4 in 10 S’pore professionals still rely on old-school tech

This outpaces the 25% global average.

Industry professionals in Singapore face greater struggles with tech usage compared to its regional peers, with 43% depending on ten or more specialised technology systems for their daily tasks compared to 25% globally, according to Avaloq’s Wealth Insight 2024.

Furthermore, over half (57%) of local investors support a hybrid approach to investment advice, such as AI tools used in conjunction with human advisers, for analysing portfolio performance data (80%), providing investment advice (78%), and answering questions about their portfolio (73%).

The data suggests that wealth management professionals in Singapore recognise the importance of modern technologies, with over 80% agreeing that AI will be critical to their future work.

However, on the topic of trust in AI technologies, about a quarter of respondents believe that local investors could never trust AI for investment responsibilities (26%) or for financial planning (24%).

Whilst 26% said their clients could never trust artificial intelligence for investment responsibilities, 21% of investors in Singapore claimed they would be comfortable with fully AI-driven investment advice, against 14% at the global level.

Only 22% said they would not be comfortable with AI at all, compared to a 33% global average.

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