UBS Wealth Management managing director Jason Katz asserts that the market opportunities previously found in e-commerce have now shifted towards A.I.
Businesses of all sizes are progressively incorporating artificial intelligence into their operations to varying extents as more companies embrace this rapidly-evolving technology. Despite the increasing integration of AI, concerns regarding privacy persist, prompting a recent survey revealing that a majority of American consumers desire transparency regarding companies’ utilization of AI and the manner in which it is employed.
According to a report released by Zetwerk, 68% of consumers advocate for companies to voluntarily disclose their use of AI, while 59% believe that government intervention should mandate such disclosures.
A recent Zetwerk survey highlighted consumers’ growing wariness about the reliability of AI in business interactions, recognizing the imperfections inherent in AI technologies. Stephanie Martinez from Zetwerk’s creative team emphasized consumers’ concerns regarding data privacy in relation to AI utilization.
The survey also delved into consumer comfort levels with AI across various industries. Health care emerged as the top industry where respondents felt disclosure of AI usage should be obligatory, with 69% in agreement. Additionally, a majority expressed the need for disclosure in workplace health and safety monitoring (56%) and within financial services firms (52%).
Among the surveyed consumers, 50% indicated that companies using AI for marketing should disclose this information, while 43% emphasized the importance of disclosure for companies employing AI chatbots or virtual assistants.
Furthermore, the survey revealed stark differences in opinions along political lines among business-to-business managers. While 47% of Republican managers support voluntary disclosure of AI use by companies, only 16% advocate for legal mandates. In contrast, approximately 60% of Democratic managers believe that both voluntary and legal disclosure of AI use are necessary.
The study also disclosed that over 70% of surveyed managers confirmed the integration of AI into their business operations. Despite this widespread adoption, there are disparities in disclosure practices, with one-third of large companies consistently disclosing their AI use, whereas three-fifths of small businesses rarely or never reveal such information to partners or clients.
In conclusion, the significance of transparency in AI utilization cannot be overstated. As AI continues to play a pivotal role in business operations, maintaining credibility hinges on achieving a harmonious balance between innovation and integrity in business practices, as emphasized by Stephanie Martinez.
