Standard Chartered: Technology-enabled wealth advisory is the future

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Artificial intelligence (AI) is probably one of the most said words in the past year, with the world amazed by the launch of Open AI’s ChatGPT in late 2022 which perfectly showcases how powerful the technology can be. In fact, generative AI is just the tip of the iceberg and the wider AI applications are far beyond that.

There is no doubt that AI will profoundly change the way we live and disrupt almost every industry. Banking services are of no exception. There are many already-known benefits that AI can bring to the industry, such as enabling more personalised services, enhancing efficiency and productivity, and thus improving overall customer experience and satisfaction. 

In particular, AI is considered a future tool to help drive smarter investment decisions. It is not an extravagant claim by banks or technology companies only. Investors also believe that AI can help them in wealth management, according to Standard Chartered’s survey conducted in recent months. The study polled 508 respondents, each of whom held a minimum of HKD 1 million in net investible assets.

Upward trajectory of technology-enabled wealth advisory adoption

As reflected in the Bank’s survey titled “Managing Wealth Using the Latest Technology”, about 80% of affluent investors – who have an average of nearly HKD 4.56 million in investible assets – believe that AI will become important in helping them achieve their financial goals over the next three years. Older millennials (aged 35 to 42) are the most confident about AI, among whom 35% believe it is “very important”, compared to 26% of younger millennials (aged 27 to 34).