According to Oracle's recently published 'A Study on the Use of AI in Finance', as of 2020, consumer perception of assets has changed in general, and now many people trust AI more than humans when it comes to financial management. Appeared.
The study, conducted by Oracle in more than 9,000 consumer and business executives in 14 countries around the world, shows that the COVID-19 pandemic has increased financial anxiety, depression, and fears in people around the world, and the trustees in charge of asset management. And the role of corporate finance departments and personal wealth advisors and their primary work areas are being redefined.
The pandemic has been reported to have a negative impact on the financial perceptions people experience at home and at work across the world. Among corporate executives, financial anxiety and stress increased by 186% and depression by 116%.
Consumers also responded that they felt twice as much financial anxiety and stress, and 70% more sad feelings. 90% of corporate executives are concerned about the impact of Corona 19 on their organizations, and cited the slow economic recovery or recession (51%), budget cuts (38%), and bankruptcy (27%) as representative concerns. . 87% of consumers experience financial fears due to unemployment (39%), savings loss (38%), and debt delinquency (26%).
This financial uncertainty has changed what people trust in the field of financial management. In particular, when it comes to solving complex financial problems, consumers and business executives appear to be more confident in the technology, including AI, than people.
67% of consumer and business executives trust AI more than humans in financial management, 73% of business executives trust AI more than their own judgment, and 77% of business executives trust AI more than their own finance teams. . 89% of corporate executives said that AI can contribute to financial affairs through fraud detection (34%), invoicing (25%), and performing profit and loss analysis (23%).
53% of consumers say they trust AI more than their own judgment when it comes to asset management, and 63% say AI is more reliable than personal asset counselors. 66% of consumers said AI could contribute to asset management by supporting fraud detection (33%), spending management (22%), and equity investment (15%).
56% of corporate executives believe that AI will replace corporate finance experts within the next five years. 85% of corporate executives said they want AI support in their financial affairs, including financial approvals (43%), budgeting and forecasting (39%), reporting (38%), and compliance and risk management (38%). On the other hand, they responded that they wanted corporate finance experts to focus on tasks such as communication with customers (40%), discount negotiations (37%), and transaction approval (31%).
42% of consumers predict that AI will replace personal asset counselors within the next five years. 76% of consumers hoped for AI help in the areas of asset management, such as securing free time (33%), managing unnecessary spending (31%), and on-time payments (25%). On the other hand, personal property counselors wanted assistance with key decisions such as buying a home (45%), buying a car (41%), and planning vacations (38%).
87% of corporate executives say that organizations that do not reorganize their financial processes lag behind the competition (44%), increase employee stress (36%), inaccurate reporting (36%), and decrease employee productivity (35%). I predicted that I would face danger.
Jurgen Lindner, Senior Vice President of Oracle's Cloud Business Division, said, "Over the past few years, financial management in homes and businesses has become digital, and the pandemic that occurred last year has accelerated this." As it becomes normal, the use of technologies including AI and chatbots will also become increasingly important.”
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