Indians trust machines over humans in money matters

With the financial uncertainty created by Covid-19 changing who and what to trust to manage finacnces, 83 per cent of Indian consumers and business leaders now trust Artificial Intelligence (AI)-based tools more than humans, said a new study on Wednesday.

A large number of people believe that AI-based tools can help to detect fraud, help reduce spending and make stock market investments. Interestingly, 73 percent of business leaders trust AI bots more than themselves to manage finances, said the study by Cloud major Oracle and personal finance expert Farnoosh Torabi. The findings come amid the global pandemic damaging people’s relationship with money at home and at work.

“The role of finance teams and financial advisors will never be the same - 90 per cent of business leaders believe robots will replace finance professionals, and more than a third (67 per cent) of Indian respondents believe it’ll happen by 2025,” Guruprasad Gaonkar, Global SaaS Go-to-Market Leader, Cloud Business Group, Oracle, said in a statement.

The study of more than 9,000 consumers and business leaders across 14 countries including India found that the Covid-19 pandemic has increased financial anx

About 83% of consumers and business leaders are now turning up to artificial intelligence tools for financial management, finds study

iety, sadness, and fear among people around the world.

The research shows that the pandemic is reshaping the role and focus areas of corporate finance teams and personal financial advisors.

Almost every Indian business leader – 96 per cent – believes that AI bots can improve their work by detecting fraud, creating invoices, and conducting cost/benefit analysis.