There is a considerable buzz around the growing field of artificial intelligence and how AI will take over hundreds of human jobs or even start ruling us. In my role, I need to constantly wonder how to use new age advancements in VFS Capital so that our impact increases both in business and social perspectives. I have been fortunate to have advisors who can extrapolate technology innovations to our business process. From them, I come to know that AI has the potential to greatly impact the field of social work by enhancing various aspects of practice, research, and administration. But there is also the risk of losing social connection, which is extremely important for those who are trying to climb the financial pyramid.

A core activity for us will be to listen to keep our eyes and ears open. We need to be constantly updated on local and global issues so that we can chalk out opportunities for improvement. While physical conversations do help in understanding local issues, they have their own shortcomings. One of the typical examples would be the fact that a few customers do not want to talk about the harsh realities of their life, thinking that it might impact their chances of getting microfinance. Then there are biases of the team, which force them to present their interpretations rather than facts.

From what I understand, AI can monitor and analyze online conversations, and social media platforms. This "social listening" capability is of great help for businesses like ours to understand public sentiment, identify potential issues, and promptly address concerns. By proactively managing the issues, we may be able to nurture positive social connections, build trust, and demonstrate our commitment to nurturing micro-enterprises. Even for customer service, AI-powered sentiment analysis may also provide valuable feedback for continuous improvement, ensuring that we stay responsive to their customers' needs.

VFS has a strong focus on social connection and therefore can leverage AI to amplify the social impact, thus motivating others to think about self-employment. AI algorithms should be able to analyze large global datasets to identify social issues, predict patterns, and develop targeted interventions. By matching these with the data we gather locally, we should be able to address societal challenges such as poverty, education inequality, or healthcare access, these being our key focus areas. AI-driven initiatives may empower us to make informed decisions, contribute to social well-being, and build stronger relationships with communities, customers, and stakeholders.

But does that mean all is well in using AI for our business? Well, that calls for another blog.