Artificial Intelligence (AI) has proven to be a versatile tool for businesses, providing benefits such as increased sales, improved efficiency, and enhanced customer interactions. However, a new study from Texas McCombs explores another purpose for AI: contributing to social good and helping vulnerable consumers.
According to Gizem Yalcin Williams, an assistant professor of marketing at Texas McCombs, AI holds promise for businesses to adopt socially responsible practices and better serve vulnerable consumers. Together with Erik Hermann of ESCP Business School and Stefano Puntoni of the University of Pennsylvania’s Wharton School, Williams developed an AI framework to identify vulnerable consumers, address their specific needs, and mitigate discrimination and inequalities.
The framework suggests that vulnerability is not a constant state but can vary in duration and intensity. It encompasses cognitive and physical limitations as well as emotional distress. By leveraging machine learning and natural language processing algorithms, AI can effectively identify and empower vulnerable consumers.
The researchers propose several key concepts for implementing the framework. First, AI can analyze customer chat responses in real-time to build a risk score for customer service agents. This helps agents recognize and respond appropriately to vulnerable consumers. Second, when AI detects vulnerability, it can offer customized tips to agents and suggest special measures. For instance, if a consumer is overwhelmed, AI can recommend explaining options using simple terms and their pros and cons.
Implementing AI in customer service requires investment, but it can yield both financial and reputational benefits. By empowering vulnerable customers, businesses can expect increased loyalty, improved customer satisfaction, and boosted profits.
The study, Deploying Artificial Intelligence in Services to AID Vulnerable Consumers, is published in the Journal of the Academy of Marketing Science.
In conclusion, AI has the potential to transform businesses for social good by helping them better serve vulnerable consumers. By utilizing AI tools to identify and assist vulnerable customers, businesses can contribute to a more inclusive and responsible marketplace.
