Companies around the world have turned to artificial intelligence in increasing numbers in recent years. This only accelerated as the coronavirus pandemic took hold.
However, the rapid adoption of AI and automated processes has opened up a new area of concern for consumers and businesses: the ability to protect consumers and maintain digital trust.
The Growing Value – and Concerns – of AI
Artificial intelligence has found a growing number of practical applications. This can be seen in the field of AI (intelligent automation) in particular.
According to the cloud-based company Automation anywhere, AI is the meeting point of robotic process automation (RPA) and AI. These are then used to strengthen the automation of business processes and accelerate digital transformation.
In essence, AI often comes across as the applicable iteration of AI in business. It removes much of the need for human intervention by using a combination of automated processes and artificial intelligence.
EY Global Vice President of Transformation Hank Prybylski points out that while the value and usefulness of AI is imperative, the safety and confidence of consumers are equally crucial. He expresses that AI delivers long-term sustainable growth through things like improving the employee experience and better customer retention and acquisition.
The problem stems from creating an adequate level of comfort for customers when they know their data is being processed by a computer.
How to Protect Customer Data to Build Digital Trust
A key part of gaining trust while emphasizing the importance of AI and its AI component is proving that data is protected. It starts with keeping humans at the center of all AI efforts and ensuring that new technologies meet their needs satisfactorily.
Maintain strict data standards
In one survey conducted by EY, 48% of respondents cited data quality and reliability as a major factor undermining their confidence in company-wide AI programs.
The ability to collect quality data is an essential part of data protection. After all, if the data is unreliable, it creates internal inconsistencies that can lead to major issues in the way it is interpreted and applied.
Cybersecurity leader and executive vice president of consulting firm Booz Allen Hamilton, Brad Medairy, recommends reduce algorithmic bias as a way to maintain privacy in artificial intelligence. It also suggests good data and dataset hygiene as a means of creating data standards that can improve privacy and digital trust.
Use of risk intelligence and cybersecurity
Risk is always a factor in business. This has led to the rise of risk intelligence, which CFO Leo Tilman defines as a company’s ability to approach risk holistically.
This includes speaking the same risk language internally and using it to eliminate threats, improve decision making, and create lasting value.
In order to improve the protection of customer data, companies should provide risk information to assess the situation. It must take into account critical interactions with customers throughout their experience with a business. This can alleviate many concerns in handling customer data before it becomes problems.
Improve (and communicate) cybersecurity
It’s hard to overstate cybersecurity at this point. It is an essential part of the future. Norton cybersecurity experts report that there are as many as 2,200 cyber attacks per day.
This is not just a concern for companies using data and AI systems. It is also a factor that consumers are well aware of. This creates a certain sense of paranoia that businesses have to deal with if they are to gain a true sense of trust and protection.
Businesses need to start by taking clear, up-to-date, and comprehensive cybersecurity measures. But they shouldn’t stop there. While cybersecurity can do the heavy lifting when it comes to protecting customer data, trust comes through communication.
Every business needs to find ways to communicate the cybersecurity measures it has taken to its customers. This fosters a sense of digital trust and a greater willingness to use AI-enhanced technology throughout their interactions with a brand.
AI and AI are the future of business. However, inevitability does not automatically equate to security. On the contrary, companies need to make a concerted effort to protect their customers’ data as they rely more on automated processes enhanced by AI. Safety must go hand in hand with progress as businesses move into the brave new world of the future.