Tag: consumer

IFA 2025: Ticket sale for private visitors open now!

IFA Berlin, the world’s largest event for home & consumer tech, has officially opened the ticket sale for private visitors for its 2025 edition: ifaberlin.seetickets.com. The event will take place from 5 to 9 September 2025 at Messe Berlin. 

This year’s ticketing model introduces new access times and an adjusted price structure – with a clear focus on comfort, inclusivity and value to enhance the visitor experience across all audience groups. Furthermore, select exhibition halls are under renovation during the event, and the updated entry structure is designed to ensure better crowd management and smoother operations.

New ticketing structure. Same WOW. 

IFA 2025 places greater emphasis on accessibility, comfort, and value. The updated ticketing model reflects how most guests plan their time at the event, while enabling more focused access to exhibits, activations and features.

The opening hours of IFA 2025:

  • Private visitors:
    Friday, 5 September: 12:00–18:00 
    Saturday to Tuesday, 6–9 September: 10:00–18:00

  • Families, school groups & visitors with disabilities:
    Daily, 5–9 September: 10:00–18:00

  • Trade visitors, professionals & media:
    Early entry with access to the Trade Visitor Lounge from 08:00 via “Messe Süd” entrance, exhibition access from 09:30.

These adjustments ensure a safer, more relaxed and comfortable experience during peak times – particularly on Friday mornings, which continue to be reserved for political, media and business delegations as well as for families, school groups and visitors with disabilities. To avoid missed moments, major public programming will start after 12:00 on Friday.

Fair pricing that prioritises experience 

Following the special pricing during IFA’s 2024 centenary, ticket prices have been adjusted for 2025 to reflect a fair balance of access and experience.
Visitors who book in advance online save up to 22%:

  • Adults: €19.50 advance / €25.00 on site
  • Students: €12.00 advance / €14.00 on site 
  • People with disabilities: €12.00 advance / €14.00 on site (free companion ticket)
  • Kids: Free admission for children aged 15 and under
  • School Group: €39.00 (2 teachers + up to 33 students) 
  • Family: €39.00 advanced / €50.00 on site (2 adults + up to 3 children)

Meanwhile, the IFA Sommergarten will once again host concerts and live programming, with separate tickets available for all IFA visitors. Each IFA Sommergarten ticket includes same-day admission to IFA.

Join them in Berlin from 5 to 9 September 2025 – where inspiration, entertainment and next-gen tech come together. More information at ifa-berlin.com.

IFA Moments launches: Where tech meets culture – IFA Berlin cooperates with Home Again Club Festival

IFA Berlin, the world’s largest home and consumer tech event, brings back IFA Moments – a platform for cultural highlights that extends well beyond the main event in September and unfolds throughout the year. The campaign kicks off with a partnership with the Home Again Club Festival, taking place at Berlin’s Club Revier Südost from 28 May to 2 June 2025.

The IFA Moments campaign launches with a clear focus: Tech meets Techno. Loud, creative and deeply rooted in Berlin’s club scene, it forms a space where culture and innovation collide – uniting electronic music, community and future-facing technology. Headline acts include Peggo Gou, Solomun, Helena Hauff, Job Jobse, I Hate Models, Octo Octa and many more.

At the heart of this collaboration with the Home Again Club Festival is the panel “Innovation, imagination and the future of the music scene“, on 31 May. Artists, DJs and tech visionaries will explore how sound, innovation and community co-create tomorrow´s cultural spaces – openly, inspiringly, and with a visionary spirit. Expect fresh perspectives, honest conversations and a preview of how IFA Moments is redefining what a tech platform can be.

“With Home Again Festival, we’ve found a partner who shares our vision: To make technology something you don’t just see but feel and experience. In the club, on stage, and through dialogue. Technology is part of a wider cultural movement and that’s exactly what we aim to highlight with IFA Moments, as our contribution to the cultural scene,” says Leif Lindner, CEO of IFA Berlin.

