UBS goes for AI face off
More human than human?
UBS is testing out artificial intelligence (AI) to see if it can assist clients in how best to invest their money – just by looking at their facial expressions.
UBS chief investment officer Mark Haefele says the Swiss bank is running several pilot programmes – with one tool able to interpret clients’ facial expressions while they watch a video on financial planning.
“This helps uncover biases,” Haefele says. “You can say, ‘Look, you said your biggest interest is planning for the long term but this artificial intelligence is showing us what you’re really excited about are short-term trading ideas.'”
This may not get down well with customers – who wants to be contradicted about what they’re thinking? Thanks AI – you snitch.
Nothing is confirmed yet and UBS has not decided whether to roll it out across the bank.
In our ultra-fast and highly impatient society, Haefele believes AI’s speed will be beneficial.
“Everyone has less time so one of the goals is to help clients ask better questions and then get the right investment opportunities,” he says.
Like some kind of sinister dystopian science fiction novel, UBS says it is also exploring the use of AI to help assess applicants on traits – such as curiosity, determination and teamwork.
Whatever happened to good old-fashioned common sense and a clever interview process?
Humans! Your days are numbered. Don’t slam the door on your way out.
Still here? In an opinion piece for Banking Technology, Gideon Hyde, co-founder of Market Gravity, explains how and why AI could hold the key to standing out in banking and financial services.
