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.