IFA Moments creates direct exchange between brands, artists, communities and technologies. Through events, co-creations and creative partnerships, IFA Berlin makes it clear: IFA is not only the world’s largest consumer tech event – it’s also a platform that drives cultural momentum, enables meaningful encounters, and opens new perspectives at the intersection of tech, culture and community disciplines.

Learn more about the IFA Moments platform and the 31 May panel at:
ifa-berlin.com/ifa-moments 

TechLabs, Ireland’s only tech, electronics and lifestyle consumer expo is coming to Dublin’s RDS

From the creators of GamerFest, Ireland’s biggest gaming and esports festival, comes TechLabs, the country’s only expo showcasing the latest advancements in consumer tech, electronics and lifestyle.  Taking place in Dublin’s RDS on Saturday, 18th October, TechLabs is set to be Ireland’s answer to Las Vegas’ CES.

Featuring leading global tech brands showcasing the latest in consumer electronics and smart technology, TechLabs is set to welcome over 10,000 tech-savvy visitors to the state-of-the-art exhibition highlighting the industry’s most cutting edge innovations.

Focusing on five key pillars, TechLabs is a free to attend event that connects consumers with the latest, most enhanced digital tech from around the world:

Urban Mobility – Discover next-generation urban mobility solutions including high performance cars and motorbikes, EVs, drones, e-scooters and e-bikes

Health and Fitness – Join the revolution of personalised health with the latest in wearable health trackers, smart fitness equipment and healthcare solutions

Audiovisual – Your gateway to entertainment with smart TVs, projectors, sound systems, headsets, home cinema, photography and action cameras

Connectivity – Get hands on with the latest smartphones, tablets, smart glasses and ultra-fast 5G connectivity that keeps everything – and everyone – connected

Computers and Gaming – Check out the very latest in PCs, high performance laptops, gaming consoles and immersive VR experiences

The event also sees the launch of the Innovation Stage, where visitors to TechLabs can experience live product demos, exclusive product launches, and expert reviews of innovative devices. It’s the go-to platform for discovering what’s new, what’s next, and what’s redefining the world of smart technology.

With 81% of Irish households embracing smart technology (according to a survey by European retailer Reichelt Elektronik), TechLabs is the perfect opportunity for tech lovers to engage with forward-thinking brands. Whether you’re a seasoned gadget fanatic or just curious about the latest in smart living, the event has something for everyone. Techlabs also comes just in time for those looking to trial products ahead of Black Friday sales and the Christmas shopping season.

TechLabs is created by the organisers of GamerFest, Ireland’s leading games convention which has welcomed over 35,000 gamers to the RDS, and the NEXUS Games Conference, a leading games industry conference bringing together global decision makers and industry leaders.

CEO of TechLabs, Stuart Dempsey, says: “We’re hugely excited to announce TechLabs, a groundbreaking, immersive new expo designed for everyone who lives and breathes technology. From next-generation smart TVs and cutting-edge wearable fitness devices to the latest in urban mobility, TechLabs will showcase the latest tech innovations ahead of the Black Friday and Christmas period.”

 

www.techlabsexpo.ie

Consumer Alert: Budget 2025 energy credit announcement sparks new fraud attempts – Bank of Ireland

Bank of Ireland is warning customers to be very vigilant to a wave of new fraud attempts following the announcement of a range of new energy credits this week.

Fraudsters often use topical events that are the subject of a lot of media coverage and commentary – in this case, energy credits announced in the recent Budget – to defraud consumers.

Bank of Ireland is seeing cases where customers receive an SMS pretending to be from the Irish Government (Gov.ie) saying they are eligible for a discounted bill under the new energy credit. However, this is just the first step in a scam designed to get the consumer to hand over their personal banking details.

How it works:

 

  • The consumer receives a text – pretending to be from an official Government source – telling them they are eligible for an energy credit.
  • The consumer replies to this and provides their personal contact details.

