Soon, AI-based robots to replace financial advisers: Oracle study
India is among top three geographies including Japan and China where 83 per cent of Indians and 88 per cent of business leaders now trust AI more than humans to manage finance
- Mar 21, 2021,
- Updated Mar 21, 2021 3:10 PM IST
Just about a year ago, before the world was locked down, the big fear was technology taking over jobs. But, over the extended global lockdown, humans seem to have discovered greater faith in technology and machines, according to Oracle's Money and Machines: 2020 Global Study that was conducted across 9,000 consumers and business leaders in 14 countries.
India is among the top three geographies including Japan and China where 83 per cent of Indians and 88 per cent of business leaders now trust artificial intelligence (AI) more than humans to manage finance. Across Asia-Pacific, 76 per cent of consumers said they would trust a robot more than a financial adviser, while at a global level it was 67 per cent. Covid-led financial anxiety, and sadness among both consumers and business leaders more than doubled in 2020. Also, 1 in 3 Indians is stressed at work, reporting reduced productivity, leading to inaccurate reporting.
"What the study explains is that while trust in humans is broken, we can clearly see robots filling the gap. Second, the outlook towards the role of finance teams and financial advisers is expected to change," says Guru Prasad Gaonkar, Global Saas-ERP, GTM leader, Oracle.
Because of the Covid impact, 90 per cent of business leaders are saying that robots will replace finance professionals. A third of them believe that will happen as early as 2025. In India, there is overwhelming enthusiasm to embrace AI and 87 per cent of business leaders went to the extent of declaring that if organisations do not rethink their financial processes they will face risks.
Just about a year ago, before the world was locked down, the big fear was technology taking over jobs. But, over the extended global lockdown, humans seem to have discovered greater faith in technology and machines, according to Oracle's Money and Machines: 2020 Global Study that was conducted across 9,000 consumers and business leaders in 14 countries.
India is among the top three geographies including Japan and China where 83 per cent of Indians and 88 per cent of business leaders now trust artificial intelligence (AI) more than humans to manage finance. Across Asia-Pacific, 76 per cent of consumers said they would trust a robot more than a financial adviser, while at a global level it was 67 per cent. Covid-led financial anxiety, and sadness among both consumers and business leaders more than doubled in 2020. Also, 1 in 3 Indians is stressed at work, reporting reduced productivity, leading to inaccurate reporting.
"What the study explains is that while trust in humans is broken, we can clearly see robots filling the gap. Second, the outlook towards the role of finance teams and financial advisers is expected to change," says Guru Prasad Gaonkar, Global Saas-ERP, GTM leader, Oracle.
Because of the Covid impact, 90 per cent of business leaders are saying that robots will replace finance professionals. A third of them believe that will happen as early as 2025. In India, there is overwhelming enthusiasm to embrace AI and 87 per cent of business leaders went to the extent of declaring that if organisations do not rethink their financial processes they will face risks.