Artificial intelligence (AI) and financial services have one thing in common—consumers don’t trust them. According to the 2019 Edelman Trust Barometer, finance is still the least trusted industry globally. Consumers are also on the fence when it comes to putting their trust in AI, mainly because of the lack of clarity regarding the processes, performance, and intentions of the provider.
As with any new relationship, there’s a period of trust-building that needs to happen before value can be exchanged. Before virtual assistants can become the status quo, banks need to learn the language of trust—and their conversational AI needs to enable it.
However, we also know that using artificial intelligence (AI) to unlock the insights in citizen data will have a huge impact on our economy. In addition, government organisations will only learn how to transform service quality if they can use AI to learn from citizen data. The pressing question, therefore, is how can government improve trust with citizens?