Avaloq Reports Over Half Of UK Investors Avoid AI For Investment Support

Research from Avaloq, a platform for banking and wealth management, shows that UK wealth managers see AI as the future but still don’t fully trust it. The study gathered data from 300 wealth managers and 3,000 investors around the world, showing that 87% of UK wealth managers think AI is essential for their industry and will improve wealth management.

When asked where AI could be useful, 86% of UK wealth managers said it could help with onboarding clients, 65% said it could summarize client meetings, 64% thought it could help with checking rules, and 61% believed it would help with automatic checks for regulations.

Only 7% Of UK Investors Would Trust AI For Investment Advice

There is still a lot of doubt about trusting AI. The study found that 24% of wealth managers think their clients won’t trust AI for investments, and 27% think their clients won’t trust it for planning their money.

UK investors felt similarly, with only 7% saying they would trust AI for investment advice, 38% open to using AI tools with support from a wealth manager, and 55% not wanting to use AI for investment advice at all.

Gery Zollinger, head of data science and analytics at Avaloq, said UK wealth managers understand the huge potential of AI to help them. AI can save time by handling tasks so managers can focus on clients and make decisions. It also offers cheaper services and better access to advice.

Zollinger pointed out that there’s still work to do to bridge the gap in trust between wealth managers and their clients. For AI to work well for clients, wealth managers need to show how AI can help with portfolios and make sure clients understand how it works. While AI can improve the services advisors give, the human touch will always be important.

Avaloq’s Platform Works In The Cloud And Operates As A Software As A Service Model

In September, Avaloq shared that it has successfully set up its digital asset platform at Zürcher Kantonalbank (ZKB), one of Switzerland’s top banks, in partnership with Fireblocks. This platform helps the bank meet the growing demand for trading and holding digital assets. Avaloq set up the platform in the cloud and oversees it in a software as a service (SaaS) model.

The Avaloq platform helps financial institutions manage digital assets safely, trade them, and follow rules. It also helps them reduce risks, save on transaction costs, and meet regulations.

The platform works smoothly with the bank’s existing systems, giving clients an easy way to handle both traditional and digital assets. Thanks to Avaloq’s service model, Zürcher Kantonalbank can quickly offer new services.

Recently, Avaloq also worked with Gulf Capital Investment to improve InvestGB’s client services and change its wealth management system.

This partnership aims to use Avaloq’s technology to make InvestGB’s wealth and investment management processes more efficient. By using Avaloq’s advanced cloud platform, InvestGB will combine its systems and data into one, improving service for both its clients and Gulf Bank’s customers.