Money and AI: More people trust robots to manage finances: Page 2 of 3

February 15, 2021 //By Rich Pell
Money and AI: More people trust robots to manage finances
A new study by computer technology Oracle and personal finance expert Farnoosh Torabi finds that 2020 has changed people's relationship with money and people now trust AI-enabled robots more than themselves to manage their finances.
  • percent of consumers believe robots can help detect fraud (33 percent); reduce spending (22 percent); and make stock market investments (15 percent).

"Financial processes in our personal and professional worlds have become increasingly digital for many years and the events of 2020 have accelerated that trend," says Juergen Lindner, senior vice president, global marketing, Oracle. "Digital is the new normal and technologies such as artificial intelligence and chatbots play a vital role in managing finance."

The events of 2020, says the company, have changed the way consumers think about money and have increased the need for organizations to rethink how they use AI and other new technologies to manage financial processes:

  • 60 percent of consumers say the pandemic has changed the way they buy goods and services.
  • 72 percent of consumers say the events of 2020 have changed how they feel about handling cash, with people feeling anxious (26 percent); fearful (23 percent); and dirty (19 percent). More than a quarter (29 percent) of consumers now say that cash-only is a deal-breaker for doing business.
  • Businesses have been quick to respond as 69 percent of business leaders have invested in digital payment capabilities and 64 percent have created new forms of customer engagement or changed their business models in response to COVID-19.
  • 51 percent of organizations are already using AI to manage financial processes, compared with 27 percent of consumers.
  • 87 percent of business leaders say organizations that don't rethink financial processes face risks, including falling behind competitors (44 percent); more stressed workers (36 percent); inaccurate reporting (36 percent); and reduced employee productivity (35 percent).

"Our research indicates that consumers trust these technologies to accelerate their financial well-being over personal financial advisors and business leaders see this trend reshaping the role of corporate finance professionals," says Lindner. "Organizations that don't embrace these changes risk falling behind their peers and competitors; hurting employee productivity, morale and well-being; and struggling to attract


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