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AI sets to revolutionize wealth management: report

2019-07-05 12:10

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BEIJING, July 5 (Xinhua) -- Wealth management is on the cusp of a revolution powered by artificial intelligence (AI) that offers predictive analysis and recommendation engines so individuals can make better investment decisions, said Friday's China Daily.

The next wave of computational tools is already available to users of Ant Fortune, the wealth management platform of Ant Financial Services Group, as the number of individual investors in non-money market funds doubled in the past year thanks to higher returns on investments backed by algorithms.

Ant Financial is an affiliate of Alibaba Group.

During a recent conference in Shanghai, Ant Financial said AI has fueled 70 percent growth in the number of transaction users from last year on its Ant Fortune platform, with those who have purchased automatic investment plans having jumped 1.7 times year-on-year.

So far, some 80 fund companies have set up virtual stores through the "Fortune Account" function, with nearly 5,000 fund products available to its over 600 million end users, company statistics showed.

The consultancy estimated that in China, credit-tech enabled outstanding balance will reach 68 trillion yuan ($9.9 trillion), or 35 percent of the total balance in the market, by 2022.

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