Consumers are ready to bring AI into their personal lives
Our research shows that people are comfortable with the possibilities that AI facilitates. People are comfortable trusting AI to regulate the temperature inside their homes (72%), organize their schedules (64%), and provide companionship to people who need it (58%). At the same time, however, people don’t blindly trust brands to respect their privacy and always maintain security. More than 43% of people worry about the AI on their phone, and a whopping 78% believe that AI will increase the lack of privacy.
We’ve already seen that people understand and want the benefits of artificial intelligence in their personal and work lives. They simply want companies to implement those processes in a way that respects their privacy and maintains their security.
Pillar #3: Trust
The third pillar of successful applications of AI is trust, an overriding aim to achieve AI for Good. In today’s world of transparency and instant communication around the world, revenue grabs are simply not sustainable. Companies must act in ways that are genuinely good for their customers.
Fortunately, many companies build consumer trust by not only providing good quality products and services, but by also actively and intentionally striving to do the right thing. Nike and Under Armor are prime examples in that they have taken a higher level approach to implementing AI in their business. Rather than simply using AI to facilitate customer service and purchase decisions, Nike and Under Armor mapped AI tools against their mission statements to create apps and virtual assistants that go beyond their products and services and help people lead healthier lives.
Consumers don’t yet trust companies to do the right thing
Unfortunately, companies using AI still have a long way to go to achieve a broader level of trust from consumers. Our research found that:
- 20% of people believe companies using AI don’t have any ethical standards for AI in place
- 31% worry companies might misuse AI to their own advantage
- 41% believe companies using AI are focused on reducing their costs at the expense of people
- 28% say Canadian businesses will use AI in ways that harm customers financially
Even though technology has impacted our lives for centuries, making millions of jobs extinct (Where are the buggy builders and lamp lighters today?), and creating millions of new jobs (Hello, data miners and user experience designers), people still worry that companies using AI will treat people unfairly and cause job loss and personal financial problems. The fact that AI and robotics will create almost 60 million more jobs than they destroy by 2022 doesn’t always feel personally relevant. People need to trust that companies will treat their employees and their consumers fairly today.
Across many industries, companies have embedded AI processes throughout their systems to improve their engagement with or optimize their processes for consumers and customers. Through chatbots, voice assistants, and AI enhanced processes, AI is helping innovative companies offer their customers more relevant products and services, speedier answers to questions, and faster bookings and sales.
The following three-step process will help companies using AI technologies be more successful.
- Companies must understand and clarify the role that AI can play in marketing including understanding consumer needs, unmet needs, and pain points, as well the company’s brand purpose and mission.
- Companies must understand their audience, including Early Adopters who are aware of and experimenting with AI tools today.
- Companies must employ the AI Triple Win framework of Utility, Privacy and Security, and Trust into every AI development.
The results shared here are a small part of a much larger study. If you would like to learn more about applying the Triple Win framework in your strategic business plans, please reach out to us. We’d love to help you navigate your AI journey.