Unlocking Efficiency: How AI Empowers Businesses to Focus on High-Value Work
Let’s face it: AI needs a name change.
Over the past few months, discussions in the Canadian fintech industry have highlighted concerns about AI adoption. While financial institutions use AI, many hesitate to expand their role due to risk aversion. Their brand is built on trust, and innovation is slow to reach commercialization. Perhaps the term “artificial intelligence” itself is part of the problem.
A Historical Perspective
In 1956, John McCarthy and his colleagues at Dartmouth hypothesized that machines could utilize language, form concepts, solve problems, and enhance themselves. This concept, “artificial intelligence,” was rooted in Alan Turing’s earlier notion of "thinking computers," which led to the Turing Test.
Despite Hollywood’s portrayal of AI as a malevolent force—think Skynet, WOPR, and HAL—real-world automation has historically enhanced rather than eliminated jobs. Technological advancements in manufacturing, customer service, logistics, and banking continue to create employment opportunities. The adoption of AI hasn’t devastated the workforce because it is still evolving and, when implemented effectively, shifts employees’ focus to high-value customer engagement instead of low-value tasks.
AI as a Productivity Partner
AI isn't replacing human workers—it’s augmenting them. By handling repetitive duties like data entry, scheduling, and customer inquiries, AI enables employees to focus on strategic decision-making, creative problem-solving, and deeper customer relationships. Businesses that demonstrate AI’s ability to free employees for meaningful work experience, greater job satisfaction, and improved efficiency.
A Changing Landscape in Fintech and Beyond
Technology constantly evolves alongside its terminology. Application Service Providers (ASPs) became cloud services and SaaS. Optical Character Recognition (OCR) revolutionized insurance workflows. Originally tied to cryptocurrency, blockchain now supports distributed ledgers for financial institutions. Even "screen scraping" is rebranding into consumer-directed finance. AI may need a similar transformation.
The Competitive Edge
Businesses leveraging AI gain a competitive advantage by operating more efficiently and adapting swiftly to market demands. AI-driven insights support informed decision-making, helping companies stay ahead in a rapidly evolving landscape.
The Future: A New Name?
AI is more than just a tool—it’s a strategic enabler. Companies that effectively integrate AI unlock new opportunities, enhance workforce productivity, and deliver exceptional customer experiences. However, could renaming AI simplify adoption? Some proposed alternatives include:
Task Reliever
Focus Booster
Work Simplifier
Effort Optimizer
Productivity Partner
What do you think? Could a name change help? Please share your thoughts on LinkedIn and vote on your favourite!
