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Artificial intelligence increasingly appreciated globally and also used for financial planning

According to a recent study by the Capgemini Research Institute, consumers are demonstrating confidence in the use of generative AI for various applications. Here's what consumers think about AI and how it's being used

Artificial intelligence increasingly appreciated globally and also used for financial planning

The spread ofgenerative artificial intelligence is reaching a large number of consumers around the world, as the latest report reveals Capgemini Research Institute entitled “Why consumers love generative AI”. According to the study, the majority of consumers (51%) are aware of the latest innovations in AI and have already had first-hand experience with this technology.

Surprisingly, theadoption of first-generation AI tools was consistent across the different age groups and geographical areas, with more than 50% of respondents across all generations, including the Baby Boomers group, reporting that they have used this technology.

How generative artificial intelligence is used

Consumers who make frequent use of generative AI have particularly proven themselvesand satisfied with its applications in chatbots, video games and research activities. AI platforms are also used extensively in daily life. For example, over half of the survey participants (53%) do reliance on AI for financial planning. Globally, 67% of consumers would be willing to use artificial intelligence to receive a diagnosis or medical advice, while 63% see positively the possibility that this technology favors the discovery of more precise and efficient drugs. Furthermore, as many as two thirds of those interviewed (66%) declare themselves open to asking AI for advice on matters relating to interpersonal relationships, life and career plans, especially Baby Boomers (70%).

Still little awareness of ethical risks

The report highlights that the understanding of ethical risks and misuses of generative artificial intelligence by consumers is still limited. Despite potential cyberattacks and the creation of deepfakes, nearly half of consumers (49%) don't worry about the possibility that AI could be used to create fake news, and only 34% fear phishing attacks.

La consumer awareness regarding the ethical risks associated with AI is low: only 33% are concerned about copyright issues and an even lower percentage (27%) fear the use of generative AI algorithms to copy the models or formulas of products of competitors.

Consumers want to be updated on products and services

The report also reveals that the 70% of consumers want to receive suggestions on new products and services through artificial intelligence. Nearly half of consumers (43%) want companies to implement this technology in customer interactions, while 50% are enthusiastic about the highly immersive and interactive experiences offered by AI. Companies therefore have an opportunity to capture these consumer needs, considering that 70% of them already use generative AI tools when seeking advice on new products and services, and the majority (64%) are willing to make purchases based on these recommendations. There are no significant differences between the different age groups, and 67% of consumers expect AI to offer personalized recommendations in the field of fashion and home furnishings.

Capgemini: “The adoption rate of AI has been enormous”

" dissemination of generative AI among consumers globally is notable and its adoption rate it was huge, although the understanding of how this technology works and the risks associated with it is still very low,” he said Niraj Parihar, CEO of Capgemini's Insights & Data Global Business Line and member of the Group Executive Committee. “While regulation is key, commercial and technology partners also play a key role in informing and enforcing protective measures that address issues related to ethics and the misuse of AI generative. For example, at Capgemini is committed to helping customers identify the most relevant use cases for their specific business needs, moving within an ethical framework. Generative AI is not 'intelligent' per se: its intelligence depends on the support and assistance of professionals trained in this technology. As with any type of artificial intelligence, the key to success is therefore represented by the safeguards that humans put in place to guarantee the quality of its results".

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