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Q&A with an AI expert: The future of AI in the workplace

June 04, 2024 5 min read

Dr Henry Shevlin is a professor and researcher at Cambridge University. His work on AI has been featured on the BBC, the LA Times, GB News, France 24, and The New European, among others

Dubai, United Arab Emirates

 

As the financial landscape continues to evolve in the digital age, one of the most significant drivers of change is artificial intelligence. To delve deeper into the transformative power of AI in the finance workplace, we sat down with Miguel Romao, Senior Director of Product Strategy at Moody’s, and Dr Henry Shevlin, Associate Professor and Associate Director at the Leverhulme Centre for the Future of Intelligence at Cambridge University.

Here are some key takeaways from our conversation:

Revolutionizing workflows

Dr Henry Shevlin paints a compelling picture of AI’s impact on the financial workplace. AI’s ability to automate tasks, analyze vast datasets, and make data-driven decisions is set to revolutionize financial workflows, he asserts. From automating routine processes to enhancing risk management strategies, AI can support new levels of efficiency, productivity, and even employee and consumer satisfaction in finance.

“Make yourself an early adopter,” Henry advises. “AI tools have never been more accessible than now. As recently as five years ago, you needed hard technical skills to play around with AI systems and make them work for you, but the rise of Large Language Models (LLMs) means that everyone can figure out firsthand what current-gen AI is good for.”

Miguel Romao concurs. “AI already plays an important role at Moody’s,” he says, “and we see this as a growth area. We’ve launched our latest generative AI solution, Moody’s Research Assistant, for instance. With it, we can synthesize vast amounts of ratings, research and data from across Moody’s within seconds. It allows for much faster content discovery when conducting fundamental credit analysis, peer comparisons, data gathering and report building. Due to its speed, its ability to quickly discover and summarize macro, sector and entity factors at once, and its customization capabilities, users can save up to 27% of their time when conducting their credit analysis work. We see this as a real game changer.”

“Right now, you can still keep up with developments as they happen,” Henry adds, “and by investing just a few hours a week to get up to speed with something like Research Assistant, or Copilot, or ChatGPT,  you will make it easier for you to position yourself as an expert later on, and you’ll free yourself up to do the more compelling work that can actually advance your career.”

Seeing past the challenges

Of course, despite its potential benefits, the integration of AI in finance is not without challenges. But while Henry acknowledges that the concern of job displacement is very real, he thinks that employees may be missing a crucial opportunity.

While there is a distinct possibility that AI may replace quite a lot of jobs in the future, for people in niche knowledge jobs like finance, the more immediate issue isn’t that they might be replaced by AI. The more pressing concern is that they may be replaced by someone just like them who can use AI better.

Miguel agrees. “This is actually a very important area for us at Moody’s, and we hope to upskill our own workforce by enabling access to AI tools, such as Copilot, and allowing them to experiment and then integrate takeaways into their own day-to-day. I believe some of our marketing teams are also testing and validating other platforms to further streamline creative and promotional strategies. This is the kind of efficiency we hope to bring to our customers as we further develop our own AI products."

Humans and AI: a collaborative future

Henry emphasizes a collaborative future between humans and AI in the financial workplace. “While AI excels at tasks like data analysis, humans bring invaluable skills such as creativity, critical thinking, and emotional intelligence,” he explains.

Those skills will still have a role in the workplace, except with AI, there is space to concentrate on the tasks that truly interest employees, letting workers outsource some of the grunt work. And by leveraging the complementary strengths of humans and AI, finance professionals can drive innovation and deliver enhanced value to clients.

In envisioning the future trajectory of AI in finance, Miguel and Henry agree that further integration and innovation are on the horizon. “As AI technologies continue to advance, we can expect to see greater customization, personalized services, and improved risk management in finance,” Henry predicts.

The future of the workplace is undeniably intertwined with the rise of AI. By embracing this transformative technology, companies across a multitude of sectors and industries can unlock new opportunities, drive operational efficiencies, and deliver enhanced value to their clients. As the world grows more complex, and new risks emerge, it is imperative that we learn to take advantage of the developments that allow us to stay ahead of the curve. Through collaboration, innovation, and a responsible commitment to ethical AI practices, we can more than meet the moment: we can anticipate, adapt and ultimately thrive in this new era.

Interested in learning more about Moody's GenAI offering?  Read about Moody's Research Assistant or click on the link below.