According to a research conducted among 9000 consumers and business leaders in 14 countries, there is a growing confidence that robots would manage financial tasks better than the people employed.
“Financial processes in our personal and professional worlds have become increasingly digital for many years and the events of 2020 have accelerated that trend. Digital is the new normal and technologies such as artificial intelligence and chatbots play a vital role in managing finance”, said Juergen Lindner, senior vice president, global marketing, Oracle
The COVID-19 pandemic has escalated financial anxiety, sadness, and fear among people around the world and has changed the pattern of trust to manage finances. People are reconsidering the role of corporate finance teams and personal financial advisors.
“Managing finances is tough at the best of times, and the financial uncertainty of the global pandemic has exacerbated financial challenges at home and at work. Robots are well-positioned to assist – they are great with numbers and don’t have the same emotional connection with money” said Farnoosh Torabi, a celebrated financial expert
The research states that 90 percent of business leaders worry about the impact of COVID-19 on their organization, with the most common concerns centering on a slow economic recovery or recession, budget cuts and bankruptcy.
It is even found that such concerns are keeping people up at night as a significant amount of consumers reported losing sleep due to their personal finances.
