Summary
According to new research findings, consumers across the globe are not only comfortable with a robot managing their finances – many think the robots would do a better job than they’d manage to do themselves.
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According to new research findings, consumers across the globe are not only comfortable with a robot managing their finances – many think the robots would do a better job than they’d manage to do themselves.
Computer technology firm Oracle surveyed more than 9,000 adults in 14 countries to gauge their interest in artificial intelligence (AI) taking a role in managing their financial affairs.
About three-quarters (76%) indicated they would welcome help from financial robots. In addition, more than half (53%) said they would trust a robot more than themselves to manage their finances.
When asked how they envision financial AI being most helpful, the top responses were freeing up time (33%), reducing unnecessary spending (31%) and making on-time payments (25%).
See related: What happens when you miss a credit card payment?
The study also found that the affinity for robots handling financial matters extended beyond consumers and into the corporate world as well. Almost three in four business leaders (73%) indicated they would trust financial robots more than themselves, and 77% said they would trust the robots more than their own finance teams.
About a third of business leaders (34%) and consumers (33%) also indicated that they believe financial robots can help them detect fraud.
Oracle’s survey was conducted between Nov. 10 and Dec. 8, 2020, among 9,001 respondents in 14 countries (U.S., United Kingdom, Germany, Netherlands, France, China, India, Australia, Brazil, Japan, United Arab Emirates, Singapore, Mexico and Saudi Arabia). Its findings were released Feb. 10.
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