Rising use of AI in investing and fraud detection reshapes client expectations for advisors
Artificial intelligence is rapidly becoming embedded in how individuals manage their money, with nearly half of global consumers now using the technology to support savings and investment decisions.
Research from EY signals a meaningful shift for wealth managers, as clients increasingly rely on AI not only for guidance but also for executing financial decisions—changing how advice is delivered and consumed.
According to the firm’s latest global survey, 49% of respondents have used AI in the past six months to assist with saving or investing. Usage is expanding across multiple financial activities, with 21% turning to AI for product recommendations and 18% using it for budgeting, household finances and trading support.
While 18% of respondents have used AI to protect financial data, 50% believe it can help detect and prevent fraud, pointing to rising demand for AI-enabled risk management tools.
The broader report highlights how AI is shifting from a support function to a more autonomous role. Globally, 11% of consumers say they already allow AI to manage their finances with little or no human input, while 14% have let AI select financial service providers on their behalf.
“There is no doubt that Gen AI has moved firmly beyond the experimental phase, with a proof-point being consumers increasingly using the technology to guide their financial decision-making and protect their savings,” said Omar Ali, EY Global Financial Services Leader. “As familiarity and use of AI for low-risk, everyday financial advice grows, openness to using it for more complex decision-making and a broader set of activities is the likely next step.”
“An opportunity is opening up for banks, insurers, and wealth and asset managers to capture new market share and interact differently with their customers, as AI increasingly enables a growing number of consumers to engage with financial services and products,” he added. “What is crucial at this juncture is that governance, compliance, and accountability frameworks keep pace with technological progress to help ensure trust and integrity is central to AI when it comes to financial services.”
Personalized guidance
Demand for more personalized guidance is also accelerating uptake. More than a third of respondents said they would find it highly valuable for AI to deliver tailored financial advice or automate decision-making processes based on their preferences and data.
Despite this momentum, trust remains a key constraint. The report notes that concerns around security, oversight and accountability persist, even as consumers continue to adopt AI tools in financial contexts.
“Consumers are becoming more comfortable using AI for financial guidance, but it is trust that will determine how far and how fast adoption grows. Financial services firms must earn that trust by putting strong guardrails around AI-driven decisions and demonstrating transparency and accountability. The firms that get this right will be best placed to convert growing consumer interest into lasting confidence,” said Preetham Peddanagari, EY Global Financial Services AI Co-Leader.
Adoption level gaps
Adoption levels vary significantly across demographics. Younger investors are leading, with 68% of Gen Z respondents using AI for some aspect of financial management, followed by millennials at 65%. Millennials are also the most likely to apply AI in higher-stakes areas such as financial advice and fraud detection.
“The adoption gap for AI-generated financial advice speaks to varying levels of digital literacy and consumer confidence in the technology across age groups," said Sameer Gupta, EY Global Financial Services AI Co-Leader. "While millennials and Gen Z have grown up in an increasingly digital world, older generations often find AI less accessible. Closing the gap across generations will require AI providers and financial institutions to segment by age; empowering and building trust with the less digitally-savvy, while catering to different younger generations who consume and process AI advice differently. The key is not applying a ‘one-size-fits-all’ approach.”
Education and employment status also influence uptake, with university graduates and full-time workers reporting higher confidence and usage levels than other groups.
As investors grow more comfortable delegating decisions, firms that can combine automation with transparency and strong governance frameworks may be best positioned to capture new opportunities in a rapidly evolving advice landscape.
