The conversation about whether artificial intelligence is "
Tipalti, an accounting software firm that processes payments for global companies, is
Tipalti is part of a broader trend in financial services to gather and analyze more data — and to process transactions faster and at greater scale. That has pushed
"The best way I've heard it said is: You're not going to have robots doing your job, but AI will benefit people who lean into it and get good at it," said Spoja, Tipalti's CFO. "It will be an advantage in their careers."
Swedish financial institution Klarna, for example, recently drew attention by saying AI does the work of
"In my organization, the finance team is experimenting with AI and trying to get smarter about our own skill set, and the pace that we need to be on to stay ahead of the curve," Spoja said.
Learning machine learning
There is an economic argument for adopting generative AI and hiring workers who can become adept in the technology. A June
While the growth of AI will lead to fewer low-skilled roles in operations and technology, governance and compliance roles will grow, as will demand for AI-savvy talent, according to Citigroup.
"In an era where artificial intelligence is rapidly transforming industries, the narrative often leans towards how AI might displace jobs," said Sairam Vedam, chief marketing officer at Cigniti Technologies. "However, a more nuanced perspective reveals a different story, one where AI creates vast opportunities and drives innovation, especially in sectors like payments and financial technology."
Cigniti does consulting for firms that are forming or executing automation strategies.
"For companies and workers alike, embracing this change toward AI is essential to stay ahead in a competitive market," Vedam said. "The demand for new skills rises as AI continues to permeate the fintech and payments landscape. Workers must equip themselves with technical and soft skills to thrive in this AI-enhanced environment."
AI-driven payment-fraud-detection systems can analyze vast amounts of transaction data in real time, identifying and mitigating threats faster than any human could, Vedam said. "Similarly, in fintech, AI is pivotal in personalizing financial services, from robo-advisors offering investment advice to chatbots providing customer support."
Key skills for payment workers in the future include data literacy, AI and machine learning, cybersecurity awareness and programming languages like Python-which is used in AI development, Vedam said. Cross-department collaboration and mentorship can help build hands-on experience with AI, as well as the use of innovation labs and hubs, Vedam said.
Tipalti's Spoja makes hiring decisions based on the candidate's mindset and approach to new technology more than showing up at an interview with the most current skills. If someone isn't adaptable and willing to learn then they won't be as successful with the adoption of new technology, she said.
"People don't need to be super technical," Spoja said. "I spend time asking peers from other departments about AI usage and strategies. Were the applicants part of a digital transformation project at another company? Are they accustomed to using tools to reduce manual workload? How do they manage large data sets?"
At payment technology company Ingenico, recruiting focuses on the widest variety of profiles possible to find workers who can adapt or learn to respond to fast-changing problems and opportunity, according to Arnaud Debreuil, director of the Ingenico Innovation Lab. "At this stage, it is not AI that performs the job but rather the people who use AI to amplify and accelerate their potential."
Ingenico uses AI-based technology from software firm Uizard to support its product development and cross-department collaboration. Ingenico developers use AI-generated templates to convert screenshots into editable mockups. An autodesigner feature then makes it possible to visualize digital product designs instantly, eliminating the frustrations of manual research and reliance on external consultants, Debreuil said.
"AI, as of today, is an early-stage tool, not an end goal. What we seek at Ingenico are not only individuals who understand or master AI but, more importantly, curious people who like to discover, understand and strive to improve," Debreuil said.
Building knowledge
When hiring, promoting or training, organizations need to embrace their employees' uniquely human skills, said Jasmijn Bol, the Francis Martin Chair in Business at Tulane University's Freeman School of Business.
"Let AI take over the mundane parts of our jobs and embrace the time that this frees up to focus on what we are really good at as humans: creative development, critical thinking and using and developing tacit knowledge," Bol said.
Tacit knowledge refers to the ability to manage yourself, others and complex social situations, according to Bol. This knowledge usually is not gained through formal education like technical skills, as it is hard to codify or convey, Bol said.
The increasing importance of tacit knowledge in the AI era calls for a focus on how to cultivate it among employees, Bol said, adding a recent study by her department found that managers possessing a high level of tacit knowledge are not just proficient in identifying this attribute in others, but they are also crucial in fostering its growth.
"By leveraging AI systems to handle time-intensive numerical and technical tasks, managers can free up valuable time," Bol said. "This newly available time can then strategically be redirected towards human development. Such an approach could shift the emphasis from strictly meeting deadlines and achieving quantitative targets to cultivating stronger mentor-mentee relationships."
Embracing artificial intelligence is a crucial step for professionals in adapting to technological progress, Bol said. "Viewing AI not as a competitor but rather as a valuable asset or partner to be woven into everyday work processes is a more constructive approach," Bol said.
The task of hiring skilled individuals and handling the human resources aspects of team management can be cumbersome and time-consuming. CFOs and their counterparts can now leverage AI to create job descriptions and draft personnel-related communications.
"While the unique human capability to generate initial ideas remains crucial, AI can significantly streamline the process of turning those initial thoughts into structured documents," Bol said. "Utilizing an AI tool such as ChatGPT to formulate a set of predefined ideas and refining the output can transform a task that would typically take hours into a matter of minutes."
