UBS recently unveiled Red, its in-house AI assistant. We now know more about its functionalities and use cases.
UBS recently announced that it is investing more in AI, especially generative AI. The major bank notably plans to deploy 50,000 Microsoft Copilot licenses. As well as a proprietary AI assistant, called Red.
By the end of the year, the specialized UBS chatbot will be made available to around 20,000 employees in Switzerland, Hong Kong and Singapore. The tool provides easy access to product information, as well as investment research capabilities. On his blog, Professor Andreas Dietrich from the University of Lucerne (HSLU) provides more details on this solution based on the Microsoft platform, but developed for UBS-specific applications and processes.
At the moment, Red is mainly used by customer service representatives. The tool stands out for its simple interface and its integrated feedback loop, which allows users to give their opinion on the quality of responses, ChatGPT style. But unlike the public version of ChatGPT, Red is hosted in Switzerland to ensure complete data security.
Tailored use cases
In addition to answering general questions, Red is connected to modules such as “UBS Investments” and “UBS Products”. For example, the dedicated product module allows advisors to quickly access product data sheets, while UBS Investments provides internal data on financial markets and investment opportunities. Red’s answers systematically include sources to reinforce their reliability, indicates the HSLU Professor. According to him, the main advantage of Red is to enable greater efficiency, particularly for new employees who can quickly find the information they need to integrate.
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