Consumer concerns about the risks of AI persist

A report from TD shows Canadians believe the tech is being developed too quickly and want more control over their data.

Canadians are willing to accept companies using artificial intelligence to improve their services, but are highly aware of the potential risks it might bring with it, according to a new report from TD Bank.

The report is based on a survey of 1,200 Canadians conducted in May by Environics.

While 72% of respondents are comfortable with the idea of companies using artificial intelligence if it means they’ll get “better and more personalized service,” 77% said they are concerned about the risks AI poses to society. The same number of people believe AI development is moving too quickly for even experts to understand the risks it poses, with 68% saying they don’t know enough about it to know the risks themselves.

Despite that lack of familiarity, only 28% said it was important to them that decisions companies make with AI are easy to understand and explain. The most important things to Canadians when it comes to the ways companies use AI is that they have control over the way their own data is used (77%), with 55% saying it is important that companies be transparent about how AI is used.

Another risk on the minds of consumers comes in the lack of diversity in the tech industry: 59% of respondents believe it could lead to biases in the way it is being developed.

Despite these concerns, many believe banks should address them while still striving to innovate: 87% want their banks to be innovative, with 78% willing to try new technology from a financial services company and 72% expecting personalized experiences from them.