When a client wants to talk about their financial future, the bank adviser first begins with preparation: gathering information, tracing previous contacts and getting a picture of the client's life situation. 

At UBS, artificial intelligence is now taking over part of this work. The big bank has developed a new solution that brings together information from different applications and supports the entire advisory process. After a pilot phase that began in the summer, the technology has now been rolled out. This means the client adviser can focus on the purely substantive preparation.

"What matters is how intelligently the technology is linked with human expertise."

For Sabine Magri, head of Personal Banking at UBS Switzerland, this is about much more than efficiency gains. The lead in financial advice does not depend on whether one uses AI, she says in an interview with finews. "What matters instead is how intelligently the technology is linked with human expertise," she emphasizes.

Sabine Magri, head of Personal Banking at UBS Switzerland. (Image: provided)

At The Push of a Button Instead of Hours of Preparation

This is already evident in the preparation for a client meeting. With the push of a button, advisers can bring together information from different systems within the bank. When was the last contact? What concerns were discussed? Were there any complaints? What financial goals is the client pursuing? Are there any pending items or open questions?

"No adviser gets up in the morning wanting to summarize a bunch of contact notes."

Magri speaks of a fundamental shift. "No adviser gets up in the morning wanting to summarize a bunch of contact notes," she says. Employees want to advise and help their clients achieve their financial goals.

The technology is intended to give them more time and a better information base for that.

UBS Wants to Approach Clients at The Right Time

The process goes far beyond the actual advisory meeting. UBS wants to be able to recognize even better when a client has a concrete need for advice. 

Life stage, previous conversations, financial circumstances and personal goals all play a role. For example, someone who wants to buy a home, finance their children's education or improve their retirement planning should be approached when the topic becomes relevant so the bank can provide added value.

"Everyone Talks About it..."

According to Magri, this requires the bank to intelligently connect existing information. That is exactly where she sees one of the biggest challenges for the industry. "Everyone talks about it, but very few actually do it," she says, referring to the integration of AI into advisory processes.

This requires not only technology, but also substantial investment, support from top management and the conviction that the business model can continue to evolve in this way.

Advising is Becoming More Dynamic 

The actual client conversation is changing as well. UBS relies on a supporting, interactive advisory tool that can be flexibly adapted to the course of the conversation.

For example: a client originally comes to the bank with questions about payments and savings. During the conversation, however, he wants to discuss investments.

In the past, the adviser may have had to pull up additional documents or gather information from different applications. Today, the system adapts dynamically to the topics: the relevant transaction data is brought together and enables a comprehensive overview.

Magri sees this as a major step forward: the conversation becomes even more individualized because the information follows the course of the discussion, not the other way around.

"The Recommendation is Not Based on AI"

The UBS executive draws a clear boundary: artificial intelligence is meant to support the advisory process, but not make investment recommendations itself.

"The recommendation is not based on AI; the recommendation is based on the expertise of our advisers, and the decision is made by the clients," Magri emphasizes.

The bank uses AI to process data, make connections visible and simplify administrative workflows. The actual financial recommendation and execution remain the responsibility of the adviser.

Especially when it comes to more complex financial decisions, a purely data-driven view is not enough. Whether a mortgage is affordable or which retirement solution seems appropriate also depends on personal circumstances that cannot be fully derived from numbers.

Extending The Mortgage From The Sofa in Five Minutes

How far digitalization at UBS has progressed can be seen in the mortgage business.

Digital messages inform clients and advisers when a mortgage tranche is due for renewal. The client can then decide whether to handle the renewal online themselves or seek personal advice.

According to Magri, anyone who wants to continue an existing financing arrangement without hassle can extend their mortgage from home in just five minutes - and it is also processed digitally within the bank. 

1.8 Million Clients Use The Chatbot

The networking is not limited to traditional bank advice. It also affects digital contact points and the call center. According to Magri, the UBS chatbot is now available to 1.8 million clients.

If an issue cannot be resolved directly through the chatbot, it is passed on to an employee. That person receives a summary of the previous conversation and can continue where the client got stuck. So the client does not have to explain the problem again. 

For Magri, examples like these show why digitalization should not consist of isolated applications. The decisive added value only emerges through the connection of the various systems and touchpoints.

Technically, this is not a single new in-house development. UBS connects existing applications, develops them further and also works with external providers.

The Real Acid Test is Still to Come

In the pilot projects, the new applications received an extremely positive response from both advisers and clients, Magri explains. Initial indications show that customer satisfaction in advising is also increasing. 

"We are only at the beginning of the journey."

UBS systematically asks its clients about their satisfaction after advisory meetings. On that basis, it should become clear in future whether the new technologies meet expectations.

For Magri, the nationwide rollout is only the beginning. Technological development is continually opening up new applications that can be built on the existing infrastructure. "We are only at the beginning of the journey," she says.