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Robots More Trusted Than Humans to Manage Finances

Oracle has published the results of a new study of more than 9,000 consumers and business leaders in 14 countries. The overall conclusions of the study are fascinating, to say the least.

  • The pandemic has created financial anxiety, sadness and fear among people around the world.
    • Financial anxiety and stress increased by 229% among business leaders.
    • Consumer financial anxiety and stress more than doubled.
  • Robots are now seen as a better way to manage finances.
    • 70% of consumers and business leaders trust a robot more than a human to manage finances.
    • 79% of business leaders trust a robot more than themselves to manage finances, and 60% of consumers trust a robot more than themselves to manage finances.
  • The role of finance teams and financial advisors will never be the same again.
    • 64% of business leaders and 47% of consumers believe robots will replace corporate finance professionals in the next 5 years.
    • 92% of business leaders and 43% of consumers want help from robots for finance tasks.
  • Our relationship with money has changed; it’s time to embrace artificial intelligence (AI) to manage finance.
    • 87% of consumers say the pandemic has changed the way they buy goods and services.
    • 90% of consumers say the events of 2020 have changed how they feel about handling cash.
    • 83% of business leaders have invested in digital payment capabilities, and 68% have created new forms of customer engagement or changed their business models in 2020.
    • 63% of organizations are already using AI to manage financial processes.

 

Access the full Oracle report here.

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