New research shows that 69% of UK investors are comfortable using artificial intelligence (AI) for investment advice.
The study conducted by Avaloq, which surveyed 500 UK investors, indicates while a majority are happy to incorporate AI into a range of financial tasks, they prefer a blended approach that combines human involvement with AI rather than full delegation to the technology.
When it comes to investment advice, 54% of UK investors support a blended approach, with 15% comfortable with a fully AI-driven process.
The research also found that 73% of respondents are at ease with AI being used to analyse their portfolio’s performance data. Of those, 54% prefer AI support, and 19% are happy with a fully AI-driven analysis.
Furthermore, 71% of investors are comfortable with AI providing product recommendations based on their investment behaviours and changes in situation, a rise of 8% from 2022.
A majority (56%) prefer a combination of AI and human input, while 16% are content with a fully AI-driven approach.
The study also looked at investors from five additional markets in Europe and Asia, surveying a total of 2,500 participants.
Results showed that these investors are more receptive to the use of AI than those in the UK, with 74% willing to use AI for some or all financial tasks, compared to the UK’s 69%. Furthermore, 22% of global investors would accept a fully AI-driven approach, compared to 18% in the UK.
Gery Zollinger, head of data science at Avaloq, said, “Our research reveals that investors are more open to using AI in the investment process but still want the human touch, indicating natural opportunities for wealth managers to integrate AI into their offerings in a way that augments the service they provide.”
© 2023 funds europe
