[Fitch: AI disrupts financial business, with the wealth management sector particularly under pressure] On October 23, Fitch Ratings stated that in the next five years, business disruption caused by artificial intelligence will bring moderate risks to financial institutions. Mitigating factors include regulatory entry barriers (including capital requirements) and a solid business foundation built on customer relationships and business diversification; traditional licensed institutions can also use their own proprietary data to build self-developed AI business systems. Compared with private banking, wealth management is more impacted by AI: Private banking still prefers high-contact services, and AI is used more to assist in maintaining customer relationships; wealth management is facing the impact of the commoditization of financial advisory services and the entry of new competitors, putting commission rates under pressure. Fitch predicts that in the next five years, AI will not trigger large-scale rating adjustments in the private banking and wealth management sectors; leading institutions can rely on economies of scale and lower service costs to cushion the competitive impact of AI.