Artificial intelligence is rapidly integrating into the routines of Singapore’s wealthy investors, though most still rely on human advisers when making crucial financial choices. A survey by HSBC Bank (Singapore) Ltd. revealed that 76% of 609 mass affluent and high-net-worth investors use AI for financial and investment purposes. However, 79% of those AI users still seek reassurance from a professional adviser, and 71% value human strategic expertise—indicating that investors treat AI as a research aid rather than a replacement for professional guidance.
This trend extends to the broader public as well. According to a survey by the Million Dollar Round Table, 89% of 2,000 Singaporean adults use digital platforms or AI chat tools for financial information, with 60% noting that AI has influenced their saving and budgeting habits. Despite this digital adoption, face-to-face meetings remain the preferred channel for complex financial matters (42%), major decisions (41%), and periods of market volatility (50%).
In response, major financial institutions are deploying AI to support relationship managers rather than replace them. Speaking at the Asian Banking & Finance and Insurance Asia Summit on July 1, Wilfred Quek Siew Yih of DBS Bank noted that AI reduces administrative friction so advisers can focus on client engagement. Similarly, OCBC Bank and Bank of Singapore introduced an agentic AI platform on July 29 to automate client onboarding and verification, freeing relationship managers to concentrate on personalized advisory services.
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