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.