Artificial Intelligence (AI) represents one of the most significant technological leaps of recent years, comparable to the introduction of computers in the mid-20th century, which transformed how we work and live. Just as computers became a game-changer, AI has emerged as a defining force of the 21st century, reshaping not only processes but also our way of thinking across industries and society.
- The Development of ChatGPT: Insights from the LBS Webinar
During a webinar I attended as part of my Executive MBA at London Business School (LBS), an LBS alumnus and Product Lead at OpenAI shared valuable insights into the development of ChatGPT. He explained that the primary purpose behind creating ChatGPT was to assist individuals with limited education in grasping complex topics by simplifying information. Over time, however, users began applying the tool in various other ways beyond its initial scope.
The speaker addressed concerns about AI potentially replacing jobs—an issue that has sparked significant debate. He described ChatGPT as “the master of mediocrity,” meaning that it is most likely to replace tasks that are routine, repetitive, or predictable. His advice was for professionals to raise their skills above mediocrity to remain competitive in an evolving job market.
The discussion also touched on the extensive product testing that OpenAI undertakes to prevent ChatGPT from being used for unethical or illegal purposes. However, the speaker acknowledged the challenge of aligning the tool’s ethical use across different countries, given the variations in cultural values and legal frameworks.
Reference: AI for Good: How is Generative AI Going to Change the World? https://starthub.london.edu/ai-for-good-how-is-generative-ai-going-to-change-the-world/
- AI’s Impact on Financial Institutions
AI is revolutionizing multiple industries, including the financial sector, where it is reshaping operations and creating new opportunities for innovation. In particular, financial technology companies (fintechs) and digital banks are gaining a competitive edge over traditional brick-and-mortar institutions by leveraging AI-powered tools.
These new entrants can optimize expenses—especially staffing costs—by automating routine tasks, allowing them to focus on hiring for more strategic and innovative roles. In contrast, traditional financial institutions with larger, more complex organizational structures often allocate significant resources to staff performing routine tasks. For these institutions, AI offers an opportunity to rethink their operating models, creating leaner structures that enhance operational efficiency.
AI tools also enable financial institutions to better monitor customer interactions, improve risk management, and automate back-office processes. This shift can help traditional banks stay competitive by adopting more agile practices and focusing on delivering a superior customer experience.
- AI and My Experience: Transforming Team Productivity
As Chief Finance Officer, I have seen firsthand how AI tools such as Microsoft Copilot have transformed the way my team operates. Copilot has significantly boosted productivity by automating repetitive tasks and providing real-time suggestions to team members. This has enabled us to redirect our focus toward higher-value activities, such as strategic analysis and creative problem-solving.
Rather than replacing staff, AI has augmented their capabilities, allowing them to work smarter and more efficiently. This transformation reminds me of how computers revolutionized workplaces by automating calculations and record-keeping. Similarly, AI empowers employees to take on more creative and strategic roles by freeing up time for innovation.
While concerns about job displacement are valid, history shows that technological advancements often create new opportunities. I believe AI will reshape jobs rather than eliminate them, encouraging professionals to develop new skills and embrace more meaningful roles.
AI is also transforming banking operations and has broader societal implications, especially through developments like large language models (LLMs) such as ChatGPT. However, the adoption of AI in finance and beyond must be accompanied by ethical responsibility to ensure it is used fairly and transparently.
In summary:
- AI will not replace innovation but will raise the bar for skills. Jobs that involve mediocrity will become more vulnerable, making it essential for professionals to upskill and focus on creative and strategic tasks.
- The primary goal of AI is to simplify complex topics, helping people grow beyond mediocrity and enabling continuous personal and professional development.
- Ethical and social considerations are crucial in AI’s development and use, as aligning its behavior with varying societal norms and values remains a significant challenge for developers.
Written by Hesham Abdelhay