  • The fraudster then calls the consumer and pretends to be from their bank. The fraudster informs the consumer that they responded to a fake text and that now their debit/credit card, PIN, and phone sim card are compromised. The fraudster says someone from the bank, or a courier is on their way to collect the consumers card, PIN, and phone sim card.
  • In some cases, the consumer is kept on the phone to the fraudster until the person from the ‘bank’ or courier company arrives at their house.
  • Once they have taken these, fraudsters can then use the card for high value items, using chip & PIN.
  • Unfortunately, because the consumer believes they have been speaking with their bank, it can take some time before they realise that they are the victim of a theft and report this to their actual bank.

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Fraudsters are like chameleons. They design their scams to blend in with what’s in the news. But like all their criminal activity, this is just another attempt to steal your money.  

“There are new fake texts in circulation from “GOV IE” telling consumers they are eligible for a discounted electricity bill. These are smishing texts, and when the customer responds, they get a call from the fraudster posing as a bank employee informing them that their debit/credit card, PIN and phone sim card have been compromised. The fact that this call is followed by a fraudster calling to the victim’s house to collect the “compromised” card and phone sim card is of particular concern. 

“Be extra vigilant.  Fraudsters want your personal information, even if it’s simply your phone number. Do not give it to them.”

Bank of Ireland’s advice to customers in response to the current activity:

  • Do not click on links or respond to any SMS text messages which are designed to appear as if sent by the bank or other businesses and service providers.
  • If you receive a suspicious call, hang up and don’t call back any number the caller may have given you.

Remember:

  • Bank of Ireland will never send you a text with a link to a website that asks you for your online banking login details or any One-Time Passcodes that we’ve sent to you.
  • Bank of Ireland will never, ever, call you and ask for your security credentials such as your full 365 PIN, card details, one-time codes, or codes from your Business On Line Approve App.
  • Where customers receive a text appearing to be from Bank of Ireland, the Check Your Text service (Security Zone – Bank of Ireland Group Website) is now available.
    • If you get a text that claims to be from Bank of Ireland but you are not sure if it’s genuine, here’s how to verify it:
    • Copy the text you wish to verify.
    • Paste into a new message.
    • Add the word CHECK before the text. (In the same text)
    • Send to 50365.
    • Alternatively send it to 365security@boi.com

If you think you may have given away any of your banking details, please call our 24/7 Freephone line 1800 946 764 immediately.

How Algorithmic Recommendations Can Influence User Engagement and Behavior

Algorithmic recommendations have become a common feature across numerous platforms, from streaming services to online retail. These systems analyze user data to offer personalized suggestions, aiming to enhance the user experience by predicting preferences. 

Scientific American notes that people are spending more time interacting in social media spaces where algorithms shape their experiences. These algorithms influence which messages, individuals, and ideas users encounter. Essentially, they control the flow of social information, affecting what users see and engage with online.

However, this convenience comes with significant consequences for user behavior. By shaping what content or products are presented, algorithms influence how users interact with digital platforms.

In this article, we’ll explore how algorithmic recommendations impact decision-making, social media behavior, and consumer habits.

Shaping Decision-Making Processes

Algorithmic recommendations profoundly affect decision-making by channeling users towards specific choices. Through analyzing past behavior, algorithms predict and suggest options that align with individual preferences, potentially limiting exposure to a wider range of alternatives. 

Nature states that we use recommendation systems daily on platforms like social media to manage the flood of content. These systems must balance providing engaging recommendations while avoiding repetition or irrelevance. However, they can create filter bubbles, limit diverse viewpoints, and reinforce biases, raising ethical concerns about user autonomy and information manipulation.

As a result, consumers may get trapped in a feedback loop where they are constantly shown options that confirm their current preferences. As a result, users might experience a more predictable and less diverse decision-making process, potentially missing out on new and varied options.

