The advent of Artificial Intelligence (AI) and machine learning has meant we are amid one of the biggest technological revolutions of our time. Emerging SMEs have taken advantage of this and since 2015, a new AI company has launched almost every week in the UK. This access to innovation has meant that smaller firms, if fast-adapting, have a very real chance of overtaking established corporates across all sectors.
What could be a cause for concern during this technological rise, however, is the abandonment of human interaction in business altogether.
For Peter Tuvey, Co-Founder and Managing Director at Fleximize, start-ups need to remain mindful whilst adapting to this tech and ensure a maintained balance with human interaction is still core to any business function.
The FinTech sector in particularly is rapidly expanding due to the advent of automation, and with swift growth comes increased investment. According to Accenture’s analysis of data from CB Insights, global investment in FinTech reached an all-time high in 2017, with alternative finance companies receiving the biggest chunk of this capital.
These alternative finance firms give hope to many of the UK’s start-ups. They have come to replace traditional bank loans and have identified a very real void in the market. In some firms, negotiations between clients and bank managers are now no longer necessary with the arrival of automated credit checks and online applications. Robotic process automation (RPA) is now replicating the human process which means companies can reduce employee numbers if needed and adopt a digital Backoffice.
In theory, these AI functions seem like economically savvy solutions for companies. Humans will be…