Are you ready to entrust your bank account to a robot?

White plastic robot hand extended forward with fingers spread.

Many people are willing to accept investment advice from artificial intelligence

Smart systems have long helped us to shop on the Internet, to easily find the music we love, or guide us in the purchase of property. For all our skepticism, we are getting used to the presence of artificial intelligence, entrusting it with hotel management, vehicle control, even medical diagnostics, and a new study has proven that we are ready to trust it with our finances as well.

A couple is looking at robot
Photo: Unsplash

The Economic Inquiry has published data from a large-scale survey that for the first time measures consumers’ willingness to use AI-based advisory services in the banking sector. One goal of the researchers was to investigate whether the likelihood of a person turning to AI for financial matters depends on different cultures and nationalities.

The study focuses on robo-advisory services, which are automated investment platforms. They offer consultations without human intervention.

Euro and dollar bills split in two side by side placed upright and reflected in a mirror surface - an illustration of clever budgeting.
Photo: Unsplash

Fear of fraud

The scientists summarized ING Bank data from 11,000 respondents from 11 countries and found that in countries where social interaction is considered significant, they are distrustful of new technology. Fact found by analysts: fear of fraud strongly influences consumer choice to use robo-bank advisors.

Artificial intelligence services in banking are acceptable when there is a lack of trust in human financial investment advice.

The truth is that all the futuristic and science fiction predictions are coming true – people and machines are becoming more closely connected. Especially since IEEE Network reported a year ago that Korean scientists are training artificial intelligence to read human emotions using body movements.

Outstretched hands, the fingers of which barely touch - an illustration of advice to be useful to others.
Photo: Unsplash


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