Building customer trust with generative AI

Building customer trust with generative AI

The Power and Challenges of Generative AI: Unlocking the Future of Work

Generative AI

Generative AI has emerged as a transformative technology, with the potential to add $4.4 trillion annually to the global economy, according to research conducted by McKinsey. The impact of generative AI on the future of work is extensive, with the potential to automate 40% of the average workday. Marketing professionals, for example, could save up to one month per year by utilizing generative AI technology.

Industries across the board are recognizing the power of AI to enhance the customer experience. The financial industry, in particular, is facing the challenge of meeting customers’ increasing demands for a better digital experience. In the last year alone, 25% of financial services customers have switched banks in search of improved digital experiences. Trust, data security, and digital experiences are key concerns for finance firms and their customers.

Despite the promising opportunities, there are significant challenges in the adoption of generative AI. A recent survey by Salesforce revealed that 62% of full-time desk workers felt ill-equipped to use generative AI effectively and safely due to a lack of skills. The skills gap and trust are the biggest obstacles to the widespread adoption of generative AI. Another survey indicated that over 50% of sales and service teams lack knowledge about getting the most value from generative AI.

However, the future of generative AI looks promising, as IT leaders predict that it will soon become mainstream. McKinsey reports that 50% of organizations were already using AI in 2022, with IDC forecasting a 26.9% increase in global AI spending in 2023. Adoption of AI in customer service has risen by 88% between 2020 and 2022. Customer service leads the way in AI use cases, with organizations utilizing AI for service operations optimization, customer service analytics, and more.

Trust remains a significant concern when it comes to AI adoption in business. Customers’ trust in technology, data quality, language models, and automated workflows, as well as trust in the core values of AI vendors, plays a crucial role in gaining a competitive edge. A report found that 23% of customers do not trust AI, while 56% remain neutral. Companies must address these trust issues and demonstrate the benefits and capabilities of AI to gain customer confidence.

To build trust, sales professionals need to ask and answer the Fourth Why: Why make this sale? Understanding their own intent and motivation for making a sale is essential for establishing trust with customers. Building trust is key to long-standing business relationships, as it directly impacts organizational and financial success. Companies with high levels of trust report less stress, higher productivity, and increased engagement among employees.

Trust can be broken down into four components: competence, reliability, integrity, and intent. Sales professionals must demonstrate their competence, consistently deliver on their promises, act with integrity, and align their intent with the customer’s best interests. By standing next to the customer and understanding their challenges, sales professionals can demonstrate that they are a trusted partner committed to helping the customer succeed.

Ultimately, generative AI holds immense potential for transforming the global economy and the future of work. However, addressing the skills gap and building trust are critical for successful adoption. Sales professionals play a crucial role in demonstrating the value and intent of AI solutions to their customers. By understanding their own motivations and aligning them with the customer’s success, they can build trust and unlock the full potential of generative AI.

This article was co-authored by Henry King, business innovation and transformation strategy leader at Salesforce, and co-author of Boundless.