MISSION LANE difficulty in explaining decisions produced by an AI model to the person who is impacted by that decision ( for example , an applicant for credit who may see their application declined by an AI model ).
It ’ s also important to not get seduced by innovation for innovation ’ s sake and forget to spend the time needed to deeply understand what customers actually need . We have seen this happen in the fintech industry where AI and automation have been used to reduce the workload for companies and customers . But in some of the segments we serve , customers who are living paycheck-to-paycheck want to have a measure of direct control over inflows and outflows , so over-automation can leave them feeling anxious . So , it is important to always remember that we are serving human beings with distinct and nuanced needs ; we are not just optimising algorithms . making decision-making faster , cheaper , and more accurate . Many processes can be automated , thus reducing expensive and time-consuming manual reviews and helping to identify priorities based on predicted business impact . Automation can help make businesses more efficient and scalable by freeing up capital and increasing resilience , leading to sustainable business models that align profitability with customer benefit .
However , innovation does not come without threats of risks that must be addressed . A core issue cited across the board with AI is inadvertent bias and the black box effect . The black box effect is the
“ It ’ s also important to not get seduced by innovation for innovation ’ s sake and forget to spend the time needed to deeply understand what customers actually need ”
SHANE HOLDAWAY CEO , MISSION LANE
36 January 2022