Other parts of this series:
- Fjord Trends 2018: FS HR must navigate the tensions of a changing world
- Fjord Trends 2018: Building a bridge between the real and digital worlds
- Fjord Trends 2018: Under the computer’s watchful gaze
- Fjord Trends 2018: Moving to the beat of the algorithm
- Fjord Trends 2018: Humans and machines—better together?
- Fjord Trends 2018: From touchpoints to trust points
- Fjord Trends 2018: Ethics on the agenda
- Fjord Trends 2018: Designing for differentiation
In my previous blog post, I looked at how digital technology is becoming an invisible enabler of physical and sensory experiences. This time, I will continue my series about the implications of the Fjord Trends 2018 report for the HR function in financial services (FS) organizations by discussing the second trend—’Computers Have Eyes’.
This trend is about the new possibilities created by exponential progress in artificial intelligence (AI) and machine learning, combined with the fact that cameras are built into a greater variety of devices. Computers are becoming more skilled at understanding, interpreting and acting on visual data including videos and images, using cognition and language skills to process information more like a human would.
We are already seeing some FS organizations take advantage of the trend for applications such as mobile payments enabled via facial recognition. Solutions such as video analytics devices, meanwhile, enable FS organizations to capture actionable data like people counts, queue lengths, wait times and service times in branches, in turn helping the firms to manage branch performance.
But the really exciting developments arise from the fact that AI is getting better at reading the emotions and behavior of people by using computer vision. FS organizations can gain from engaging with this powerful new source of data to transform HR processes and deliver compelling new workplace experiences.
Companies across industries are already benefitting from using AI and video in their recruitment process. Candidates can answer preset questions in a video interview; then, the organization can use a solution such as HireVue to assess their moods and personality traits. Such software could potentially also alert the recruiter to tell-tale body language indicating the candidate may be lying.
The benefit for candidates and FS organizations alike is a more convenient and streamlined interviewing process.
That said, assessing a candidate’s personality and truthfulness using AI raises a range of potential ethical and practical considerations. Should organizations seek informed consent before applying the technology to assess someone’s personality and honesty? And if they do, how do they control for the fact that the candidate might be self-conscious about being assessed in this manner or that he or she could simply be having a bad day?
We could also imagine a range of applications in training and skills development. An industrial company called H&H Castings has experimented with using eye-tracking technology to monitor how new foundry workers do their job. Video is captured via Tobii Pro Glasses 2 eye-trackers and then analyzed to identify ways to enhance safety and productivity.
In FS, similar technology could be used in training scenarios to track how tellers, consultants and agents interact with customers. The insights may help employees improve their performance and identify ways to introduce more efficiency and consistency to a bank’s or insurer’s interaction with customers.
My fourth column in this series is about how algorithms are changing FS employee interactions and experiences. I hope you’ll join me next week. In the meantime you can read all about the Fjord trends in this report.