Trust on generative AI

Building trust in generative AI for financial planning is essential to its adoption and acceptance by consumers. Demonstrating that generative AI models for financial planning consistently provide accurate and reliable results is crucial. Generative AI is a powerful tool that can be used to provide personalized financial advice.

It is important to note that trust-building is an ongoing process. Continued research, development, and user feedback are crucial for refining generative AI models and addressing any concerns or challenges that arise.

In order to increase trust in generative AI for financial planning, it is important for developers and providers of the services to create a more transparent, accurate, secure, and regulated environment for generative AI financial planning.

A report says, the majority (51%) of consumers are aware of the latest trends in generative AI and have explored the tools. Adoption of first-wave generative artificial intelligence tools has been remarkably consistent across age groups and geographies, with over half of all generations, including Baby Boomers, having used the technology.

Consumers that use generative AI frequently are most satisfied with chatbots, gaming, and search use cases, however, generative AI platforms are also being used for personal, day-to-day activities.

New study from the Capgemini Research Institute finds that, over half of the respondents (53%) trust generative AI to assist with financial planning. Globally, 67% of consumers indicated that they could benefit from receiving medical diagnoses and advice from generative AI, and 63% indicated that they are excited by the prospect of generative AI aiding with more accurate and efficient drug discovery.

Additionally, two-thirds (66%) of consumers would be willing to seek advice from generative AI for personal relationships or life and career plans, with Baby Boomers the most likely (70%) age group to use it for this purpose.

The awareness of generative AI amongst consumers globally is remarkable, and the rate of adoption has been massive, yet the understanding of how this technology works and the associated risks is still very low.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA