Emotional intelligence in the age of artificial intelligence

Emotional intelligence in the age of artificial intelligence

Babusha Beedassy

Marketing & Communications Manager - Rogers Capital Fiduciary

6 min read

Reading Time: 4 minutes

It has been well established that Technology is ever evolving. What’s in right now can be out in just a month or so. Technology gets more and more advanced and is surpassing human intelligence in various fields and activities. Artificial intelligence is constantly evolving, expanding, and getting more and more complex. In fact, a lot of jobs that we imagined could be done only by people are now under the threat of being replaced by AI. So, what could we do? The answer: Emotional Intelligence.

The rise of artificial intelligence has brought about many exciting advances and improvements in our lives, but it has also raised new questions about what it means to be human. In particular, the increasing ability of AI systems to perform tasks that were once the exclusive domain of humans has led to a growing interest in the importance of emotional intelligence.

Emotional intelligence, or the ability to understand and manage our own emotions and those of others, is a critical aspect of human intelligence. It helps us to build strong relationships, communicate effectively, and navigate complex social situations. And as AI continues to evolve and become more sophisticated, the role of emotional intelligence in the workplace is only becoming more important.

Developing Emotional Intelligence in the Age of AI

It’s long been known that AI and automation/robotics will change markets and workforces. This began when machines started replacing humans in the manufacturing industry that made thousands of workers look for other opportunities. We can look at any number of occupations to see that this holds true. Doctors perform tests, analyse the results, interpret the results to make a diagnosis, plan a course of treatment, and then work with the patient to make this treatment plan a reality.

Financial advisers gather and analyse data about their clients and potential investment vehicles, interpret the implications given a variety of factors such as risk tolerance, recommend an investment strategy, and help their clients carry this strategy out over time. Business consultants do much of the same but diagnose and solve business problems.

These highly skilled workers can command high rates because of three capabilities. Their abilities to go through the early rote tasks quickly and accurately; their experiences and judgment in determining a course of action; and their savviness for helping clients navigate that course. AI and machine learning will quickly surpass our abilities on the first two capabilities—and this will shift the skillset required for any worker wishing to stay in these careers as they are transformed by artificial intelligence.

Those that want to stay relevant in their professions will need to focus on skills and capabilities that artificial intelligence has trouble replicating — understanding, motivating, and interacting with human beings. A smart machine might be able to diagnose an illness and even recommend treatment better than a doctor. It takes a person, however, to sit with a patient, understand their life situation (finances, family, quality of life, etc.), and help determine what treatment plan is optimal.

Similarly, a smart machine may be able to diagnose complex business problems and recommend actions to improve an organization. A human being, however, is still best suited to jobs like spurring the leadership team to action, avoiding political hot buttons, and identifying savvy individuals to lead change.

It’s these human capabilities that will become more and more prized over the next decade. Skills like persuasion, social understanding, and empathy are going to become differentiators as artificial intel ligence and machine learning take over our other tasks. Unfortunately, these human-oriented skills have generally been viewed as second priority in terms of training and education. We’ve all experienced the doctor, financial planner, or consultant who is more focused on his or her reports and data than on our unique situations and desires.

For better or worse, these skills will become essential to anyone who wants to stay relevant in their field as automated systems proliferate. Developing emotional intelligence requires a commitment to self-awareness and self-reflection. It involves understanding our own emotions, as well as being able to identify and respond to the emotions of others.

There are a number of techniques and practices that can help individuals develop their emotional intelligence, including:

Mindfulness meditation: Mindfulness meditation can help individuals become more self-aware and better able to understand their own emotions. Empathy exercises: Exercises that help individuals develop their empathy and emotional literacy, such as role-playing or reading about emotions, can help build emotional intelligence skills. Feedback and coaching: Receiving feedback from others and working with a coach can help individuals understand and improve their emotional intelligence. In the age of artificial intelligence, emotional intelligence is more important than ever. As AI systems become more integrated into our lives, it will be critical for humans to understand and navigate the emotional implications of these interactions. By developing emotional intelligence skills, individuals can stay ahead of the curve and thrive in an increasingly AI-powered world.

The Power of Emotional Intelligence in Delivering Exceptional Service

Rogers Capital prioritises emotional intelligence, emphasising its value in promoting effective communication, collaboration, and positive relationships among colleagues and clients. The human touch, specifically in the Consumer Finance services plays a crucial role in building strong relationships between financial institutions and their customers. While technology and automation have made many aspects of financial services more efficient and accessible, the human touch is still critical for building trust and understanding between a lender and borrower. In credit facility services, a human touch can mean personalised attention, empathy, and guidance through the lending process. By listening to the customer’s needs, understanding their financial situation, and providing tailored advice and solutions, lenders can create a more positive and supportive borrowing experience. This human touch can ultimately lead to better customer satisfaction, loyalty, and long-term success for both the lender and borrower.

Similarly, advisory services are critical for any company undergoing a business transformation journey. These services can provide valuable insights and recommendations on how to use AI tools and solutions to optimise processes, improve efficiencies, and enhance overall performance. The right advisory services, which require the human element, can help identify gaps in current operations and provide a roadmap for future growth and success. Additionally, they can help a company assess the latest technology trends, identify potential risks, and develop mitigation strategies. By working with a trusted advisory partner, such as Rogers Capital Technology, a company can leverage their expertise to make informed decisions and achieve their transformation goals. Ultimately, advisory services, packed with emotional intelligence, can be a crucial component in driving innovation, growth, and competitive advantage, when coupled with Artificial Intelligence.

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