AI Revolutionizes Banking: Insights from UBS Executive
Artificial intelligence (AI) is revolutionizing banking, significantly transforming how clients interact with financial institutions.
According to Sabine Keller-Busse, head of UBS’s domestic business. Speaking at the Point Zero Forum in Zurich, Keller-Busse highlighted how clients now use AI tools to generate ideas and self-diagnose financial needs, akin to patients consulting doctors with self-diagnosed conditions. UBS has already embraced AI, launching an instant credit service for small and mid-sized companies, bypassing traditional credit officers.
The bank forecasts a fifteenfold increase in AI revenue from 2022 to 2027, predicting AI industry revenues to reach $420 billion by 2027. This growth underscores AI’s expanding role in finance, with UBS anticipating a 72% annual growth rate. AI’s impact extends beyond banking into equities and the crypto economy, with AI-focused digital assets valued at $16.54 billion.
Clever Robot News Desk 8th July 2024
