Intelligent Fin.tech Issue 14 | Page 42

INDUSTRY OUTLOOK

Generative AI : The privacy contradiction The survey also provides an early snapshot of the use of Gen AI and some of the potential risks and privacy challenges . Generative AI is still relatively new to most people – 52 % of respondents said they were not aware of it .
Of those that use Gen AI regularly ( 12 %), only half indicated that they were refraining from entering personal or confidential information into Gen AI applications . It is
notable that the other 50 % may indeed be entering personal or confidential information . This is despite 88 % of respondents indicating that they would be ‘ Somewhat ’ or ‘ Very ’ concerned if their data entered in Gen AI were to be shared .
Young consumers championing data privacy
This year , 33 % of respondents qualify as ‘ Privacy Actives ’: they care about privacy , are willing to act to protect it , and have acted , for example by switching companies or providers because of their data policies or data sharing practices . Younger consumers are the most willing to take action to protect their privacy . Just under half ( 42 %) of consumers aged 18 – 34 are Privacy Actives , a percentage that steadily decreases with age .
The percentage of consumers requesting data deletions or change rose to 19 %, up from
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