The post pandemic world will be a dramatically different place, with more people working from home and shopping online than ever before due to COVID-19. As a result, we are living in an increasingly digital world. There is no turning back with at least 500 million tweets, 294 billion emails and 65 billion messages on WhatsApp being sent around the world every single day.[i]
We will see technology and in particular Artificial Intelligence (AI) having an even greater role to play in helping organisations to adapt, drive new business and keep people safe and secure. No longer a ‘nice to have’ but a ‘must have’, AI presents a significant opportunity provided it is harnessed and applied intelligently. Success depends on good quality data otherwise, in the words of Ajay Bhalla, President of Cyber & Intelligence Solutions at Mastercard, “we’re in danger of creating a society without trust” and “without trust, you can’t do business.”[ii]
Global research from Capgemini reflects this sentiment, revealing that 62% of consumers would place higher trust in an organisation whose AI interactions they perceive as ethical. Get it wrong and 34% of consumers would stop interacting completely with that company, while 41% of business executives have abandoned an AI system altogether in the event of an ethical issue being raised. Such issues include collecting personal patient data without consent in healthcare or over-reliance on machine-led decisions without disclosure in banking and insurance.[iii] Get it right and 61% of consumers said they would share positive experiences with friends and family, 59% said that they would have higher loyalty to the company and 55% said that they would purchase more products and provide high ratings and positive feedback on social media.[iv] Therefore, ethical AI is an opportunity not to missed.
The question is: How do organisations maximize the benefits of AI technology to build consumer trust?
AI and consumer trust – a delicate balance
To benefit from the delicate balance between AI and consumer trust it is necessary to create an effective data-driven strategy followed by a plan to use the latest conversational AI solutions for customer service. Follow this 3 step formula to ensure the right data and customer service offering to boost customer confidence:
Follow this formula to build consumer trust and confidence. Without trust organisations will find it difficult to build a loyal customer base and without customers there is no business. New technology allows consumers to have a stronger connection with their favourite brands, therefore it is time to use AI to build trust through an effective data-driven strategy and greater transparency.