Despite the growing interest in artificial intelligence (AI), nearly three-quarters of consumers are concerned about AI infringing on their privacy, according to a survey unveiled today.
The survey of over 5,000 people by global professional services firm Genpact also revealed that 59 per cent of respondents think their government should do more to protect personal data from AI.
"AI is a game-changer to improve the customer experience, yet real challenges remain regarding trust and privacy," said Sanjay Srivastava, Chief Digital Officer, Genpact.
"To encourage adoption, the key is to have visibility into AI decisions, and be able to track and explain the logic behind them. Companies need to break through the 'black box' to drive better insights for their business and give consumers the assurance they need," Srivastava added.
In the survey, only 12 per cent of people said they would prefer to be served by a chatbot, even if the service they receive is faster and more accurate than that of a human.
"Yet over three times more executives (38 per cent) think their customers will prefer service by a chatbot in three years," according to the survey.
Although companies continue to embrace AI, many potential customers still have substantial fears, it said.
Nearly two thirds (63 per cent) of respondents in the consumer study worry that AI will make decisions that will impact their lives without their knowledge.
As many as 58 per cent of people surveyed do not feel comfortable with companies using AI to access their data to personalise and improve their experiences with a brand.
According to the survey, even with explosive growth of home digital assistants, chatbots, and smart sensors, consumers still perceive they have little contact with AI.
Less than half of those surveyed said they interact with some form of AI regularly (ie, once a week or more). In addition, two in five (41 per cent) believe that AI has made no difference to their lives.
However, the study also shows that younger generations interact with AI more frequently and cite its benefits.
They are twice as more likely than older people surveyed to say AI is making their lives better.
"Younger generations also do not need the human touch quite as much: Only one third of Gen-Z and millennials strongly agree that they prefer human interaction rather than AI, compared to 57 per cent of baby boomers.
"AI, even in these early days, is the single biggest shift transforming how people interact with businesses and the world around them," said Srivastava.
A previous Genpact study found that 88 per cent of senior executives at companies that are leaders in AI expect the technology will drive better customer experiences within three years.
Disclaimer: No Business Standard Journalist was involved in creation of this content
