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.
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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.”
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By GlobalData