Social Media Engagement and Behavior

On social media platforms, algorithmic recommendations significantly influence user interactions by curating content feeds based on previous engagement. Algorithms promote posts that align with users’ past likes and shares, often creating echo chambers. This selective exposure can reinforce existing beliefs and narrow users’ perspectives as they are repeatedly shown similar content. 

NIH reports that short videos have become crucial sources of information, but platforms often use algorithms that amplify echo chambers. This can lead to the spread of misleading information and false news. A recent study on Douyin, TikTok, and Bilibili found that users cluster into similar groups, impacting information sharing and perception.

Instagram is one of the most prominent examples of this phenomenon. Its algorithm prioritizes posts from accounts users engage with frequently, resulting in a feed filled with similar content. This can lead to a skewed perception of reality, as users are less likely to encounter diverse viewpoints.

This also affects mental health, as constant exposure to similar content can heighten feelings of inadequacy or anxiety. Users may compare themselves to idealized portrayals and trends, impacting their self-esteem and overall well-being. The algorithm’s influence extends beyond content preference, shaping users’ emotional responses and social interactions on a profound level.

TorHoerman Law notes that claims against social media platforms frequently focus on negligence, intentional infliction of emotional distress, and product liability. These legal arguments assert that platforms have a responsibility to shield users from harmful content and negative experiences. In essence, they argue that social media organizations should take appropriate action to protect users’ safety and avoid causing them mental distress.

Let us consider the example of the Snapchat lawsuit. It alleges that the platform worsened the mental health crisis among youth by using addictive features and misleading the public.

Impact on Consumer Habits

In the world of e-commerce, algorithmic recommendations steer consumer habits by suggesting products based on previous searches and purchases. This targeted approach can lead users to favor certain brands or products, often prioritizing those with higher profit margins for the platform. 

Over time, users may find themselves repeatedly purchasing from the same sources, even if better or more cost-effective options are available. This influence can limit users’ exploration of alternatives and skew their buying patterns, as their choices are subtly guided by algorithmic preferences.

FAQs

What is algorithm-based decision-making?

Algorithm-based decision-making involves using computer algorithms to analyze data and make decisions. Large amounts of data are processed by these algorithms in order to find trends and generate suggestions. This method can enhance efficiency and objectivity but may also introduce biases if the data or algorithms are flawed.

What is the Instagram addiction lawsuit?

The Instagram addiction lawsuit, led by New York Attorney General Letitia James, accuses Meta Platforms of aggravating mental health issues among youth. The suit claims Meta used addictive features and misled users about risks, including data collection on children under 13. Meta disputes these allegations, emphasizing its commitment to user safety.

What do consumers want from social media?

Customers demand individualized experiences, relevant material, and meaningful connections from social media. They seek platforms that respect privacy, offer safety features, and are transparent about data usage. Additionally, consumers want platforms to promote positive interactions while avoiding the spread of misinformation or dangerous content.

Algorithmic recommendations have their pros and cons. On one hand, they personalize our experiences and make decision-making easier. However, they can also limit our exposure to opposing ideas and have an impact on our actions. 

Finding the balance between personalized content and diverse exploration is key to helping users make informed choices and explore different perspectives.

MEF’s 10th Annual Consumer Trust Survey highlights the rise of the ‘savvy consumer’

The Mobile Ecosystem Forum (MEF) has released its 10th Annual Consumer Trust Survey, which takes the global pulse of the mobile ecosystem – from the point of view of the consumer.

This landmark study, with data from 15 different markets, combined with the analysis of results from the past decade, delves into the evolving perceptions and expectations of consumers, enterprises, and other stakeholders from across the globe. It sheds light on the challenges and triumphs encountered in building and maintaining trust through increasing awareness of how personal data is used, ensuring appropriate control over that personal data, and providing confidence in security safeguards.

This year’s Survey shows that while globally trust continues to decline and concerns about data collection increase, consumers are becoming more aware of how their data is collected and used, with a growing number of users now being classed as ‘savvy consumers’.

