The CTO at Zuto, a vehicle lending marketplace, and the machine learning engineer, Kieran Molloy, acknowledge the potential of artificial intelligence (AI) while simultaneously stressing the value of providing excellent customer service. Here, the two talk about their current learnings regarding using AI and the obstacles they believe are preventing wider implementation.

A worry that stemmed from ChatGPT's power and its ability to eliminate human need coexisted with the amazement it created with its November 2022 launch. Even early adopters of AI have been amazed by its quick progress. Even the most tech-savvy companies, like fintechs, are still learning how to utilize it effectively, despite the fact that it is becoming more commonly used because to its operational and analytics capabilities.

Businesses are now experimenting with various AI models to find the best mix between speed, functionality, and cost as well as to make sure that procedures like data collection and customer communication are safe and compliant. What we now know about its optimal applications and adoption hurdles is as follows.

AI acting as a copilot
Enhancing consumer interactions rather than replacing human connection is one of AI's major assets. In a poll conducted among over 2,000 Zuto clients, 82% of them stated that their top priority when obtaining auto financing was receiving excellent customer service. We therefore consider AI to be a co-pilot in customer service.
One of the most tedious but essential aspects of a customer care agent's job is reviewing paperwork and entering data.

Customers must send in a number of documents, including their driver's license, in order to secure auto financing. We employ AI to verify that every material has been properly and validly retrieved and entered into the database.

Whether it is email, voice, or SMS, generative artificial intelligence (GenAI) can cover every communication channel in the whole consumer engagement area. By automating this, we reduce the chance of error and give our employees more time to engage with customers in deeper ways.

AI as a means of listening
The ability of AI to listen is another helpful financial use. In order to facilitate discussions and produce more relevant and fulfilling results for both the customer and the agent, GenAI can analyze needs and intentions more quickly and correctly than a person.

Because it ensures that the customer receives all necessary information, recording and listening to conversations makes it an essential tool for facilitating compliance with Consumer Duty requirements. It will not only provide proof that client interactions have taken place as intended, but it will also prompt the customer support representative in real time to make sure they have covered all the necessary ground.

Taking it a step further, GenAI is able to identify any potential weaknesses the client may have and notify the human worker, enabling them to take the appropriate action and, based on the situation, follow the proper procedures.

AI as a helper during training
For those new to Zuto, we offer a demanding training program focused on sales and customer service. This guarantees that our staff can provide consumers with the greatest solutions and can handle all necessary regulatory compliance.

When AI collaborates with humans, sales and customer support representatives may access pertinent information instantly while interacting with customers, saving them from having to memorize financial data and compliance laws. Here, artificial intelligence (AI) improves automated procedures by listening to the exchange and determining what information to deliver when.

Adoption Barriers for AI
Even though companies are aware that they should be considering AI, many have not made much headway in putting it into practice. The expense of adoption is perhaps one of the biggest obstacles. The elephants in the room are that and the enormous amount of energy that GenAI will require.

Although there are a number of sophisticated AI models available that offer some pricing options, the reality is that utilizing AI extensively may be costly and energy-intensive. For example, there are less expensive models than OpenAI that can still yield results, but they might not have the same depth and breadth as the more expensive options. At Zuto, we are experimenting with many models and weighing features, cost, and speed to determine the most practical and economical options.

In terms of energy usage, GenAI is quite power-hungry. The biggest IT companies, such as Google and Microsoft, are integrating artificial intelligence (AI) into their software and search engines, which is driving up electricity use. According to PhD research cited by EM360, Google might use between 85 and 134 terawatt-hours of electricity annually by 2027, which is about the same as a small nation.

In light of all of this, companies will need to give top priority to the areas in which they anticipate AI will have the greatest impact; implementing AI everywhere is just not a practical or cost-effective solution. There is a ray of optimism that as technology advances, AI will assist the major IT companies in optimizing their energy usage.

AI assisting us
Since GenAI is still in its infancy, it will continue to develop and mature, enabling it to perform more tasks independently. It is a better contender for these positions because of its capacity to precisely verify data for mistakes, inconsistencies, and abnormalities as well as take on additional activities that human workers find repetitive.

But human connection is still very important, therefore AI won't be able to replace humans in the workforce anytime soon. But it might be the ideal coworker.