The article also provides suggestions for businesses on how to use AI while maintaining trust. These include being transparent and disclosing AI policies, staying ahead of evolving regulations, and carefully vetting third-party partners. The author concludes by stating that AI will remain an indispensable resource for businesses and urges leaders to focus on consumers' best interests, particularly their right to transparency and information.
Key takeaways:
- Consumer trust in AI technologies is declining due to concerns over data privacy and security, with only 39% of U.S. consumers believing AI technologies are safe and secure as of mid-2023.
- Businesses need to balance innovation with consumer sentiment, and should remain transparent about their AI policies and practices to maintain consumer trust.
- Companies should stay ahead of evolving regulations to ensure they are compliant with data privacy laws and should also vet their third-party partners carefully to understand their AI policies.
- Despite concerns, AI remains a valuable resource for businesses, with 55% of businesses having entered the AI implementation phase, and it is crucial for businesses to communicate their AI practices to consumers effectively.