Adopting Artificial
Intelligence is just the first step, the second is unlocking the true potential
of AI to boost customer confidence with a focus on data. Henry Jinman of EBI.AI
reveals his 3-step formula for winning hearts and minds in the quest for
consumer trust in the age of AI.
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.
We will see technology and in particular Artificial Intelligence (AI) having an
even greater role to play in helping organizations 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.”
Global research from Capgemini reflects this sentiment, revealing that 62% of
consumers would place higher trust in an organization 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. 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.
Therefore, ethical AI is an opportunity not to be missed.
The question is: How do organizations 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:
1. Data quality – successful AI implementations begin and end with good quality
data and the best AI providers bring years of experience, helping organizations
to deliver excellent data-driven outcomes that inspire consumer trust. For
example, one of our customers Legal & General Insurance was able to adapt
quickly when Coronavirus hit the UK only one month after its Virtual Customer
Assistant (VCA), SmartHelp, went live on the household section of the L&G
website. The organization accelerated training of the VCA from an initial 88
household-related cases to an additional 212 pet and landlord cases, enabling
SmartHelp to provide over 300 different answers to thousands of the most
commonly asked questions. SmartHelp is also used to speed-up customer identity
checks and to provide personalized responses to policy queries while remaining
compliant with data regulations required of insurers. AI self-service has been
well received with over 7000 customers using SmartHelp in the first two months
of operation, far surpassing the company’s original expectations.
2. Transparency – is essential when it comes to AI and should be combined with
high levels of transparency, where organizations make it absolutely clear to
consumers how, why and when their data is being used. Consumers need to know
that brands are not just amassing customer data to sell more products and
services. For example, insurance companies might use data to offer loyal
customers better policy quotes, or retailer Coop Sweden has the ability to use
its grocery AI assistant to suggest a vegan recipe to a customer who mentioned
they were vegan when completing their online basket a few months previously.
Demonstrating how the use of AI benefits customers by saving time and adding
value can quickly build trust and confidence in the new technology.
3. Privacy first – all consumers have the right to meaningful information about
the logic, significance and envisaged consequences of automated decisions or
what is also called ‘the right to explanation’, as laid out in the EU’s General
Data Protection Regulation (GDPR). Meanwhile, it is the duty of care for all organizations to consider and then publish clear statements on how they apply
AI technologies, only using personal information when it is needed and with the
user’s consent.
Follow this formula to build consumer trust and confidence. Without trust organizations will find it difficult to build a loyal customer base and without
customers there is no business. New AI technology allows consumers to have a
stronger connection with their favorite brands, therefore it is time to use AI
to build consumer trust through an effective data-driven strategy and greater
transparency.
