High interest rates have had a significant impact on the financial wellbeing of Canadians for over a year now, with people split on which direction they believe the Bank of Canada will move in June.
Of equal but different impact to Canada’s shifting economical landscape is the emergence of generative artificial intelligence, which has exploded over the past couple of years from an esoteric niche into a popular global phenomenon.
Within Canada’s fintech realm, for example, every company is adopting AI in some capacity. Just as telling: Most new fintech startups appear to be based on the technology.
On the consumer side of things, however, the temperature registers closer to lukewarm, perhaps even cool. Data shows that many Canadians remain unconvinced AI offers pros outweighing cons.
Interestingly, as AI continues to gain steam throughout the nation, the number of consumers expressing discomfort with skilled service providers (like doctors, lawyers, and financial advisors) using AI has actually increased.
Today, 63% say they are uncomfortable with providers using AI to support or conduct their services, according to Dye & Durham’s Canadian Pulse Report for Q2 2024, up from 62% earlier this year.
“It’s clear that there is still a very large education piece that skilled service providers need to be mindful of to help their customers get fully on board with AI,” says Scott Bleasdell, who serves as Chief Product Officer of Dye & Durham, a practice management solutions platform targeting the legal industry.
According to Bleasdell, it’s not that Canadians are opposed to new technology. But a line is crossed when the entire process appears outsourced to machinery.
“The average Canadian still wants to know that a human is involved in the process,” he says, “even if AI is doing a lot of the heavy lifting.”
One key aspect for fintechs and other businesses leveraging AI to consider is transparency. Bleasedell implies a correlation between vagueness around the implementation of AI and a user’s discomfort with the tech.
“Transparency about how AI is and isn’t being used, and the benefits it provides to the client, will be critical in helping legal professionals and other skilled service providers foster widespread acceptance of AI use in their offerings,” the executive stated.
Conducted quarterly, D&D’s Canadian Pulse Report uncovers trends and insights into sentiment surrounding three areas: the economy, technology, and the real estate market.
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