The key trends from the Survey over the last ten years are:

 

1) The rise of the “Savvy Consumer”: The reports highlight the emergence of the “savvy consumer,” who is more cautious about data sharing and demands greater control and transparency. This segment is increasingly seeking tools and services that empower them to manage their data.

 

2) Declining Trust: There’s a consistent decline in consumer trust regarding how companies handle their data. This is evident in the decrease in users who are “always happy” to share personal information and the increase in those who feel they have “no choice” but to share data to access services.

 

3) Increased awareness of data collection and use: Consumers are becoming more aware of how their data is collected and used. This is reflected in the growing importance they place on transparency and the desire to know how their data is being utilized.

 

4) Growing concerns about data security: Security remains a top concern, with identity theft and data breaches being major worries. This is driving the increased adoption of protective measures like password managers and antivirus software.

 

5) Importance of user experience and transparency: A poor user experience and lack of transparency are major factors that erode trust. Companies need to prioritize clear, concise privacy policies and user-friendly interfaces to build trust with consumers.

 

6) Impact of regulations: Regulations like GDPR and CCPA have increased awareness of data privacy rights and influenced consumer expectations. However, there’s still a gap between the perceived importance of these rights and their actual implementation.

 

7) Growing adoption of mobile payments: The use of mobile payments is increasing, but concerns about security and overspending remain. Companies need to address these concerns to build trust in mobile payment solutions.

 

8) Rise of Data Abstinence: In recent years, users are increasingly practicing “data abstinence,” choosing to limit data sharing as a way to assert control. This trend poses challenges for businesses that rely on data for personalization and targeted advertising.

MEF’s 10th Annual Consumer Trust Survey is an essential tool for the mobile ecosystem, letting stakeholders know where the issues lie and ensuring they have the data needed to make decisions about the future development of products and services. By understanding consumer concerns, companies operating in the mobile ecosystem can work towards allaying those fears.

“MEF’s 10th Annual Consumer Trust Survey serves as a critical compass, providing invaluable insights into the current state of trust in the mobile industry. With a decade of experience in examining trust dynamics, this study offers a unique longitudinal perspective, tracking trends and identifying emerging concerns. It explores a wide range of factors, including fraud prevention, data privacy, security practices, and the impact of new technologies like 5G and artificial intelligence.” said Gavin Patterson, Director of Data, MEF

Key Insights include:

  • Trust is a critical factor: It influences consumer behaviour, including app downloads, purchases, and engagement with services.

 

  • Transparency and control are paramount: Consumers demand clear information about how their data is used and want the ability to manage their data.

 

  • Security concerns remain high: Companies need to prioritize data security and proactively address consumer concerns to build trust.

 

  • The need for user-friendly solutions: Data protection tools and services need to be easy to use and understand to encourage adoption.

 

  • The importance of education: Educating consumers about data privacy and security is crucial to empower them to make informed decisions and protect themselves.

 

  • Stagnant Trust: The Global Trust Index, a measure of user confidence in personal data sharing, remains weak at 55% and has not improved since last year.

 

  • Awareness of Data use is a mixed blessing: While awareness of how personal data is used is high, it may be driven by negative news and data misuse. Increased awareness alone does not improve trust; greater confidence in control and safeguards is also necessary.

 

  • Positive perceptions have plateaued: Perceptions of ease, convenience, online confidence, and privacy have stagnated or declined, reversing a long-term upward trend.

 

  • Incremental decline in data harm is not enough: Although there has been a slight decrease in reported data harms, it hasn’t translated to improved trust. Most data harms remain more common than in previous years.

 

  • Fewer users are noticing improvements: The proportion of users who perceive improvements in data education, controls, and security has plateaued or declined.

 

  • Protective actions are no longer increasing: For the first time, there is no continued upward trend in protective actions taken by users. There’s also a lack of certainty that these actions significantly improve safety.

