UBS Launches UBS Red, A Powerful AI Assistant For Advisors

UBS carried out a large data change to help build two special AI assistants, named UBS Red. Built with Azure OpenAI Service and Azure AI Search, these AI tools help client advisors when talking to customers. UBS Red works in many languages, making it easier to meet client needs.

Michel Neuhaus, head of AI, data & analytics of Personal & Corporate Banking at UBS, pointed out the size of the task. He said the inside information the firm has, the financial knowledge, the updates on financial markets, and world news—it is huge. He added that the team must find ways to let everyone in the bank reach this content easily, and Microsoft helps them do that.

UBS Built A Searchable Knowledge Base To Manage Its Data

To handle this large amount of information, UBS built a knowledge base that can be searched. Azure AI Search was used to help find details and learn from unorganized data through language model reasoning. The enhanced vector search tools let UBS look for information based on ideas rather than just words, helping the bank get more value from its data.

Claire Corish, head of analytics and sales platforms of the Operations and Technology Office at UBS, said the team has put about 60,000 investment advice and product papers into a digital system.

This knowledge base, developed on Azure, is now easy for the firm’s workers to reach, saving them a lot of time when getting ready for meetings and research.  Opening up this data has let UBS build an inside AI Hub to test new uses.

Looking ahead, Jonas Isliker, head of AI, data & analytics of Global Wealth Management at UBS, said the company’s top task is moving ahead with AI transformation at a fast pace. While bringing top AI tools like Red is key, it is just as important to build a strong team that can speed up AI projects.

UBS Aims To Move Half Of Its Apps To Microsoft Azure In Five Years

This involves setting up a data system, moving to the Azure cloud, creating new AI safety rules, and building AI centers for faster and easier tool- building. He added that these steps are important as the team try to meet the growing need for AI in the bank.

In 2022, UBS shared plans to move more than half of its apps, including important workloads to Microsoft Azure in five years. Over the past ten months, Azure OpenAI Service has been used across all the bank’s main parts worldwide, reaching 30,000 workers by December 2024.

Two months ago, UBS tested a blockchain-based payment network, UBS Digital Cash, aimed at making cross-border payments faster and smoother for business and institutional clients.

In the test, payments with global clients and banks were carried out, including local payments in Switzerland and international payments in US dollars, Euros, Swiss francs, and Chinese yuan. The test also involved moving money between different UBS units.