How soon will ChatGPT take over investment processes? Two thirds of investors comfortable using AI for advice
The majority of UK investors are comfortable with artificial intelligence being used in the investment process but aren’t ready for it to take over entirely just yet.
According to a fresh survey from Swiss-based banking software company Avaloq on Wednesday, 69 per cent of investors would accept AI support in providing investment advice. However, the majority of investors remain against fully AI-driven analysis.
Only 15 per cent of survey respondents said they would be comfortable with an entirely AI-driven analysis of their portfolio, compared to more than half being happy with a blended approach combining AI and human involvement.
Attitudes towards AI in the investment space are changing, however.
Avaloq’s survey found that 71 per cent of investors are comfortable with AI being used to provide product recommendations based on their investment behaviours and changes in the situation, a rise of eight percentage points since 2022.
Nonetheless, UK attitudes towards AI continue to lag behind the rest of the world.
The global average for those willing to use AI for some or all of their approach to financial tasks was 74 per cent, Avaloq found, compared to 69 per cent for the UK.
Furthermore, UK investors are less likely to cede control to AI than their European or Asian counterparts. A reported 22 per cent of global investors would accept an approach fully driven by AI across different use cases, compared to only 18 per cent in the UK.
The findings come as the UK AI Summit kicks off at Bletchley Park. The two-day event is the first global summit on AI safety and will bring together prominent figures in the tech space, including ChatGPT creator Sam Altman and billionaire Elon Musk.
“Scepticism over full delegation to AI and the issues that will be highlighted at this week’s AI Safety Summit offer pause for concern and highlight the importance of the financial sector fully understanding the risks associated with AI – as well as the need for effective regulation to ensure that AI does not compromise investor safety,” said Gery Zollinger, head of data science at Avaloq.
UK Prime Minister Rishi Sunak has struck a cautious tone on the future of AI in the UK, saying it offered opportunities but also significant risks.
During a speech last week, the PM said: “Now, as with every one of those waves of technology, AI will bring new knowledge, new opportunities for economic growth, new advances in human capability and the chance to solve problems that we once thought beyond us. But like those waves, it also brings new dangers and new fears.”