The security of personal data in financial matters is another source of concern for the majority (81%) of the thousand Quebecers questioned by Léger in the survey conducted in April 2021.
These concerns are becoming more apparent as technologies take a larger place in users’ financial habits.
Almost 70% of the people surveyed declared that they like to use new technologies to manage their finances.
This popularity of fintech is reflected in the relationship with the advisor, with a quarter of respondents preferring to use technology tools on their own rather than doing business with an advisor.
This trend will continue to grow. In fact, a third of respondents (31%) believe they will do business with a financial robot instead of an advisor in the next five years.
Tools for the future
Financial technologies are forced to develop to meet the needs of users. More than half (55%) of survey participants believe they will have access to better fintech in the future to manage their finances.
Among the technologies that have their favor, savings (69%), budget (66%) and retirement (62%) calculators come to the forefront. Clients also want to have a tool to assess their financial situation (67%) and to have access to a portal that brings together all their financial information (63) in one place.
They show less interest in financial decision support tools that use artificial intelligence and robots that provide financial advice.
People instead of machines
Despite the increasingly important role of technology in the financial habits of Quebecers, they continue to favor interaction with a human advisor (71%) over trading with a robot advisor (19%).
However, they expect the advisor to be up to date at this level. Technological skills are thus among the four main competencies sought by clients in advisors, after listening, personalization and globality.
However, just over half of clients (55%) believe their advisor helps them access better technology.
Therefore, there are opportunities for advisors to raise their level of knowledge in this regard to better meet client expectations.