Intelligent automation and the Future of Finance
Artificial Intelligence (AI), Machine Learning and Robotics are likely to provide opportunities to deliver smarter solutions for our clients and transform our own processing capabilities. But fundamental questions remain on where, when and how this will happen. For example, what do clients expect from a 'intelligent' bank and how can AI help us meet these expectations? Where in AI solutions does potential liability reside, how do you identify and mitigate the risk of incidents? Which business areas in Operations are the most relevant candidates for intelligent automation and can we imagine an "operation-less" bank? The answers to these and other crucial questions will define how we, and the industry, proceeds with this promising technology.
The UBS Future of Finance Forum: Intelligent Automation
On 26 October 2016, UBS held its second UBS Future of Finance Forum, this time in Zurich. The conference saw leaders and experts from the financial industry, fintechs, academia and regulators come together to discuss the future of Intelligent Automation and start to build a common understanding of what a successful approach would look like. Specifically, we explored the most relevant issues via four workshops:
1. The AI-enabled client experience: Augmenting front office applications of financial services firms with AI from a client perspective. We discussed evolving client preferences, what constitutes a 'good' intelligent agent and how AI will impact our business.
2. Human vs. AI workforces in the bank of the future: Intelligent Automation with respect to people and ethics. We sounded the drivers for automation and attempted to set its ethical boundaries, investigate the optimal human / co-bot collaboration, control risks and manage the new workforce.
3. Robust and compliant AI and smart data handling: Robustness and accuracy of intelligent agents. We debated sensible requirements from regulator and bank perspective and how to identify and manage liability. We explored the fundamental role of data and how to smartly handle its ever growing volumes.
4. The Automation Roadmap in Financial Services: Banks’ journey to Intelligent Automation. We prioritized tasks on the automation agenda, and looked at how operations will transform over time. This fuelled a debate on the new role of outsourcing and shared services in an automated future.
Early next year UBS will publish a White Paper on Intelligent Automation, bringing together our firm's views and learnings from this UBS Future of Finance Forum. Meanwhile, you can also follow this and other UBS innovation news on twitter at #ubsinnovate or by signing up for our newsletter.
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The UBS Future of Finance Forums will take place in London, Zurich, New York and Hong Kong. Each will bring together experts from across the industry to look at a different topic: Digital Identity, Intelligent Automation, Marketplaces and Beyond Money.
The videos from our first Future of Finance Forum – about Digital Identity - can be found here.
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