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The rise of AI and automation has contributed to a loss of trust from consumers.
According to Broker Essentials’ founder and director Jason Back, the industry is amid a “trust deficit” that’s causing real harm.
In the latest episode of the Business Accelerator podcast, host Alex Whitlock highlighted how it’s becoming more difficult to differentiate what is AI from what is human-powered.
From pictures, messages, to conversations on the phone, AI is blurring the lines, promoting further distrust with consumers.
This isn’t a new phenomenon. Back said the internet has contributed to these trust issues.
“I can’t trust what I see. I have to double take everything. I have to go and fact check things,” he said.
With this in mind, Whitlock believes there has never been a better opportunity to build a trust-based business.
As technology becomes more sophisticated and widely adopted, consumers are craving human connection.
Consumer trust is a hugely important commodity for a business. A study from PwC found that 32 per cent of consumers would walk away from a brand they love after just one bad experience.
The same study revealed that 74 per cent of consumers crave more human connection when dealing with businesses.
While AI and automation are important for streamlining processes, brokers especially should be wary of overdoing it. Don’t forsake intimacy for efficiency, said Back.
“We have to be careful when we’re mapping out our end-to-end process that we’re not overlaying everything with efficiency because it works for us and we’re not taking the customer into account and the opportunities that we have to deepen those relationships,” he said.
This is more important than ever. The cost-of-living crisis has heightened emotions. Consumers are craving connection, especially when it comes to the biggest financial commitment of their lives.
Back said a trusted relationship has never been more powerful than it is right now. He urged brokers to treat every client interaction like it’s the most important thing they’ve ever done.
“Really lean into it and just notice the difference when you answer the phone. When you’re super present, you close your laptop, you turn your phone over, you make eye contact with one of your staff members or your customer and you say, I’m here for you,” explained Back.
“I can tell you right now, rather than the world of distraction that we live in, the extra coins that you earn in that trust bank will be worth it.”
The extra trust developed will translate to a better customer experience and will deliver greater returns.
While technology can enhance efficiency, the core of broking remains a human-to-human relationship built on trust. Brokers who master this balance will thrive in an increasingly digital world.
To listen to the full episode of Business Accelerator, click the link below:
Business Accelerator: Why brokers must lead with trust in a digital world
