Numerous technology companies, ranging from prominent vendors like Microsoft, Google, Salesforce, and ServiceNow to financial technology services such as Blend, Q2, and Intuit, have adopted the term “copilot,” which originally referred to an individual assisting in flying an aircraft.
These copilots leverage advancements in conceptual AI to offer employees automated assistance in accessing information and performing basic tasks, a capability that was previously unavailable. By labeling these programs as copilots, tech firms aim to alleviate some of the concerns associated with deploying advanced AI.
According to Gilles Ubaghs, a corporate assistant at Datos Insights, branding these tools as navigators represents a step back, providing businesses with a greater sense of control and human oversight.
In the banking sector, the preference is not for a Terminator-like AI but rather for a Robocop figure, embodying a human presence within the realm of superhuman capabilities. The concept of a navigator working alongside a pilot while the captain retains ultimate authority is being explored by some financial institutions.
At First National Bank of Omaha, Andy Max, the senior director of data enabling—insights and perspectives, views the copilot trend as a long-lasting development that requires careful consideration and implementation one step at a time.
In call centers, Jordan Olack, the senior vice president of call center distribution and smart technology at KeyBank, sees the potential of navigator technology in enhancing customer service by assisting team members in their interactions with clients. The copilots are not seen as replacements for human agents but as tools to augment their capabilities and improve overall service quality.
The use of copilots extends to various functions within financial institutions, including aiding developers, call center agents, loan officers, investment bankers, marketers, and financial advisors in their respective tasks. These copilots can streamline processes, provide guidance, and enhance operational efficiency across different departments.
The introduction of AI copilots in the banking sector, such as Andi in PrecisionLender at First National Bank of Omaha and other similar tools developed by companies like Q2 and Blend, showcases the potential for AI to streamline workflows, automate repetitive tasks, and provide valuable insights to employees.
Microsoft has been at the forefront of integrating copilots into various products and services, including Github, Microsoft, and Dynamics 365, to assist users in tasks such as summarizing text and identifying key points. These copilots aim to enhance productivity and efficiency without replacing human workers but rather augmenting their capabilities.
Overall, the adoption of copilots in the financial services industry represents a shift towards leveraging AI technologies to improve operational efficiency, enhance customer service, and empower employees to focus on high-value tasks while delegating routine activities to AI-powered assistants.
