People trust robots more than themselves with money

▤ Summary

The study of more than 9,000 consumers and business leaders in 14 countries found that the COVID-19 pandemic has increased financial anxiety, sadness, and fear among people around the world and has changed who and what we trust to manage our finances. • 87% of business leaders say organisations that don’t rethink financial processes face risks, including falling behind competitors (44%); more stressed workers (36%); inaccurate reporting (36%); and reduced employee productivity (35%). The financial services sector has innovated swiftly to support customers at a difficult time, and it’s fantastic to see businesses and consumers alike recognising the potential AI has for managing money. Trust will underpin the successful adoption of emerging technologies, and so firms must be taking steps like embedding robust governance processes, engaging employees, and addressing unfair bias in data.” “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,” said Farnoosh Torabi, Personal Finance Expert and Host of the So Money podcast. Organisations that don’t embrace these changes risk falling behind their peers and competitors; hurting employee productivity, morale and wellbeing; and struggling to attract the next generation of AI-empowered finance talent.”

▦ Linked Companies

Oracle

$1B+