MEF’s 10th Annual Consumer Trust Survey was carried out in January and February 2024. On behalf of MEF, On Device Research surveyed 9,750 smartphone users, 650 in each of 15 markets.

“Ten years is a significant milestone, one that provides an opportunity to reflect on progress and future trajectories. With the annual Consumer Trust Survey, MEF has championed the importance of consumer perception of safety and privacy in mobile for a decade,” said Dario Betti, CEO of MEF.

For more information: https://mobileecosystemforum.com/10th-annual-trust-study/

Revolut Report: May marked start of summer of sport as consumer spending rose

Revolut, the global financial app with more than 40 million customers worldwide, and now over 2.8 million in Ireland, has crunched the numbers on Irish consumer spending over the last month, with the app’s own data revealing that fair weather and an upcoming summer of sport saw a spike in consumer spending across the country.

With the GAA All-Ireland Championship, Irish Rugby’s tour of South Africa, The Open Golf Championship, and the Paris 2024 Olympics all now coming into view, Revolut’s consumer spending analysis tracked nearly 55m card payments in May, indicating real-world spending trends by Ireland’s Revolut account holders, who made close to €1.25bn in card payments across the month — a rise of 7.95% (MoM increase) with figures adjusted for user growth.

The May sunshine sparked a significant increase in consumer spending on sports clubs, which jumped by close to 22% (MoM increase), a rise of more than 70% (YoY increase) when compared with the same period last year. Similarly, parents are paying out more this year for sports and recreation camps for their children compared to last, rising by 7.5% (YoY increase).

Sports apparel and sporting goods stores were the beneficiaries, with spending up more than 13% and 12% respectively (MoM increases). Meanwhile, consumers in Ireland were hitting the gym more often in May, with outlays on health and gym memberships rising by close to 20% (MoM increase) and over 23% (YoY increase).

May’s fair weather also saw Revolut customers flock back to the golf club, with expenditure on courses rising over 20% (MoM increase), likely inspired by The Masters in April and the upcoming Open Championship later this summer.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “With now more than 2.8m customers across Ireland, we are able to draw genuine consumer spending insights from a data pool that represents over half the country. It’s therefore great to see a noteworthy rise in both general and sports-related expenditure, with our customers clearly inspired by the summer that’s ahead of us. Revolut supports customers with their health and fitness, with up to 20 credits for ClassPass and a digital personal trainer through Freeletics available via certain paid plans, providing greater access to gyms and fitness studios.”

Revolut was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, whilst it ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

For more information, visit: www.revolut.com/en-IE

Swappie – More than 60% of Irish consumers Unaware about the Growing Impact of E-waste

As the world celebrated Earth Day, Swappie, Europe’s largest iPhone refurbisher, has unveiled a dire need to educate people about the impact of e-waste. This alarm bell comes as a study by the United Nations reveals that a record 62 million tonnes of e-waste was produced in 2022, up 82% from 2010; on track to rise another 32%, to 82 million tonnes, in 2030.

Swappie did a pan-Europe community survey to gauge people’s knowledge and awareness about sustainable habits, carbon footprint and the impact of e-waste on the planet. The result was a startling and urgent need for more awareness across all age groups shedding light on widespread ignorance regarding e-waste and its consequences.

Globally, the annual generation of e-waste is rising by 2.6 million tonnes while the documented recycling rate has dropped from 22.3% in 2022 to 20% in 2030 – as recycling efforts fail to match pace with the monumental growth of e-waste generation worldwide.

The key highlights from the survey are as follows:

Awareness Gap:
A staggering 62.7% of Irish respondents were unaware of the projected 82 million metric ton increase in e-waste by 2030, equivalent to discarding 1,000 laptops every second.

Personal Impact on E-Waste:
Around 25% of global respondents correctly estimated their annual e-waste production.

