According to a joint report titled AI and the Modern Wealth Manager by software provider Temenos and Forbes Insights, 93 per cent of surveyed wealth managers said artificial intelligence would play a role in the future of their business. The report presents survey findings of 310 ‘wealth managers’ and high-net-wealth (HNW) investors from Asia Pacific, Europe, the Middle East, Africa, Canada, the US, and Latin America. Among the 219 surveyed ‘wealth managers’ were c-suite executives (25 per cent), heads of asset management (37 per cent), and heads of businesses at investment banks (76 per cent) and private banks (24 per cent).
Not only do wealth managers anticipate a future with AI in it but they are positive about it, the research findings indicated. “Eighty-six percent of wealth managers say the rise of digitisation is essential or good overall. This sentiment is even higher among high-net-worth individuals—96 per cent,” the report said. Companies and their wealth managers that failed to incorporate the “unstoppable trend” of AI technology faced an “existential crisis”, it also said.
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