According to the research, those who would accept AI assistance in receiving investment advice are more than two thirds (69%) of investors.

As the UK Government kicks off its AI Safety Summit, it becomes clear that although the majority of investors are fine using AI for a variety of financial duties, they would rather have a human involved approach rather than rely entirely on AI.

In terms of financial advice, just 15% of UK investors are satisfied with the process being entirely driven by AI, compared to over half (54%) who would embrace an integrated or hybrid strategy.

AI in investment advice or not?

The research involved 500 investors in the UK.

While 19% of UK respondents stated they were open to entirely AI-driven analysis, 73% of respondents would feel at ease with AI being used to analyse the performance data from their portfolio.

Furthermore, 54% of them were willing to have AI support.

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Avaloq discovered that 71% of investors are happy with AI being employed to make product suggestions according to their investment behaviours and changes in situation, an increase of 8 percentage points since 2022.

However, investors prefer a mixed strategy that incorporates both AI and the human touch (56%) over an AI-only approach (16%).

Investors were least acquainted with using AI to answer queries about their portfolio (65% comfortable) and using AI to update personal details (66% comfortable) among the AI use cases presented.

An additional 2,500 investors from five markets in Europe and Asia were questioned by Avaloq, and the results showed that these investors were more open to adopting AI than the investors in the UK.

The global average score (74%) for individuals who would be prepared to employ AI for some, or all of their method of handling financial tasks was greater than the UK’s score (69%).

In terms of the various use cases, 22% of global investors favour a strategy completely based on AI, compared to 18% in the UK.

This indicates that UK investors are likewise less willing to hand over control to AI. 

Gery Zollinger, head of data science at Avaloq, stated: “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. Scepticism over full delegation to AI and the issues that will be highlighted at this week’s AI Safety Summit offer pause for concern and highlight the importance of the financial sector fully understanding the risks associated with AI – as well as the need for effective regulation to ensure that AI does not compromise investor safety. It is vital that financial services firms using AI have a robust monitoring framework in place to identify and rectify any potential shortcomings, including unethical outcomes.”