Do Brits really trust AI when it comes to their money?

Many are divided on the safety of virtual assistants and lack confidence in using them for managing finances

With voice-activated services such as SIRI, Alexa and Google Assistant now a staple in our daily lives, the introduction of this technology to help us manage our finances is always under scrutiny. With chatbots and virtual assistants now well integrated into our day-to-day banking, do people really feel like their data and money are in good hands?

A recent American investigation revealed that a huge 86% of consumers prefer humans over chatbots, demonstrating that there is still a long way to go before people fully appreciate and trust AI. Maintel’s research shows why companies are reluctant to deploy this technology nationwide. Data protection was cited as a top consumer concern, with nearly half (47%) saying they don’t want to use a virtual assistant to contact a business for fear their device could be hacked, allowing someone to access their sensitive personal data. The data. This is not surprising given the high profile data breaches we have seen in the past by consumer brands using this type of technology. Almost half of UK consumers (46%) were put off by the amount of data they thought these communication channels were collecting, with 44% saying they were worried about their smart devices being always on and listening to their conversations. These fears about the use of AI for sensitive financial data are valid, sinceto research by Pindrop shows that scammers are using interactive voice response (IVR) and that one in 40 calls has been found to be high risk at some point.

Across the UK population, consumers are roughly split into two distinct camps – those who recognize the value of virtual channels such as voice assistants and AI-powered chatbots and use services such as SIRI, Google Assistant and Alexa in their homes and daily lives, and those who fear the security implications of technology and who currently have little or no intention to adopt it.

While AI in the fintech market is expected to be worth $41.6 billion by 2030, it is already widely used to improve operations in the financial services industry.

Financial services are on board, but so are businesses?

Despite consumer concerns over data protection and privacy, it is clear that voice is still a key area of ​​focus for businesses in the UK. However, while financial services are clearly on board with AI, many companies are still resisting.

However, when asked what challenges prevent organizations from being able to offer customer services through intelligent virtual assistant channels, consumer demand was found to be the most significant obstacle. current – encountered by 44% of senior decision makers.

The reluctance to adopt voice technology is not only felt by consumers, but is also echoed within businesses across the UK.

More than a quarter (27%) of senior decision makers said they had difficulty proving the ROI and benefits of voice-assisted channels when convincing their company’s senior management to adopt this type of technology. Additionally, more than one in five senior decision makers (21%) highlighted selling the need to the board as a major barrier to adopting this type of technology, while more than a third of companies surveyed underlined the lack of available budget (36%).

Although consumer trust is a major barrier to implementing AI, one-third of companies cited a lack of understanding of technology requirements (33%) for voice assistants. Business leaders lack the knowledge to utilize the full potential of what AI has to offer.

Just under a third of senior decision makers mentioned a lack of the skills needed to successfully deploy technology (28%). This does not seem to be a problem for the financial services industry which is advancing in the deployment of technology.

The development of virtual assistants through smart devices is inevitable as technology becomes more and more intuitive and responsive to the needs of its users. However, our research reveals that consumers are still cautious when adopting this type of technology or buying these smart devices for their homes.

While many still doubt the safety of AI, it is crucial for businesses and financial services to be transparent about the potential implications of the technology. Many companies remain reluctant to discuss security issues, but consumers are still looking for reassurance. Financial organizations need to decide whether they will use technology and therefore ensure customer data is protected, or design a plan for the future on how they will engage smarter to track their customers and maintain a sense of trust in an organization. Chatbots only succeed when relevant, provide the information users need on the first request, are time-bound and without delay.

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