04.26.26

Half of Investors Turning to AI for Financial Decisions

by: Steve Randall

A survey by EY found that nearly half of global consumers are now using AI to support financial decisions, signaling a major shift in how people manage money and an opportunity for advisors to engage in new ways. About 49% used AI for saving or investing in the past six months, with growing use in product recommendations, budgeting, trading and fraud detection. “An opportunity is opening up for banks, insurers and wealth and asset managers to capture new market share and interact differently with their customers, as AI increasingly enables a growing number of consumers to engage with financial services and products,” said EY Global Financial Services Leader Omar Ali. “What is crucial at this juncture is that governance, compliance and accountability frameworks keep pace with technological progress to help ensure trust and integrity is central to AI when it comes to financial services.”

Read the full article on InvestmentNews