By David Smith, Commercial Director at 360 Dotnet
If 2019 was all about Brexit, 2020 Covid, 2021 Trump v Biden, 2022 Russia and Ukraine, then 2023 was all about AI.
I doubt most people in the pub had really heard of AI until 2023, but it was definitely the topic on everybody’s lips during the year. Even my mum mentioned it, and she’s 74 still on a Nokia 3310. From Sam Altham and ChatGPT to The Beatles releasing their latest single. It was the talk of the town. But what does it all mean?
Well AI has been around for a long time – so why all the fuss now and what’s the big difference between Now and Then?
It was way back on 11th May 1997 that Deep Blue, an AI powered computer, beat The Chess World Grandmaster Kasparov. In 2011 IBM Watson won the £1 million prize fund by beating the champions of game show Jeopardy. These systems had limited power; they were limited by the data sets that had to be pre-loaded into them. Today’s generative AI systems can do so much more.
They feed off massive, huge, enormous data sets. Open AI feeds of the entire internet – think about that. It’s impossible to visualise all that data and information. The entire internet, all the right stuff, and the wrong stuff. Humane’s AI Pin launch video is a great example of the wrong stuff, their AI assistance gave out the wrong detail to a question about the best place to see Aprils Solar eclipse in their launch marketing video. A major gaff indeed.
Here at 360 Lifecycle, we have a huge data set which generative AI can use to help build benefits for customers, advisers and their businesses. We have been collecting data since 2010 and now have almost 4 million case records and have processed almost £300 billion mortgage applications. That’s an enormous data set for generative AI to farm, see patterns in and learn from.
2024 will be the year when we start to build concepts and real outputs powered by generative AI. We have already started to think about how AI can reduce time, effort, and expense for compliance teams to perform case checking tasks. That’s one area where AI can quickly be deployed with real business benefits. Today’s AI computation power can open, read, and understand documents. 100% case checking, in the blink of an eye.
I had the pleasure of experiencing the customer journey of getting a mortgage in 2023, and it was awful. So much duplication, pain points, poor processes and stress that I really didn’t understand what was going on. If generative AI can accelerate the absolute destruction of that process in 2024, then customers will be happier, advisers less stressed and businesses more productive. We can all concentrate on the one thing AI will never be able to do, build and maintain human relationships.