C-Suite Perspectives On AI: Rucsandra Larisa Stanciu Of Ecofinance On Where to Use AI and Where to Rely Only on Humans
An Interview With Kieran Powell
Embrace a slower pace. It is important to recognize that AI technology is not yet fully reliable. There have been many cases where it backfires, for example, a case with a delivery company’s customer support chatbot. Start implementing it step by step, avoiding the rushing principle of “Let’s use it everywhere” and check, re-check, and check again!
As artificial intelligence (AI) continues to advance and integrate into various aspects of business, decision-makers at the highest levels face the complex task of determining where AI can be most effectively utilized and where the human touch remains irreplaceable. This series seeks to explore the nuanced decisions made by C-Suite executives regarding the implementation of AI in their operations. As part of this series, we had the pleasure of interviewing Rucsandra Larisa Stanciu, CEO of the fintech company Ecofinance.
Rucsandra Larisa Stanciu is the Chief Executive Officer of Ecofinance, a financial technology company, a part of the Dyninno Group of companies. Before joining the Dyninno Group of Companies, Rucsandra had more than ten years of experience in top 10 banks and financial institutions like Raiffeisen, Garanti, Bancpost, and Citibank. For the last 6 years she held a position of a General Manager of Ecofinance in Romania, before she was appointed the CEO of Ecofinance in the beginning of 2024. Rucsandra holds a Bachelor’s degree and multiple certifications in Finance and Banking.
Thank you so much for your time! I know that you are a very busy person. Our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
I’ve always been attracted to the finance sector; I would say that interest started to take shape during the middle of my high school years. The rest of it came as a chain of logical steps and actions taken on chances that came my way. I had the opportunity to start working in the finance field when I was still studying for my bachelor’s degree as a loan specialist. Then it truly clicked that the finance industry was for me, it just felt right. Throughout my career, I was a part of various financial companies when fintech suddenly came to my horizon. It intrigued me a lot, so I did not hesitate to take this opportunity to join the Ecofinance team as I saw it as a way to learn and grow, but also to truly challenge myself. Now, seven years later, I am grateful for not holding back and taking this bold step. It has come with great personal and business success.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
This is a takeaway for everyone in fintech: You don’t do any manual work on a fintech company! When we first started, we were eager to launch our operations as soon as possible. So, we thought there might be some minor operations we could do manually to speed up the process, instead of relying on automation.
Everything seemed to be going smoothly until we realized some mismatches in one of our data systems. Nothing major or impactful on our clients, but still, our team understood where the bug was — not having auto adjust in progress. The funny aspect here is: those who did manual work though that we also have automation as a back-up. We quickly regrouped, but the lesson learned — there is no room for manual errors in fintech. Even if you think that it will help at that point, don’t compromise and avoid this pitfall for your future efficiency and process automation.
Are you working on any exciting new projects now? How do you think that will help people?
We have made significant steps in incorporating AI into our company’s processes. Last year, we successfully launched our virtual assistant Alin in our customer support department. Alin took off some workload in our customer relations specialists and improved efficiency. Our second stage for Alin will be integrating it into the client onboarding process when they apply for a credit line. Additionally, we launched a user-friendly mobile app last year that presents new heights to the customer experience. By the end of this year, our goal is to transition all features and processes of the company through the mobile app, transforming it into a self-standing tool for our clients. As a company, we are in the advanced development stage — we are working on business expansion in the Asian market, which goes hand in hand with our growth objectives and the opportunities this market unlocks.
Thank you for that. Let’s now shift to the central focus of our discussion. In your experience, what have been the most challenging aspects of integrating AI into your business operations, and how have you balanced these with the need to preserve human-centric roles?
Our business model at its core relies on human roles alongside an automated approach for the best customer journey. I believe that AI is as good as the data and human professionals behind it. We, for instance, chose to go step by step, some years back when we built a credit scoring model, a tailor-made program for our operations. At that time the market did not offer suitable options fitting our needs, so we learned in favor of a self-built solution. The system would constantly learn and evolve from all the data in the company given by our internal risk team, having a good synergy for development.
The general challenge with AI, which I want to draw your attention to, is the access to the data outside the company for AI to be able to learn and improve. For it to happen, lots of regulatory homework still needs to be done. Digital access to databases is still quite limited, poor, or restricted in many countries even though official databases are regulated by law. The regulatory framework needs to become more adaptive, with national regulators starting to delve into the specifics of the fintech industry. In a world where time is everything to the customer, and they rely on us as a service provider to act immediately, the disconnection between the legal framework and technology should be eliminated.
Can you share a specific instance where AI initially seemed like the optimal solution but ultimately proved less effective than human intervention? What did this experience teach you about the limitations of AI in your field?
