UBS announces investments in AI. Objective: improve efficiency and strengthen its offerings. The Swiss bank notably plans to deploy 50,000 Microsoft Copilot licenses as well as a proprietary AI assistant.
During the call with analysts accompanying the release of UBS’s Q3 2024 financial results, Sergio Ermotti outlined some significant investments in artificial intelligence (AI), automation and the cloud.
The Swiss bank aims to strengthen its customer offerings and support its long-term growth, explains the CEO of the establishment. This objective notably involves initiatives around generative AI, in order to improve efficiency. Among these projects is the implementation of Microsoft Copilot, which plans to deploy 50,000 licenses by the end of March 2024, the largest in the global financial sector, underlines the major Swiss bank.
At the same time, UBS is introducing Red, a proprietary AI assistant, providing 20,000 employees in Switzerland, Hong Kong and Singapore with simplified access to product information, as well as investment research capabilities. The bank is also experimenting with an AI algorithm that identifies potential acquisition targets, with the aim of enriching its investment activities.
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