Wealth managers increasingly jumping onto the AI bandwagon

The use of artificial intelligence (AI) technologies in wealth management is gaining traction

Wealth managers increasingly jumping onto the AI bandwagon

The use of artificial intelligence (AI) technologies in wealth management is gaining traction, with 99% of wealth managers planning to deploy the technology within the next three years, according to a report by Forbes Insights and Temenos.

The study found 34% of wealth managers currently implementing AI in their firms and another 25% trialling the technology.

Of the wealth managers polled, 41% said that AI deployment will enable them to acquire and retain mass affluent clients, while 93% said that AI will play a role in the future of their practice.

The study also found high net worth investors (HNWIs) equally optimistic about AI, with 84% being accepting or highly accepting of the technnology in their investing experience and 67% saying that their wealth manager should adopt the technology immediately.

Acceptance in digitisation in case of wealth managers was found rising up to 52% from 25% since 2016. In case of HNWIs, the acceptance rose to 41% from 14%.

Temenos product director of wealth Pierre Bouquieaux said: “Now that AI technologies are weaving their way into the traditional world of wealth management, a balancing act has emerged that will define the future of the industry: the blending of man and machine in advisers that produces better service and results for increasingly tech-savvy HNWIs and mass affluent clients.”