UBS is undergoing a significant transformation in client interactions due to the influence of artificial intelligence, as described by Sabine Keller-Busse, who leads the domestic business of the Swiss bank. Keller-Busse likened this shift to how patients nowadays approach doctors with their self-diagnosed conditions.
AI Revolutionizes Financial Interactions at UBS
The banking landscape is being reshaped by artificial intelligence (AI), as clients increasingly rely on AI tools to generate ideas they then bring to their banks. Sabine Keller-Busse, the head of UBS’s domestic business, highlighted this development at the Point Zero Forum in Zurich, according to a recent report by Reuters. “This trend will also impact our industry, fueled by the availability of more data with ChatGPT,” Keller-Busse emphasized, highlighting the growing role of AI in interactions between clients and banks.
UBS has already incorporated AI into its service offerings by introducing a pilot program for instant credit targeted at small and mid-sized companies in the previous year. By circumventing traditional credit officers, this service has streamlined the process for standard credit products, showcasing the tangible benefits of integrating AI. Keller-Busse remarked, “This is only the beginning of what lies ahead,” hinting at broader applications of AI in the future.
In January 2024, UBS significantly revised its predictions for AI revenue, anticipating a fifteenfold increase from 2022 to 2027. The bank now predicts that revenues in the AI industry will reach $420 billion by 2027, driven by greater-than-expected demand and clearer spending plans by companies on AI infrastructure. UBS’s forecast underscores the rapid progress and potential of AI in the financial sector, envisioning a 72% annual growth rate over the next five years.
The impact of artificial intelligence on the equities markets has been profound, with technology and graphics processing unit (GPU) manufacturer Nvidia briefly becoming the world’s most valuable company. However, Nvidia subsequently slipped to the third position, trailing behind Microsoft and Apple. AI has also made its mark in the crypto economy, with more than 100 AI-focused digital assets collectively valued at $16.54 billion today.
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