{"id":125300,"date":"2023-07-31T13:29:44","date_gmt":"2023-07-31T13:29:44","guid":{"rendered":"https:\/\/feedzai.com\/?p=125300"},"modified":"2024-04-09T09:12:55","modified_gmt":"2024-04-09T09:12:55","slug":"myai-customer-choice-and-consent-in-the-generative-ai-age","status":"publish","type":"post","link":"https:\/\/feedzai.com\/blog\/myai-customer-consent-data-privacy-generative-ai-age\/","title":{"rendered":"#MyAI: Customer Choice and Consent in the Generative AI Age"},"content":{"rendered":"
[vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”2″ top_padding=”1″ bottom_padding=”2″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column width=”1\/1″][vc_row_inner][vc_column_inner width=”1\/12″][\/vc_column_inner][vc_column_inner width=”10\/12″][vc_single_image media=”125302″ dynamic=”yes” media_width_percent=”100″ uncode_shortcode_id=”169040″][\/vc_column_inner][vc_column_inner width=”1\/12″][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column_inner][vc_column_inner width=”8\/12″][vc_custom_heading heading_semantic=”h3″ text_size=”h3″ text_weight=”400″ uncode_shortcode_id=”106738″]From chatbots to call centers to loan applications and beyond, artificial intelligence (AI) has become integral to today’s banking experience. The rise of generative artificial intelligence (GenAI) tools like ChatGPT and DALL-E proves that AI technologies are still evolving and poised for transformational growth. As such, banks must consider how to manage their customers\u2019 expectations for data privacy in the Generative AI era.<\/span>[\/vc_custom_heading][vc_column_text uncode_shortcode_id=”120965″]Regulating AI technology is essentially a pipe dream at this point. But that doesn\u2019t mean banks should give up on responding to their customers\u2019 data privacy preferences, even as they determine how best to use Generative AI technology. In this blog, we\u2019ll dive deep into the ethical concerns raised by AI and explore a proposed new framework for respecting customers\u2019 rights and preferences in the AI age, something we\u2019re calling #MyAI.<\/span><\/p>\n From daily interactions to complex financial decisions, AI has the power to reshape our lives for good and bad, often without us realizing it.\u00a0<\/span><\/p>\n At this point, the genie is out of the bottle. The toothpaste is out of the tube. Whatever metaphor you prefer, AI is already highly prevalent in financial services. Its extraordinary computational power can be applied across a wide range of use cases, from risk management to training data to customer experience operations and more.\u00a0<\/span><\/p>\n While AI has benefits, some people are inherently suspicious or simply prefer to sidestep it whenever possible in the rapidly disappearing non-digital age. While it\u2019s still feasibly possible, it\u2019s getting harder and harder in today\u2019s online world for people who want to avoid engaging with AI-based decisions to \u201clive off the grid.\u201d<\/span>[\/vc_column_text][vc_single_image media=”125416″ media_width_percent=”100″ uncode_shortcode_id=”194414″ media_link=”url:https%3A%2F%2Fhubs.la%2FQ01Zj5hL0|target:_blank”][vc_column_text uncode_shortcode_id=”168750″]Attitudes to AI are extremely polarized. It is impossible for regulators to keep everyone happy, and even if they could find common ground, it would involve a lot of divisive debate and many feeling resentment at either end of the scale.<\/span><\/p>\n So while regulation is still some way off, banks aren\u2019t helpless. In fact, even as they research new AI and Generative AI use cases, banks have a social and ethical responsibility to respect their customers\u2019 wishes not just for data privacy but for AI-based interactions as well.\u00a0<\/span><\/p>\n The adoption of AI is moving far faster than regulation. Rather than wait, banks have an opportunity to take the lead on safeguarding customers\u2019 wishes over how AI is or is not used in their individual interactions. In the face of the transformative changes brought by Generative AI, financial institutions can differentiate themselves by proactively practicing responsible and ethical behavior by committing to protecting customers\u2019 personal information by respecting their data privacy.\u00a0<\/span><\/p>\nUnchecked Data Privacy Risks in the Generative AI Era<\/span><\/h3>\n
Introducing #MyAI: A New Framework for Customer Choice for AI Privacy<\/span><\/h3>\n