AI cannot be ignored anymore, and is a force to be reckoned with. As we often ask when it comes to new technology, the question arises: will this change things forever?
The answer, as you may expect, is nuanced.
It is undeniable at this point that AI changes everything. From how we do business, to how information is distributed – AI is probably as transformative as the internet was when it first broke out onto the scene. Most importantly, AI is one of those tech innovations that could change our brain architecture. Just as many of us may not be able to (or need to) remember phone numbers like we did in the past due to the rise of the Smartphone, we may lose some of our ability to write, think, and make conclusions on our own, courtesy of AI interfaces. Each person and organisation has a unique lens through they view the world, and while AI will make things easier and streamline processes, we will definitely be losing some skills and texture of individuality in exchange for immense convenience. That’s always the equation, as we all know by now.
The hot question that’s on the table now:
Is AI going to change everything for us in ways that will make our previous world unrecognisable, or is it merely just another tool?
Shifting to another realm for a moment – let’s look at the rise of video calls, notably boosted during the Covid era. It has utterly transformed how we do business. If we were still in the 90s, looking ahead to an imaginary 2025, we may have imagined that face-to-face meetings would be a thing of the past by now. However, business-class seats in airplanes are still full of executives criss-crossing the globe to meet each other, cafes in every major city are packed as people wish to sit together for business and pleasure, and some processes simply feel incomplete without a handshake or real eye contact.
Video calls have enhanced our options for communication, but the need and desire for face-to-face connection is very much alive. The convenience of seeing and speaking to someone while sitting at home wearing any pyjama bottoms we want, have not canceled out that fundamental desire. Going for a physical meeting takes more time, effort, and is costlier – yet it is still an irreplaceable part of our lives.
Video calls are a fantastic tool, but have they replaced real face-to-face contact? Doesn’t look like it.
Another notable example we can all relate to is online shopping. Nowadays, you don’t need to leave your home to order virtually any item right to your doorstep, from across the world, often within days. If you consider the various mechanisms like virtual try-ons (using AI), verified reviews, and more, it makes one wonder how malls still exist. Why would you want to search for an item you need in a mall, after having to look for a parking spot, and having a fraction of the variety you have online? Well, malls are very much alive and well.
Again, through the looking glass from the 90s, we may have imagined malls at RIP status at this stage.
When discussing the potentiality of AI taking over human jobs, another example often used is that of self-checkouts. Of course it’s faster, more convenient, and a win-win situation for the customer and the business (making the process easier while also saving manpower). However, will there be no humans at check-out in X years?
Besides the obvious and functional reasons that may still require a human at checkout – the elderly, the non-tech savvy population, error monitoring, and theft control – we may be overlooking something very simple. What is the meaning of human connection as we go about our daily errands? What does a smile mean, or a simple “good morning”? At the end of the day, supermarkets are a business, and they’re competing (quite viciously).
If there indeed is a desire for human contact that will add any form of charm or allure to the checkout process, the human could remain there, at least symbolically, from that consideration alone.
Last but not least, a fascinating thought often pondered, is whether AI will replace judges in the legal system. Of course, AI could be infinitely more “efficient” when it comes to remembering/exercising cold, hard rules and laws and the fairness levels would be unprecedented (providing the AI model is not biased). However, once more, in the pursuit of efficiency, we could be missing so much. Many legal decisions require contextual, moral, and societal judgment. Empathy. Cultural awareness. And so many more qualities that are reserved for humans alone. In a courtroom, there is also the essence of human connection, which may or may not be a good thing when it comes to fairness across the board – but is life and nature in general universally fair in any case?
Subjectivity arguably doesn’t always have to be a bad thing in certain cases, as it mirrors the animal kingdom and the mysterious ways of the universe itself. In nature, there are no cookie-cutter systems of fairness.
Will AI Replace Humans: Our Verdict
All of the examples above come together to show that it’s not always just about efficiency on paper, dry facts or hard numbers – even in the face of immense convenience and lower costs. Humans desire connection, and desire is what drives the entire economy. Besides, a subjective touch is often part of our lives in magical ways that we may not even be aware of, had AI not arisen to show us.
AI’s contributions are no less than miraculous, however, so is the human mind. Scientists still don’t fully understand how the human brain works, not to mention energy, intuition, or even what a “gut feeling” actually is, scientifically speaking.
This could remind us of the gigantic pursuit of space exploration, looking up to the stars, when we haven’t even explored a tiny fraction of our own oceans.
We believe that AI is a magnificent tool that enables us so much more than ever before, and is transforming how we live end-to-end. But, similarly to other mega technologies that came into our lives – will it change things to the extent that people are thinking (or fearing)?
Probably not.
When it comes to companies, each team has its own unique DNA that cannot be found anywhere else. The more companies use AI models, as different and as varied as they may be, they may start to look all the same and the rich tapestry of the business world could be lost. For that reason alone, from a business perspective, we believe that the human touch will always remain when it comes to corporate governance. Think about a restaurant famous for no-barcode one-ingredient organic food – in the face of endless development and variety, there will always be a search back to the source, to simplicity, no matter what tech comes our way.
In our field of AI-Powered WealthTech, artificial intelligence enables our system to scan the web and aggregate millions of data points daily, process the data in split seconds based on predefined rules, and blend it with complex mathematical rulesets in split seconds to create a fine wealth creation machine. It wouldn’t be an exaggeration to call this a miracle in the wealth management sphere. However, humans will always be needed (and wanted) in this space too for various functions and reasons, and we believe this won’t go away even after we all “get used to” AI. For example, customer service and onboarding in the WealthTech sphere, should always have human oversight.
So, where are we heading?
There is too little we know about AI (costs and benefits), and even less we know about the human brain and soul in order to say that AI will replace humans across the board. One thing we do know, with enough water under the bridge of developments in various other fields, is that certain timeless and universal truths about human feelings won’t go away any time soon. AI is a spectacular mega-tool that will elevate any human endeavour, and as always with innovative tech – it’s how we use it that counts. Technology should be used to enhance the human story, while still staying human, and AI is no exception.
The best move anyone can make nowadays in their respective fields, is learn how AI can help to transform and advance their area of expertise, and to use it right.
