Artificial Intelligence is the next frontier of digital transformation. Businesses and governments are now rushing to invest millions of dollars as they seek to stay ahead of their competitors. The year 2020 was the year that the role that AI can play became apparent. It had a far-reaching impact on health and safety, where it played a crucial role in saving human life in various ways in healthcare and enhancing economic resilience. As we start a new year, AI is set to guide 2021 efforts in many ways.

Although many people doubted the benefits of artificial intelligence (AI) before, this technology has proven to be capable of giving more than what many had expected.  One of the areas that appear to reap the most out of the advancement of AI is the employment sector. This comes in as the world races to contain the spread of the COVID-19 by enforcing social distancing modes such as working from home. Throughout this period, remote work and work from home have become the leading area of conversation across the industries. The availability of technology such as Zoom and the advancement of AI and virtual reality have made it more viable for different companies to adopt new means of working while the coronavirus pandemic has acted as a catalyst for this change.

Like several other banks in the EU reeling from the impact of the 2009 financial crisis, our client Bank (name withheld for confidentiality) had to take measures to restructure the non-performing loans under a parliament-approved securitization scheme. The Bank uses its in-house call center to contact non-performing loan debtors and negotiate offers to restructure the debt according to the debtor’s unique situation and their ability to pay-out the loan.

It has now become common hearing people talking about how artificial intelligence (AI) will change various aspects and industries in every country on the planet. There are growing fears that this technology will eliminate many jobs and professions through automation of tasks. Many reports have shown the truth behind job automation especially for certain professions and demographics. For example, a report by Brookings Institution noted that automation threatens more than 25% of jobs in the US, most done by low-wage earners where tasks are repetitive and routine-based.