House introduces bipartisan bill on AI in banking and housing
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
Read more...Enterprises are going all in on artificial intelligence, as 65% of global enterprises have already implemented AI in some form. The market size for enterprise AI was estimated to be $7.02 billion in 2022 and is projected to grow at a CAGR of 44.1%, reaching around $270.06 billion by 2032.
Of course, those companies are made up of people, and those people may not be ready for how this technology is going to upend how they work. In fact, according to a recent survey from Wiley Workplace Intelligence, the vast majority of both employees and managers are unprepared for the change.
In its intelligence report, “The Human Side of Artificial Intelligence: 3 Tips for Navigating the AI Era," Wiley found that managers and employees are struggling to understand how and when to integrate generative AI technology into their work, with 96% of the 2,005 people surveyed saying they're experiencing some degree of stress.
At the same time, 75% say they lack confidence in how to utilize AI, and 40% are struggling to understand how to integrate the technology into their work.
Even among managers this is a problem, as just 34% said they feel equipped to support AI integration and employees seem to know it, as 60% think their manager is knowledgeable about how to effectively accomplish this integration. Still, 80% also said they feel their manager is supportive of their efforts to integrate AI into their workflows even as they struggle to understand it.
According to those employee, the best ways for them to feel more comfortable integrating AI would be if their company provided training on ways to accomplish it, with 61% saying this, while 54% want a clear understanding of organizational strategy, and 48% want clear expectations around the usage of AI.
Only 38% said they wanted a detailed guide for using AI, and a mere 25% said they want to be able to independently explore AI.
“At a time of such upheaval, it’s important for companies to provide employees—particularly managers—with information to help them understand what is happening and how best to deal with it,” Wiley researcher Dr. Tracey Carney, who headed the study, said in a statement.
“Effective change management includes both implementing the tools themselves and helping employees cope with the big transitions they are facing.”
(Image source: progressny.com)
The bill would require a report on how these industries use AI to valuate homes and underwrite loans
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