Consumers Not Ready To Trust Robots With Their Savings
In a survey that was recently conducted by HSBC, it was found that consumers are about twice as likely to trust a robot to perform a heart surgery on them, than they are to trust a robot to pick a savings account for them. Bank officials admit that they found the results to be rather odd.
The survey that they conducted included at least 12,000 respondents from roughly 11 different countries around the world.
Roughly 7 percent of the respondents said that they would trust a robot to take charge of their personal savings. Compare that to the 14 percent that were seen in favor of allowing a robot to conduct a heart surgery for them.
The same survey found that most people see technology as increasing their standard of living in making their lives easier. But they aren't as eager to embrace that technology in some areas, like their savings account, this survey would suggest.
Results also showed that less than half of the respondents didn't trust fingerprint recognition over password security; they aren't ready to embrace a biometric card just yet.
Robots In Banking
Hedge fund robots have been increasing in popularity in recent years and when it comes to comparing them with human rivals, they have been seen to come out on top.
With the frequent scandals that keep coming to light surrounding the financial industry and the various illegal activities the different banks have engaged in, is it surprising that more people aren't open to the idea of allowing a robot to get involved with their banking? What do you think, would you want a robot to be in charge of your savings?
It's clear that the future is going to include robots in many different areas in the market, banking included, and this survey sheds some light on how far they still need to go in the way of appealing to customers to possibly go with robots for their banking solutions.
Pics:
Pixabay
Sources:
https://www.bloomberg.com/news/articles/2017-05-23/hsbc-discovers-consumers-trust-robots-for-surgery-over-savings
http://www.cnbc.com/2015/01/05/hedge-fund-robots-crushed-human-rivals-in-2014.html
https://www.wired.com/2016/01/the-rise-of-the-artificially-intelligent-hedge-fund/
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https://steemit.com/money/@doitvoluntarily/fdic-alleges-that-the-bank-of-america-owes-half-a-billion
Upvoted and resteemed!!!
Wow, that is really surprising! I would definitely be one of the people that would allow a robot or algorithm to manage my finances. A robot heart surgery on the other hand, I am not so sure about, but if it was something I would need, I would at least consider it, and make sure to check out for myself how good they are before letting them operate me.
I would trust a robot over a banker or a politician any day, as long as a banker or a politician don't own the robot!
Nice post! You write a lot of good articles. Keep them coming!
My 2nd Steemit article: https://steemit.com/money/@jdawg/diversify-out-of-the-dollar
Please upvote and resteem!
They have a cyborg working at my bank, so I switched to another one.
like.. a customer service one? lol
I was just joshing ya. They banned cyborgs so now it's all androids.
it's only a matter of time lol
Consumers feel more safe with they are in control of they FUNDs and can monitor their spendings/savings. Robots will come with time when it's bug-free and the community has factored it into the society.
I feel like a robot at times during my working week!
It's not savings but a lot of the banks are trying to convince their corporate clients to switch to algo-trading. They're claiming better rates and faster execution. When i was still working there, we used to get a hard sell a week.
@doitvoluntarily
I'm not sure if I would trust either one... Robot or Banker! :) So glad cryptocurrency gives us somewhat of an alternative to the madness!
Thanks for posting! Your posts are always so intriguing!
Upvoted.
crypto=agreed!:) and thanks :)
You're welcome, @doitvoluntarily :)
I don't trust banks. I'd trust a bank that used robots even less. I'd probably choose to bury my money in a tin can in the back yard over dealing with robots.