AI Helps Close ‘Trust Gap’ Between Companies, Customers
A new report found more than half of respondents trust AI to handle day-to-day tasks more effectively
A new report by Vodafone Business has found that AI can help companies shrink the so-called Trust Gap with customers. The majority of those surveyed believe that AI-savvy businesses are more likely to make accurate predictions.
The Fit for the Future Report conducted in partnership with the London School of Economics surveyed 2,359 businesses and 5,289 individual customers across 10 markets and 11 key sectors of the economy about trust in business.
It revealed that businesses overestimated how much their customers trusted them, known as the Trust Gap, but that this gap can be reduced with AI.
In the survey, 62% of respondents said they trust organizations the same or even more when generative AI is used. In the U.S., 57% of respondents thought that AI-savvy businesses are more likely to make accurate predictions.
Just over half (53%) said they would have confidence in AI technologies completing day-to-day tasks more effectively.
To create Trust Scores for businesses and industries, the study asked research participants to rate organizations on a 1 to 5 scale, according to how much they agreed or disagreed with four statements within each of the three pillars within a definition of trust.
Businesses were also asked to give themselves a score on these measures, according to how they thought customers would rank them.
The trust gap was recorded as 11 percentage points on average.
This differential can have a real impact on business performance, representing missed opportunities, disappointed customers and lost revenue, said Vodafone.
In the study, trust scores significantly increased when customers believed businesses were "using technology the right way, however.
“Trust is the foundation of relationships and affects the choices we make every day,” said David Joosten, president of Vodafone U.S.
“By staying at the forefront of technological advancements and deploying new solutions like AI, international businesses are finding new ways they can provide better quality service and experiences and earn customer trust.”
When the survey looked closer at the impact of AI on trust, it found that as businesses explore how to introduce AI, they are finding new ways to improve the efficiencies within their businesses and customer experiences
Those that utilize AI for the benefit of their customers – from delivering higher quality products faster to more accurate customer service – can shrink this Trust Gap by nearly half, the report found.
However, a majority (62%) of U.S. respondents are concerned relying on these technologies will make organizations less human in their interactions. An even higher percentage (76%) think organizations should be more transparent about their use of technology and how it impacts their customers.
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