Keeping sight of ethics while building an AI-ready workforce
By Michael Carrel, Nationwide Financial Chief Technology Officer and Senior Vice President
When technology advances at a rapid pace, a key concern is whether it will be used ethically and in a way that positively advances society. Today, the technology many are both excited and concerned about is artificial intelligence (AI).
In January, I had the pleasure to attend The American College Forum on Ethical Leadership in Financial Services. It brought together 12 executives and academics to discuss ethics in technology and financial services. Here are three important takeaways from the forum that I think all executives should keep in mind, especially as advances in AI progress.
Takeaway 1: The Importance of Ethical Decision Making in AI Integration
Ethical decision-making is critical for the integration of AI within organizations. To build trust, establish ethical governance structures and document best practices to shape how your associates integrate AI into their work. This ethical decision making is foundational to Nationwide’s culture. While we focus on innovation for our customers and partners, it’s our ethics that ensure we stay true to our “On your side” promise.
By prioritizing ethical decision making, organizations can foster trust and ensure that AI technologies are used responsibly. This approach not only enhances business outcomes but can also help ensure alignment with long-term strategic goals.
Takeaway 2: Creating an AI-Ready Workforce
Preparing an AI-ready workforce is crucial for staying competitive. Workers recognize the potential for AI even if their bosses don’t. In a recent McKinsey & Co. study, a survey of business leaders and their associates found that employees are three times more likely to be using AI than what their C-suite leaders expect. At the same time, these employees report that they are not receiving the formal AI training from their employers that would allow them to become more efficient in their jobs.
At Nationwide, we provide comprehensive training on both digital skills and soft competencies, ensuring that associates are equipped to leverage AI effectively. We firmly believe that AI will not replace workers, but those who use AI will outperform those who do not.
Nationwide’s approach to training highlights the need for continuous education and skill development. By empowering employees with the tools and knowledge to use AI, organizations can drive innovation and maintain a competitive edge.
Takeaway 3: Balancing Speed and Safety in AI Deployment
While rapid adoption of AI can provide competitive advantages, it is essential to have governance models that manage associated risks. Balancing speed and safety in AI deployment requires robust governance frameworks. The importance of proactive risk management and the need for clear guidelines to ensure responsible AI use is absolutely critical.
The AI tools we leverage at Nationwide are used alongside a set of clear guidelines to mitigate potential issues. This balance is key to achieving sustainable growth and maintaining trust with stakeholders.
To learn more about The American College Forum on Ethical Leadership in Financial Services and its findings, read its report here.
To learn more about Nationwide’s technology organization, visit the Nationwide Technology & Innovation newsroom page.