DUBAI: Artificial intelligence could help Saudi Arabia's banks expand wealth management services, improve operational efficiency and reach a wider pool of investors as the Kingdom's financial sector develops, according to a regional banking technology executive.

Akash Anand, managing director for the Middle East, Africa and India at Avaloq, told Arab News that AI could reduce the administrative burden on financial advisers, allowing them to spend more time with clients and serve a growing investor base.

Anand believes the Gulf Cooperation Council's wealth management industry will become increasingly competitive, with regional institutions challenging established international players and offering investors access to a broader range of asset classes.

“Over the next five years, I expect the GCC to develop an even stronger local wealth management industry, with regional institutions competing more directly with established international players,” said Anand.

Avaloq, a Swiss banking technology provider headquartered in Zurich, provides core banking and wealth management solutions to financial institutions worldwide.

The company works with more than 170 institutions across 35 markets, supporting their banking operations, portfolio management and digital services.

Akash Anand, managing director for the Middle East, Africa and India at Avaloq
Akash Anand, managing director for the Middle East, Africa and India at Avaloq

According to Avaloq's latest Wealth Insights 2026 report, GCC investors are increasingly receptive to the use of technology in financial services, although they continue to favour human involvement in investment decisions.

Anand said one of the biggest problems in the industry can easily be addressed through the proper use and implementation of AI.

“AI-driven efficiency can help address one of the persistent challenges in wealth management: adviser capacity. AI should also give advisers more capacity to spend time with clients and serve a growing investor base,” he explained.

The technology could also help wealth managers offer more tailored investment propositions and widen access to asset classes that have traditionally been available mainly to wealthier investors.

“Investors should gain access to a broader range of investment opportunities, including more targeted propositions for the mass-affluent segment as barriers to traditionally exclusive asset classes such as private equity come down,” he said,

Avloq’s report found 67 percent of GCC investors are comfortable with their bank or wealth manager using AI but show a clear preference for AI-assisted rather than fully automated services.

The report also found that for product recommendations, 54 percent of investors are comfortable with AI-assisted advice, compared with 18 percent for fully automated recommendations, while 28 percent would prefer no AI involvement at all.

The report also shows a growing interest in digital assets among regional investors. While 64 percent of GCC respondents said they already hold digital assets, 87 percent of those who do not said they would consider investing if such products were offered through a traditional bank or wealth manager.

“Investors may want access to new asset classes, but ultimately many still want the security, advice and established relationship that comes from managing their wealth through a bank,” said Anand.