Knowledge of iPhone Carbon Emissions:
22.7% correctly identified that it emits approximately 82 kg of CO2 in its first year of life.

Concern for the Environment:
Despite the lack of e-waste awareness, the majority of Irish respondents expressed significant concern about their carbon footprint and environmental impact.
61.6% rated their concern as 4 or 5 on a scale of 1-5, indicating high levels of worry about their personal environmental footprint.

Sounding the alarm, Luísa Vasconcelos e Sousa, Country Manager for Ireland at Swappie said: “These survey findings underscore the critical importance of raising awareness about e-waste and its detrimental effects on our planet. It is evident that there is a strong desire among consumers to make more informed choices to mitigate their impact on the environment – but the buck doesn’t stop here. We, at Swappie, pledge to inform more and more people about e-waste and how every person can contribute in making the world a better place.”

Swappie remains committed to environmental education and sustainability, aiming to empower individuals with knowledge to combat e-waste and reduce carbon emissions. As part of its Earth Day initiatives, Swappie will be launching educational campaigns and resources to help individuals better understand and address the challenges posed by e-waste.

6 In 10 Believe AI Could Tackle Ireland’s Costly Consumer Inertia Problem

Ireland’s perennial problem of consumer inertia could be tackled head-on by effective use of Artificial Intelligence (AI). This is according to six in ten compliance professionals operating in Ireland’s financial service industry, who believe that through the technology’s identity verification and data capture capabilities – the amount of time it takes to safely and securely onboard customers for banking and other financial services could be significantly reduced, thus making it easier for consumers to shop around and switch – and in turn pocket valuable savings.

Almost one in five (18pc) compliance experts say that they believe that the risks of AI outweigh the benefits of the technology, while one in four (25pc) however are relatively confident in the technology, feeling AI has an equal amount of risks as benefits. One in eight (13pc) go as far as saying they believe the advantages will outweigh the risks.

This is according to the findings of a new survey by the Compliance Institute, which polled 175 compliance professionals working primarily in Irish financial services organisations nationwide on their attitudes towards AI, a technology which has developed at a rapid pace in recent years.

Commenting on the survey findings, Michael Kavanagh, CEO of the Compliance Institute said:

Mr Kavanagh explained:

“It has long been accepted in Ireland that a general apathy and lack of proactivity when it comes to consumer behaviour around financial products and services costs the public thousands of euro every year. In Ireland, people very rarely switch banks or shop around for financial products and are slow to move insurers, with recent Central Bank research showing that only one in four people switch their car or home insurer when renewing their policy.

It could be that the correct use of AI could actually benefit consumers by significantly reducing the amount of time and effort consumers have to put into doing things like switching banks or insurers.

AI has the potential to also reduce customer onboarding costs to those organisations operating within the financial services industry. Know Your Customer (KYC) and the whole onboarding system is still relatively old-fashioned in many organisations when you think of how far we’ve come technology-wise in the last 10 to 20 years. The costs and time involved on both sides are still too high and there is an expectation that AI could be employed to reduce both. If a person had to jump through just one hoop instead of ten to change their banking provider, there’s a good chance they’d be more likely to do it”.

When it comes to the AI’s risk benefit ratio, our survey found that for almost half of the compliance practitioners asked, the jury is still out. However, most have confidence in its ability to drive change for the better when it comes to consumers and switching”.

The Compliance Institute says however, that the depth of the concerns revealed in the study around AI – and the potential for the technology to cause harm – should not be underestimated.

Mr. Kavanagh cautioned,

“Some of these concerns relate to privacy and misinformation issues, the potential of the technology to lead to job displacement, or even the risk of AI-altered images and videos disrupting the democratic process. This is why strong regulation in this area is so important and why the recently approved EU AI Act is so necessary. This regulation should ensure that AI systems are designed, developed and deployed in an ethical and trustworthy manner and that the fundamental rights, health and safety of the individual are protected while promoting responsible innovation.”