Client trust in artificial intelligence (AI) appears to be declining, despite wealth managers remaining positive about the technology, according to new research from Avaloq, a global leader in digital banking solutions and wealth management technology.
Client trust in AI is declining according to UK wealth managers, with two fifths (40%) believing clients could never trust the use of AI in investment decisions — up from a quarter (24%) in 2024
Despite this, the vast majority of UK wealth managers remain positive about AI, saying it will be integral to the future of their business
A similar trend is evident globally, highlighting an international need to bridge the AI trust gap
Avaloq's study, conducted among over 400 wealth managers worldwide, found that two fifths (40%) of UK wealth managers now believe that clients will never trust the use of AI in investment advice, an increase from a quarter (24%) in 2024.
Despite this apparent decline in client trust, UK and global wealth managers remain confident in the potential for AI. A significant majority (87%) believe AI will be integral to the future of their work.
While wealth managers remain highly optimistic about AI, client trust in the technology appears to be falling, showing a clear disconnect. Bridging this gap will be critical for wealth managers looking to reap the true benefits AI can offer.
