Is artificial intelligence getting a bad rap?
Only half (50%) of consumers trust companies that use AI as much as they trust other companies, a survey of 19,504 people published by World Economic Forum finds. At the same time, the more familiar people are with AI, the greater their level of trust.


Copyright: – “Resolving Artificial Intelligence’s Trust Problem”


The likelihood to trust companies that use AI as much as other companies is highest among business decision-makers (62%) and business owners (61%), the WEF survey shows. Trust is also higher among the more affluent (57%) and those with a higher-education degree (56%). Trust is lowest among those are 50 and older (44%), those with no higher education (45%), and those who are not employed (45%).

What needs to be done to build greater trust in AI? The challenge is that there is a great deal of pressure to move quickly into AI initiatives, requiring a delicate balancing act of governance that won’t slow things down, says Spiros Margaris, leading venture capitalist in the fintech space. In a recent conversation between and Don Fancher, principal at Deloitte, he points out that companies are still early in the AI journey. “We’re seeing more adoption of AI solutions. In the fintech space, personalized service to customers would not be possible without AI.”

But the rush to AI needs to be tempered, lest it delivers harmful, biased results. “Without governance, we might be faster,” Margaris says. “But the problem is we will probably be thrown out of the curve. You need a balance between advancing your AI strategy and your AI goals to augment employees, to augment your customers.”

AI’s value is strongly tied to trust, Fancher says. “We clearly can see organizational value enhanced with trust,” he says. “Whether it’s outright capital market value, revenue enhancement, and employee engagement that hugely important especially in the labor market environment that we find ourselves in.”[…]

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