The use of AI has steadily grown in the wealth and asset management industry from improved risk management, automated processes to personalised investment advice. The rapid emergence of general-purpose AI (GPAI) has the potential to bring additional opportunities, such as with facilitating regulatory compliance or investment research. However, Swiss wealth managers expect that the relationship model with their clients will remain fundamentally human-centric, as for example high net worth clients expect a high level of personalised services.
The growing adoption of AI requires careful consideration of new risks and challenges. At the same time, AI is already regulated under existing financial services legislation, which largely addresses and mitigates the key risks which might be caused or increased by the use of AI. An ongoing dialogue between policy makers, industry stakeholders and technology partners is needed to keep pace with technological advancements, and assess whether additional guidance under the EU AI Act may be needed for specific AI use cases in time.
International alignment of the regulatory framework and supervisory approach to the use of AI in financial services is also key to ensure interoperability of AI systems across regions and a level playing field for financial institutions deploying AI solutions.
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