GCC investors favour AI-assisted wealth advice over full automation, Avloq report finds

DUBAI: Artificial intelligence could help Saudi Arabia's banks expand wealth management services, improve operational efficiency and reach a wider pool of investors as the Kingdom's financial sector develops, according to a regional banking technology executive.

Akash Anand, managing director for the Middle East, Africa and India at Avaloq, told Arab News that AI could reduce the administrative burden on financial advisers, allowing them to spend more time with clients and serve a growing investor base.

Anand believes the Gulf Cooperation Council's wealth management industry will become increasingly competitive, with regional institutions challenging established international players and offering investors access to a broader range of asset classes.