In a new study by Pegasystems into the use of AI in customer service in the UK, two thirds (73%) of respondents said that they would trust a human over AI to make a completely objective, unbiased decision when deciding to give them a bank loan.
In addition, when asked who would you prefer to decide whether or not to provide the loan was made by a human or AI, 81% answered a human employee at a bank, compared to 19% saying AI.
When answering questions about AI decision making more generally, over half (55%) of respondents said it’s possible for AI to demonstrate bias in decision making, and 56% said it isn’t possible to develop machines that behave morally.
Despite these stats Gege Gatt of Ebo.ai remains optimistic and told TFT recently that;
“AI will radically change the way that financial institutions interact with their customers; that will be its biggest impact. In today’s digital world, people want instant answers, and they want them any time of the day or night. AI and advanced virtual assistants can give them the information they want within seconds. Customers will rarely even realise they’re talking to a bot, due to the highly personalised interactions that virtual assistants now deliver.”
when asked who would you prefer to decide whether or not to provide the loan was made by a human or AI, 81% answered a human employee at a bank, compared to 19% saying AI.
Commenting on the findings, Dr. Rob Walker, vice president, decisioning and analytics at Pega said,
“An important part of the evolution of artificial intelligence will be the addition of guidelines that put ethical considerations on top of machine learning. This will allow decisions to be made by AI systems within the context of customer engagement that would be seen as empathetic if made by a person. AI shouldn’t be the sole arbiter of empathy in any organisation and it’s not going to help customers to trust organisations overnight. However, by building a culture of empathy within a business, AI can be used as a powerful tool to help differentiate companies from their competition.”
With more and more banks trying to harness the power of AI in their customer engagement, these figures show there is a long way for them to go before their customers embrace this technology in day-to-day banking.