Human in the loop 101: what is it and why is it so important?

Written on
byNicola Wee
Humain-in-the-loop

Financial services firms have been turning to Natural Language Processing (NLP) solutions to extract valuable insights from vast amounts of unstructured data. But even the most advanced algorithms can’t match the intuition and creativity of the human brain. That’s where “Human-in-the-loop” (HITL) comes in. You might be wondering, what HITL is and why it’s so crucial to NLP solution efficacy? We’ve got you covered:

 

Consider an NLP solution as a car driving on a long journey. The car has lots of advanced features like automatic navigation and cruise control, which can make the trip smoother and more efficient. However, without a human driver to make critical decisions and react to unexpected situations, the car may get lost, encounter obstacles or even crash. In the same way, NLP solutions need human input to guide and adjust the automated processes, ensure accuracy, and prevent errors or biases.  Because, as Dr Gina Helfrich clearly points out in her recent article, AI can get things wrong sometimes. Human-in-the-loop provides essential insights and expertise to make the journey successful, correcting any mistakes to enable efficient machine learning.

 

By integrating human expertise into the NLP process, financial services firms can improve the accuracy and relevance of their insights. Humans can interpret complex linguistic nuances that algorithms struggle with, identify context and entities in the text that machines might miss.

 

But it’s not just about improving the quality of the insights. Human-in-the-loop can also help NLP solutions adapt and learn from their mistakes. It’s like having a personal trainer who gives you regular feedback on your exercise routine. As you work together, you can identify areas for improvement, adjust your technique, and achieve better results over time.

 

From a resourcing perspective, HITL means that you can get the most out of your investment in NLP solutions. Instead of having a team of experts working on tedious tasks such as annotation, they can focus on higher-level tasks like building more accurate models and designing new features.

 

In a nutshell, by integrating human-in-the-loop, financial services firms can achieve more accurate and relevant insights, and improve the NLP solution’s performance over time. Thanks to this continuous improvement, the earlier you implement, the better your solution will be compared to a competitor’s. 

 

Other recent posts

AI, Machine learning, Hands of robot and human touching on big d

A-Z Journey of Adopting Aveni Detect

Like us, you’ve probably noticed that generative AI is causing a productivity revolution. In order for this to be successful, your business needs to adopt domain specific solutions built for your industry, your challenges,...

Analyse Customer calls

Optimising Customer Interactions:  How Aveni Detect Analyses Customer Calls

We’re living in a world of tightening  regulations and ever-changing business environments, where understanding and enhancing customer interactions has taken centre stage. If you analyse customer calls, you have an opportunity to deepen relationships,...

Customer review satisfaction

3 ways generative AI could boost your financial advisors today

It wasn’t so long ago that the thought of receiving financial–or any–advice from a machine would feel like something from a film, and likely heavily caveated with warnings about the robot uprising (we’re looking...

Robot is learning flat illustration Ai Generate

Accurate AI for Financial Services: Aveni's AI Models Lead the Way

Financial services institutions operating in today’s regulatory landscape face a myriad of challenges in ensuring compliance and quality assurance in their operations. To tackle these hurdles, Aveni has been at the forefront of developing...

Consumer Duty compliance

 Brokers James Sharp implement Aveni’s AI technology to meet Consumer Duty vulnerability monitoring needs

The broker and investment firm James Sharp has deployed  technology from Aveni.ai to ensure Consumer Duty compliance. It has moved quickly to adopt Aveni Detect, the AI and Natural Language Processing (NLP)-based technology platform...

AdobeStock_602920660

 Aveni commits as member of Consumer Duty Alliance

We are excited to announce our membership of the Consumer Duty Alliance. Since our inception in 2018, we have been developing solutions utilising AI technology and incorporating the latest advances in Natural Language Processing...

AI Assistant

Aveni Assist

Aveni Assist, the GPT-powered AI assistant has been designed specifically for the financial advice market to transform administrative tasks, allowing advisers to focus on supporting a significantly greater number of consumers. This new product...

AI assistant for financial advisers

Aveni launches Aveni Assist to transform productivity in Financial Advice market 

Today, we announced the release of a new platform: Aveni Assist. The GPT-powered AI assistant has been designed specifically for the financial advice market to transform administrative tasks, allowing advisers to focus on supporting a...

AI Emergence

AI'll Grow Arms & Legs: Emergence