When we introduced the first version of a virtual assistant, we faced several inaccuracies that could have been avoided with direct human interaction. Even with all the efforts our team made giving the initial training to the AI, it was insufficient for the AI to create an appropriate response — some answers to customers’ questions were misleading. Humans are more adaptive, but again — AI has its own limitations as it needs time for learning.
Could you describe a successful instance in your company where AI and human skills were synergistically combined to achieve a result that neither could have accomplished alone?
We are living in a world where AI needs to be looked over by people. It’s still in a volatile learning phase and not yet 100% bulletproof for us to depend on. So, for all the bits and pieces where you can introduce it, you will still need humans to overlook and train it, as has been the case in our team. No, we are not living in that world yet where AI displaces lots of workplaces. Is it a concern for the future? It might be, but again, the market will evolve as everyone involved will follow. If human involvement in some operations is optimized, in others, demand might increase. Let’s look at a simple historical example — cars and engineering. It all started with manual work done by people. Then what happened? Machines started to take over, but we did not see a grand portion of specialists dismissed. While introducing technology may streamline certain tasks, there may be a need for increased human involvement in other areas. The Future of Jobs Report 2023 by the World Economic Forum has already shown the shift in the workforce and skills needed for humans, with AI and Machine Learning Specialists being the frontrunners.
As for our industry, we are a long way when human interaction will be less needed. We believe financial services should be secure, simple, and accessible to everyone. For it to happen, a partnership between humans and AI is established.
Based on your experience and success, what are the “5 Things To Keep in Mind When Deciding Where to Use AI and Where to Rely Only on Humans, and Why?” How have these 5 things impacted your work or your career?
- Do not blindly follow all AI trends. There are already so many ways we can adapt AI in a company’s operations. The temptation is very high, so keeping caution is crucial for thoughtful decision-making and aligning what is more beneficial for your business needs, practically and financially.
- Embrace a slower pace. It is important to recognize that AI technology is not yet fully reliable. There have been many cases where it backfires, for example, a case with a delivery company’s customer support chatbot. Start implementing it step by step, avoiding the rushing principle of “Let’s use it everywhere” and check, re-check, and check again!
- Consider if creating your own or buying a ready-made solution is the best way for you. It is all about efficiency where for some businesses a self-build solution is pivotal due to specific operations, while for others, it would be a completely unnecessary step. If you can buy a service and be ready to go in no time, assess all the pros and cons of market offers, aligning your choice with your organizational needs.
- Be sure you have human resources to dedicate to AI. For AI implementation to work, you will need human resources. At least in the initial stages when you will need to train, monitor, and improve. At Ecofinance, we currently have two people dedicated to these tasks so we can check and improve the performance of our virtual assistant.
- Foster openness in the team for a successful AI implementation. There are still many misconceptions about AI that might cause emotional reactions among employees at first. As a leader, your task is to feel your team’s dynamics, dedicate your time to explain what and why, and sell the advantages, illustrating how it will improve their daily work. Leave time for them to digest it, and come back again. So, it is a lengthy process that needs to be done for a healthy implementation of AI.
Looking towards the future, in which areas of your business do you foresee AI making the most significant impact, and conversely, in which areas do you believe a human touch will remain indispensable?
Now, the most popular AI implementations and focus are on customer-facing processes or assessments. But in time, I believe AI will revolutionize data-driven decision-making, helping businesses become faster, and enhance their competitiveness and overall growth. Let’s see how it evolves and what versatile outcomes can show.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
While not directly linked to AI, it’s possible that in the future it will help in counseling our pathway here as well😊 I’m referring to our journey towards personal happiness and how happiness can help us have a healthy and lengthy life! In the center is our recognition of how happiness is a consequence of healthy and fulfilling relationships with those around us. So, to achieve this self-awareness, I might create a place, a center, surrounded by nature, where mentors and educators could come and share their experiences and guide individuals towards movement, peace, and knowledge about self-discovery. Revealing systems and techniques to accumulate strength, inspiration, and fulfillment for enriching life!
How can our readers further follow your work online?
I encourage you to follow our corporate website, and you are very welcome to contact me personally via LinkedIn.
This was very inspiring. Thank you so much for joining us!
About The Interviewer: Kieran Powell is the EVP of Channel V Media a New York City Public Relations agency with a global network of agency partners in over 30 countries. Kieran has advised more than 150 companies in the Technology, B2B, Retail and Financial sectors. Prior to taking over business operations at Channel V Media, Kieran held roles at Merrill Lynch, PwC and Ernst & Young. Get in touch with Kieran to discuss how marketing and public relations can be leveraged to achieve concrete business goals.
C-Suite Perspectives On AI: Rucsandra Larisa Stanciu Of Ecofinance On Where to Use AI and Where to… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.