We trust robots more than humans in financial matters

According to research, the pandemic has begun to dispel fears about the role of artificial intelligence in financial services. Recent data reveals that individuals and business people now trust robots more than humans to handle their financial affairs.

Research conducted by Oracle with more than 9,000 consumers and business people in 14 countries shows that the pandemic has increased financial anxiety, sadness and fear for people around the world, and the resources we rely on to manage our finances have changed. Based on the results, the role and focus of corporate finance teams and personal financial advisors need to be reconsidered.

Consumers and businesses are increasingly relying on technology over humans to manage financial turmoil, according to data from Oracle. More than two-thirds of survey respondents said they trust a robot more than a human in managing their finances. When we go into the details of the research, we see that 73% of business people trust a robot more than themselves to manage their finances. 77% of this audience trust robots in financial management more than their own finance teams. The results also reveal that although trust in robots is high, consumers still value the human touch in important decisions such as purchasing a home, a car, or planning for retirement.