Failure to plan for data-hungry AI will have consequences

According to Clive Fernandes, founder and director of AI fintech Sevaka, even some of the major KiwiSaver providers, managing millions of dollars of funds, are behind in their efforts to build a data knowledge base in preparation for the widely-predicted accelerated adoption of AI.

“Building a data knowledge base is the most important step people can take. AI is useless without data.”

“But it’s not just about client data, it’s about data related to your internal processes, it’s the best practices, it’s the staff who know what to do,” he said.

“Right now a lot of that is very messy, it’s in people’s heads. We need to bring all of that down into a format that we can then feed into these AI tools of the future, so AI can do its job.”