI 360: insights from the next frontier of business, explores perceptions of three distinct audiences – senior executives, employees, and consumers – that are critical to AI’s widespread adoption in business.

Nearly every Australian executive surveyed (99%) says their company plans to implement AI-related technologies over the next three years, citing improved customer experience (35%), greater inter-departmental collaboration (35%), and more time afforded to employees to focus on important tasks (40%) as the most commonly anticipated benefits.

With brokers becoming more time poor and potentially having to worry about the impact on remuneration changes, AI could be something to consider. But according to the research, Australians just aren’t getting it.

While the latest survey results show significant progress since the inaugural 2017 study – for example, 53% of consumers globally say AI is making their lives better, up from just a third globally in 2017 – Australians lag behind counterparts in the United States and United Kingdom when it comes to embracing AI.

Only 43% of Australians believe AI is improving their lives, compared to 48% of U.K. consumers and 59% in the United States.

“Many companies already see AI’s benefits, and we expect to see this grow in Australia as more businesses learn from the early adopters, and as more customers and employees better understand the benefits of AI on their lives,” says Richard Morgan, country manager of Genpact Australia.

“Yet, people still worry about such issues as AI bias and privacy, and fear AI’s impact on jobs. These doubts send clear signals about what companies must address to achieve greatest business impact from AI.”

For brokers dealing with people’s personal financial information, the issues around privacy could be one of the biggest worries for both them and their customers.

According to the research, 70% of Australian consumers say they don’t want companies using AI that intrudes on their privacy, even if the goal is to optimise their experience.

When it comes to AI’s impact on the workforce, Australians are the most fearful compared to other countries surveyed, especially when looking ahead. Approximately one in three Australian workers believe AI threatens their job and more than half worry that AI will threaten the jobs of their children and future generations.

Despite these concerns, 69% of Australian workers say they expect to see benefits from AI in the workplace in the next three years, and 77% are open to learning new skills so they can take advantage of AI.

Moreover, almost half say they will be comfortable working with robots within three years.

“Slowly but surely we’re seeing a shift in how Australian employees view AI in the workplace. It’s a good sign that a quarter of workers think AI will bring new career opportunities,” Morgan says.

“As AI becomes more embedded in our professional and personal lives, it’s vital that business understand lingering doubts. Executives must educate their employees and customers about AI’s potential, and provide them with tools to take advantage of its benefits.”