Nearly 7 in 10 People Want Robots to Manage their Finances Instead of Humans (infographic)

It goes without saying that the COVID-19 pandemic has forced us to be extra careful with how we spend our money. But the problem is that people are not ready to trust someone with their hard-earned money. However, they are ready to trust “something” and that something is artificial intelligence.

According to research conducted by Farnoosh Torabi and Oracle, the pandemic played a key role in leveling up the anxiety and uncertainty people have had in regards to controlling their finances. The research revealed that stress and sadness had increased by more than 50%. For business leaders, the factor of stress witnessed a massive boost of 186% and that of sadness increased by 116%.

Since the pandemic has forced us to make changes in almost every area of our lives, it’s only fair that people have become worried about managing their finances. Over the last year, people’s feelings towards cash and spending it on goods and services have been impacted. They have become “anxious” (26%), “dirty” (19%), and “fearful” (23%).

When presented with a suggestion of robots taking up the task of managing their daily expenditures, the majority of surveyors expressed happiness. The reason why many people are ready to trust robots with their finances is that with robots, there would be no chance for financial decisions to be altered by emotions.

Nearly 67% of consumers and business leaders claimed that they would rather trust a robot than a human to manage finances. As for their own money, about 53% of consumers stated that a robot was better suited for managing it.

As for business owners, they are more likely to trust a robot’s verdict over their own about 73% of the time. Moreover, these owners would take a robot’s suggestion over that pitched by their finance teams about 77% of the time. Their main reason behind putting this much trust in robots is that these machines can do a better job at detecting fraud (34%), generating invoices (25%), and performing cost/benefit analysis (23%).

Farnoosh Torabi issued a statement to corroborate their study. They stated how robots are well-equipped to help due to being great with numbers and lacking an emotional connection with money. Torabi also clarified that the findings of their study do not indicate that the need for finance professionals would go down all of a sudden. However, people working in these roles should think about evolving and adding to their skill set.
Read next: The Top Companies That Started During a Recession (infographic)
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