Accenture has issued the results of a 2016 survey it made of 32,715 people in 18 countries and more than one third of respondents said that they would make the switch if Google, Amazon or Facebook started offering banking and other financial services.
Interestingly there was significant support for such new banks and insurance companies to use less human interaction on services and develop software using artificial intelligence. 31% of those surveyed would switch to Google, Amazon or Facebook for banking, and 29% would take insurance.
But whilst advice and day-to-day activity was considered fine to be handled by robot and automation, a much lower proportion were happy if customer service complaints were not to be handled by a human. 68% said they did not want a robot handling customer complaints.
And when it comes to more important services, more people wanted to deal with a human: 61% said they didn’t want an automated system for those complex products like mortgages.
It’s becoming increasingly clear that the business world is looking to machine learning and AI to cut costs and grow their activities. The most obvious daily example of this must be the use of automated tills in the supermarket.
But so far it remains to be seen whether service can be maintained, and what the impact on jobs will be if, if the trend continues. These are very much early days.