4 in 5 Asean consumers use AI for financial decisions, UOB survey finds

A recent UOB survey reveals that 80% of consumers in the Association of Southeast Asian Nations (ASEAN) have made a financial decision based primarily on artificial intelligence (AI) advice or recommendations, with most reporting positive outcomes. Vietnam and Indonesia were found to have the highest positive AI-assisted financial decision outcomes.

Singapore consumers were the least likely to use AI for financial activities, with only 38% using it daily, compared to 55% in Vietnam. Digital wealth management has become mainstream, with more than 60% of UOB's new-to-wealth customers coming from digital platforms. UOB's study, conducted in June on 5,000 consumers from Singapore, Malaysia, Indonesia, Thailand, and Vietnam, found that 91% of regional consumers use digital tools for wealth management, such as tracking cash flows, planning financial goals, investing, monitoring portfolios, and tracking financial insights.

Consumers in the region primarily use AI to compare products and understand financial information, with the most valued AI banking features including savings goal nudges, overspending alerts, and personalized investment recommendations. Banks retain an edge over AI in the trust department, with 76% of consumers trusting their primary banks to act in their best interest, compared to 68% for AI-powered tools like ChatGPT.

In Vietnam, however, this gap is narrowing, with 76% trusting their primary bank, compared to 72% for AI-powered tools. The survey also found that 67% of regional consumers are working with or actively looking for a financial adviser, as financial decisions and solutions become more complex.