According to recent research, consumers would more than likely go to a friend as opposed to getting “robo-advice” to assist them regarding financial choices.
Surveys were conducted in 15 countries and included 1,000 respondents in the United Kingdom (UK). The poll uncovered the fact that only three percent of Europeans would be included to trust their finances to a “robo-adviser” unless they gave prior permission.
People’s preferences are programmed into a robo-adviser which then invests their money per this information.
Consumer views across Britain lined up well with the European average of only three percent who would let a computer perform on their financial behalf without first approving this, according to the pollers, ING International Survey Mobile Banking 2017 – Newer Technologies.
Overall, the worldwide survey discovered that generally, when investment advice was offered, 40 percent or approximately two-thirds of consumers would prefer a human being as their financial adviser whereas 14 percent would talk to either friends or family or both.
Special websites and the internet, in general, would be utilized by 16% of would-be investors to find the data they need. Having said that, the survey indicated that “few are willing to trust a robo-adviser,” with only four percent willing to find out information from a computer programme.
Nathalie Spencer, ING behaviourial scientist, said: “Letting algorithms make money decisions for us has the potential to be really advantageous and free up some headspace – yet we found that many people are reluctant to give up control of these decisions.
“As newer technologies like robo-advisers become more prevalent, we may see people start to embrace the personalisation and convenience it offers, but the desire to control decisions will most likely mean that most will always want final approval.”