Singapore professionals lag in tech adoption, with 4 in 10 still relying on old-school tech

SINGAPORE: A recent report by Avaloq’s Wealth Insight 2024 highlights that nearly four in ten professionals in Singapore still rely on outdated technology, significantly surpassing the global average of 25%. The findings suggest that industry professionals in Singapore face considerable challenges in adopting modern tech solutions compared to their counterparts in other regions.

According to the report, 43% of Singaporean professionals utilize ten or more specialized technology systems for their daily tasks. This reliance on multiple systems underscores a potential inefficiency in workflow and highlights the need for more streamlined technological solutions in the local industry.

In terms of investment practices, the report indicates that a majority of local investors favor a hybrid approach to investment advice. Specifically, 57% support the integration of AI tools alongside human advisers for various functions, including analyzing portfolio performance data (80%), offering investment recommendations (78%), and addressing client queries about their portfolios (73%).

The data reflects a growing recognition among wealth management professionals in Singapore of the crucial role that modern technologies, particularly AI, will play in their future operations. Over 80% of respondents expressed that they view AI as essential for their work moving forward.

However, concerns about trust in AI technologies remain prevalent. Approximately 26% of respondents expressed skepticism, believing that local investors may never fully trust AI for investment responsibilities, while 24% echoed similar doubts regarding financial planning.

Despite these concerns, 21% of Singaporean investors indicated a willingness to embrace fully AI-driven investment advice, notably higher than the global average of 14%. Furthermore, only 22% reported discomfort with AI in general, compared to a 33% global average.