UBS and Microsoft: Pioneering the Future of Banking with Azure AI
UBS, a leading global financial services company, faced significant challenges in delivering personalized insights to its clients due to complex workflows and outdated content systems. To address these issues, UBS collaborated with Microsoft to develop ‘Smart Assistants’ powered by Azure AI solutions, including Azure AI Search and Azure OpenAI Service. This partnership aimed to streamline content access, provide real-time information to Client Advisors, and enhance overall efficiency and client engagement.
The Challenge: Enhancing Client Service in the Digital Age
UBS recognized the need to harness its vast internal data and market insights to catapult client service into the future. The bank required a technology partner that could offer both cutting-edge capabilities and the flexibility to tailor solutions to its specific needs. Microsoft Azure proved to be the ideal platform, enabling UBS to customize its digital transformation journey.
Modernizing Data Platforms with AI
Using Microsoft Azure AI, UBS created exceptional generative AI experiences rooted in its proprietary data. This led to the development of UBS Red, two domain-specific AI assistants that provide support to Client Advisors during customer interactions. UBS Red offers multi-language capabilities, significantly improving efficiency in addressing client needs.
The implementation involved digitizing approximately 60,000 investment advice and product documents into a queryable knowledge base built on Azure. This modernization has been underpinned by advanced security, management, and operational features, ensuring UBS maintains its commitment to data protection and regulatory compliance.
Accelerating Operations and Innovation
The collaboration between UBS and Microsoft has been instrumental in developing UBS Red, enhancing both client engagement and internal processes. Azure AI Search was implemented to apply sophisticated search services, supporting advanced retrieval strategies and uncovering new insights from unstructured data.
The impact of this initiative has been profound, with Azure OpenAI Service being rolled out to 30,000 employees across multiple divisions within 10 months. The success of UBS Red has spurred the modernization of its entire data platform, with reliable data being the cornerstone of effective generative AI applications.
The Future of Financial Services
UBS’s digital transformation, driven by the fusion of industry expertise with cutting-edge technology, is shaping the future of financial services. By building and modernizing AI applications on a trusted platform, UBS has accelerated business growth and brought innovative ideas to life. This pioneering effort in AI integration will likely influence industry-wide trends, potentially reshaping the future of banking on a global scale.
