PETALING JAYA: Malaysia’s affluent and high-net-worth individuals (HNWIs) rank among the highest in adopting artificial intelligence (AI) for finance, according to a survey commissioned by HSBC.
About 85% of Malaysia’s surveyed affluent and HNWIs widely use AI tools in finance, level with mainland China (85%) and trailing only India (86%). The global average stood at 73%.
Across the generations surveyed, Gen Z (aged 21-29) and Millennials (aged 30-45) make up the heaviest users of AI for financial and investment decisions, at 86% and 89%, respectively. This is followed by Gen X (aged 46 to 61) at 85% and Baby Boomers (aged 62-69) at 78%.
AI use also appears linked to shifts in sentiment among these investors. About 57% say it makes them feel more in control of their investments, compared with 21% who say it makes them feel less in control.
More than half (54%) say AI makes them more willing to take calculated risks – more than double the 25% who say it makes them more cautious.
While AI penetration in finance is high, Malaysia’s affluent and HNWIs still rely heavily on the critical oversight that comes from human professional judgement.
This is why more than half, or 58%, still want human-AI synergy in making financial decisions, HSBC said in a statement.
For Gen Z, this includes analysing portfolio performance (61%) and generating new investment ideas (57%). For millennials, the pattern is similar at 53% for both tasks.
The affluent and HNWIs still rank financial professionals and institutions as the leading source of investment ideas (65%) and the most influential factor in investment decisions (39%), more than double the influence of AI tools (16%).
When asked why investors turn to financial professionals and institutions when making financial decisions, 85% cite reassurance and 76% cite strategic expertise.
This includes spotting mistakes in AI-generated data (31%), providing personalised interpretation of complex data (31%), and applying judgement and validation (30%). Aside from finance, HSBC said the affluent and HNWIs are also using AI for work and career (64%) and for personal development (64%).
HSBC Malaysia country head of international wealth and premier banking Linda Yip said the future of banking lies in a seamless partnership between AI-driven insights and human expertise.
“By pairing advanced analytics with human relationships, we aim to support our clients with the confidence to navigate, invest and pursue growth in an increasingly complex financial landscape.”
