The market’s financial instability and people’s personal finances have changed drastically in the last year, which has also altered how people handle money.
Research from Oracle, a software company, and Savanta, a market research firm, reveals that 76% of the consumers living in the Asia Pacific now trust robots more than personal financial advisors to manage their finances. Moreover, 68% of them revealed that they trust robots more than themselves in handling the same task.
The numbers are more significant in the business sector. As per the research, about 84% of the Asia Pacific leaders would trust robots for their personal money, while 83% would prefer machines over human finance teams.
Called the “Money and Machine” study, the survey was conducted on over 2,500 consumers and business leaders in the Asia Pacific such as Japan, Singapore, China, India, and Australia. The aim is to help us understand how people’s relationship with money has changed during the health crisis.
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Respondents from Japan, India, and China have the best impressions of robots’ capabilities out of all the 14 countries surveyed across the globe. Meanwhile, 55% of respondents from Australia are skeptical about it.
The robots were preferred due to their main advantages. 38% of the respondents say that it’s suitable for time efficiency, 36% are in for its effectivity to detect fraud, while 34% believe it can reduce unnecessary spending.
But it still has its weakness. Primarily, its investing capabilities. 11% of the respondents expressed that it’s better to buy stocks yourself, especially after the health crisis.
The health crisis also changed consumers’ financial habits. 74% of the respondents reveal that how they perceive physical cash has changed. 64% said that it also changed the way they spend money — possibly resorting to cashless alternatives.
Source: Oracle