Companies around the world have turned to artificial intelligence in increasing numbers in recent years. This only accelerated with the advent of the coronavirus pandemic.
However, the rapid adoption of artificial intelligence and automated processes has opened up a new area of concern for consumers and businesses alike: the ability to protect consumers and preserve digital trust.
The growing value – and concerns – of artificial intelligence
Artificial intelligence has found an increasing number of practical applications. This can be seen especially in the field of IA (intelligent automation).
According to the cloud-based company Automation Anywhere, IA is where robotic process automation (RPA) and artificial intelligence meet. They are then used to enable business process automation as well as accelerate digital transformation.
In essence, IA often appears as a viable iteration of AI in business. It removes much of the need for human intervention through the use of a combination of automated processes and artificial intelligence.
EY’s Global Vice President of Transformation, Hank Prybylski, emphasized that while the importance and usefulness of internal auditing is, consumer safety and trust are just as important. He expresses that IA delivers sustainable long-term growth through elements such as improved employee experiences and better customer retention and acquisition.
The problem comes from creating an adequate level of comfort for customers when they know their data is being handled by a computer.
How to protect customer data to build digital trust
A key element is gaining trust while emphasizing the importance of internal audit and its AI component in demonstrating that data is protected. This starts with keeping humans at the center of every AI effort and making sure that new technology satisfactorily meets their needs.
Maintain strict data standards
In an EY survey, 48% of respondents cited data quality and reliability as a major factor undermining their trust in enterprise-wide AI programs.
The ability to collect high quality data is an essential part of data protection. After all, if the data is unreliable, it creates internal contradictions that can lead to major problems in how it is interpreted and applied.
Chief Cyber Security Officer and Executive Vice President of Consulting Firm Booz Allen Hamilton, Brad Medeiry, recommends reducing algorithmic bias as a way to preserve privacy in AI. It also suggests good data cleanliness and data sets as ways to create data standards that can enhance digital privacy and trust.
Leveraging risk intelligence and cybersecurity
Risk is always a factor in business. This has led to the emergence of risk intelligence, which CFO Leo Tillman defines as a company’s ability to approach risk in a comprehensive manner.
This includes internally speaking the same language about risks and using it to remove threats, improve decision-making, and create lasting value.
In order to enhance customer data protection, companies must provide risk information to influence the situation. You should take into account important interactions with customers throughout their experience with the company. This can alleviate many concerns in managing customer data before they become problems.
Enhance (and communicate) cybersecurity
It’s hard to overemphasize cybersecurity at this point. It is an essential part of the future. Norton cybersecurity experts report that there are up to 2,200 cyber attacks per day.
This is not a concern for companies that use data and IA systems. It is also a factor that consumers are well aware of. This creates a certain sense of paranoia that companies must address if they are to achieve a sense of true confidence and protection.
Businesses must start with clear, up-to-date and comprehensive cybersecurity measures. But they shouldn’t stop there. While cybersecurity can do the serious work when it comes to protecting customer data, trust comes through communication.
Every organization must find ways to communicate the cybersecurity measures they are taking to their customers. This feeling of digital trust and a greater desire to use AI-enabled technology is fostered by their interaction with the brand.
Artificial intelligence and artificial intelligence are the future of business. However, determinism does not automatically imply safety. Conversely, companies must make a concerted effort to protect their customers’ data when they rely more on automated processes enhanced by artificial intelligence. Safety must go hand in hand with progress as companies step into the brave new world that the future holds.