AI use must be transparent: Study
Beacon advisers held ‘ransom’ while IIOF money remains missing :

AI use must be transparent: Study


A new report from Capgemini has found a majority of clients want to be made aware when they are interacting with financial services providers through an AI-enabled system instead of a person.

The report, titled The Secret to Winning Customers’ Hearts With Artificial Intelligence, drew on data from 10,000 consumers across a range of businesses and countries.

The results found that most consumers want artificial intelligence to be “human-like in terms of interaction”, but that they wanted to be informed about when they are dealing with an AI system.

The volume of respondents who said it was important they be informed when using such systems was 66 per cent, however this figure was higher for financial services consumers at 71 per cent.

The percentage of Australian consumers across all industries who wish to be made aware when dealing with AI services sat at a similar level (70 per cent), placing it behind only India, Spain and Italy.

Consumers’ desire for transparency also extended to the use of their data, the report found.

“In our research, an overwhelming 80 per cent of consumers expect companies to ensure transparency in treatment and use of data collected, in order for them to prioritise interactions enabled by artificial intelligence,” the report said.

“This was the number-one requirement, followed by providing better deals/offers, providing priority services, suggesting more relevant products and services or offering cash rewards.”

AI use must be transparent: Study
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