UBS turns to artificial intelligence

UBS HQ archway

UBS, facing the threat of competition from Google and Amazon.com, has turned to a Singapore-based technology company that uses artificial intelligence for help delivering personalized advice to the bank’s wealthy clients.

Bloomberg News reports that Sqreem Technologies beat some 80 teams competing in the Innovation Challenge, a contest organized by the bank that offered $30,000 and a potential contract to the winner.

Their task: Extract the information most relevant to an individual client from an explosion of data and deliver this tailored content to clients’ mobile phones, iPads and other digital devices.

“Banking is one of the most rudimentary industries when it comes to digitalization,” Dirk Klee, chief operating officer for UBS wealth management and responsible for digital initiatives, said in an interview. “EBay, Amazon - everything is getting more and more digital. The question is how we translate this into a similar experience for our clients.”

To access the complete Bloomberg News article hit the link below:

UBS Turns to Artificial Intelligence to Advise Clients

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