Are credit professionals ready for AI? Top tips for success in the AI era

Whilst only 16% of finance professionals have used Artificial Intelligence (AI) tools in their current role so far according to our research, this is certainly set to rise as AI technologies advance and organisations implement plans to take advantage of these tools. However, the question remains: are professionals well equipped to respond to the growing presence of AI across the world of work?

As tech evolves at such a rapid pace, keeping up can be a real challenge, but there are actions we can take to stay informed and utilise AI to the best of our ability. Here are five ways credit professionals can unlock the opportunities AI has to offer to enhance their roles and simultaneously remain indispensable to their organisation:

1.???? Define clear goals

Like any new technology, software or way or working, it’s important to reflect on your overarching objectives and how you can continue to strive to achieve these ambitions. Strip it back to why your role exists and what success looks like in your position. Whether you want to process and analyse vast amount of data more efficiently, improve accuracy, automate repetitive tasks to save time for more creative, human-centric responsibilities, increase productivity or improve fraud detection and prevention.

In other words, what challenges are you currently facing and how can AI help you to overcome these and to meet your professional goals? The same thought process can be applied to assessing the wider mission of your organisation as a whole and deciding what tools and technologies need to be in place to align with this.

2.???? Find relevant tools

Once you have a clearer understanding of what you want to get out of AI, you can research the tools that are out there to discover the ones that will work best for you. Some organisations will outline the AI tools and technologies that they allow or encourage you to use, so it’s important to keep your employer in the loop about the tools you’ve come across and plan on using to ensure you’re sticking to any company regulation and policy.

There is a multitude of AI-powered credit risk management software for instance, so set aside some time to learn about what each one offers and whether they tick the right boxes to align with your goals.

3.???? Upskill accordingly

The ability to use new AI tools to support your role won’t come overnight, but instead will be a process involving trial and error and a commitment to learn and upskill. Enrolling in courses set up by your employer or external programmes is an effective way of developing the skills necessary to get to grips with and eventually utilise unfamiliar AI tools.

Attend relevant webinars and events, read journals and articles to build an awareness and practice using AI in different ways and in different scenarios to lay the groundwork for successful AI adoption going forward.

4.???? Enhance your soft skills

Soft skills, also known as core skills, are vital for a fulfilling career, but they are particularly valuable when it comes to navigating technological change. To ensure the human workforce stays capable, employable and resilient in the face of AI, skills such as communication, adaptability, problem-solving, time management, critical thinking and creativity are non-negotiable.

These kinds of soft skills are timeless and transferable and professionals who continually invest in developing a strong skillset will always be an asset to organisations. Despite fears that AI will threaten jobs and take over, the powerful and irreplaceable human element will prove essential for working alongside AI and is a constant amidst the uncertain and ever-changing nature of technology.

5.???? Proceed with caution

Last but by no means least, it’s crucial to use AI tools responsibly and to be aware of the risks associated with these rapidly advancing technologies. Always question and double check the outputs that AI tools deliver as there is no guarantee they are 100% factual - whilst AI tools can certainly enhance our day-to-day working lives, there are an array of limitations that we shouldn’t turn a blind eye to.

Be mindful of sharing personal or sensitive data on AI tools as this can pose real security risks and dedicate some time to familiarise yourself with the privacy settings built into each tool. Remember the importance of human judgement and be prepared to make your own decisions rather than relying on AI too heavily. If the systems go down or you’re in a circumstance where you can’t use the AI tools you’ve incorporated into your daily routine, you still want to be able to stand on your own two feet and get the job done to a high standard.

Ultimately, taking advantage of, and collaborating with, AI is a journey not a destination, one that will require a willingness to learn, adapt, overcome obstacles and harness your soft skills, as well as a healthy balance of optimism and caution.

As featured in the CICM Magazine.