Reflecting on 2024, what were your bank’s major milestones from an operational perspective and how did you achieve them? Conversely, what were the setbacks and challenges encountered along the way, and what measures were taken to surmount them?

Our two key major milestones in 2024 were the completion of the parent bank merger, which allowed UBS and Credit Suisse to operate legally as one bank, and migrating 90% of the Credit Suisse client accounts outside of Switzerland to the UBS platform. We had to secure more than 100 approvals and notifications from 20 regulators, and completed 18 APAC legal entities’ optimisation in 11 jurisdictions. In the last four months of 2024, we moved 30 million positions/data entries across APAC, equivalent to the AUM of a top 10 private bank in the region.

To ensure a seamless transition for our clients, we did pilot waves in Hong Kong and Singapore, followed by a full migration in the two jurisdictions separately. The learnings gleaned from each wave allow us to reiterate and improve on our process and systems. To manage this mammoth task, we have a run book covering ~2500 activities over 24 hours alone (overall 7,500 steps over the three-week switchover for each wave) managed in 15 minute increments of work to drive this like a machine.

How did your bank leverage and adopt technology regionally in 2024, and what is planned for 2025? What are the key metrics employed to assess technological investments, and which specific investments have had the most significant impact on revenue generation and overall client experience?

As a global institution we operate within a complex tapestry of jurisdictions and regulations that we must comply with. Operational efficiency is not just about the front-end – the underlying platforms and systems also need to work for a fast-moving future. By taking a ‘Transversal’ approach to platform modernisation – we’re building the scalable and modular capabilities that connect our wealth management business with our investment bank, asset management, personal and corporate divisions. It’s a true one bank vision that ultimately results in better touchpoints with our clients.

Over the past years, our technology strategy has served as a basis for innovation and has facilitated integration. A large part of 2023 was spent meticulously planning for integration. In 2024 and 2025, the focus has been execution. APAC was the first region to complete the client migrations in 2024, and this will be followed by the migration of one million clients primarily in Switzerland for the rest of the year. Within APAC, the key focus in 2025 is to integrate the operational platforms for Australia and India. This process is happening behind the scenes and will be innocuous to our onshore clients in those markets.

We invest a significant amount in our tech estate each year. This goes into both ‘run-the-bank’ activities and tech development and innovations – including AI – to fuel growth and improve the client experience. We have rolled out Microsoft Co-pilot globally to 50,000 employees, the largest such example in the financial services industry. The completion of the APAC client migration will allow us in 2025 to focus on scaling GenAI across the firm. We also launched UBS APAC’s first AI and Transformation Factory in Singapore last November. We expect the development of innovative solutions in Singapore to be modular and scalable beyond APAC.

Given the increasing sophistication of digital channels and other client-facing innovations, how do you maintain an equilibrium between high-touch client services and cutting edge technologies?

At UBS, we believe the secret to success lies in our ability to utilise innovative technologies enabling our omni-channel client servicing approach. Imagine a world where data analytics and AI create personalised solutions, enhancing your experience while maintaining that irreplaceable human touch. Our client advisors are equipped with cutting-edge tools and insights, delivering informed and efficient services that seamlessly blend technological prowess with our strength in client relationships. This powerful synergy allows us to offer a level of service that is truly exceptional.

Our journey doesn’t stop there. We listen to our clients, and continuously improve based on their feedback. These trusted relationships provide us with immediate insight, ensuring we stay ahead of technological advancements while preserving the personal connections that are the cornerstone of our business. In essence, we are dedicated to giving our clients the best of both worlds: the efficiency and convenience of advanced investment solutions, coupled with the expertise and warmth of dedicated advisors.

Artificial intelligence (AI) has both promises and challenges for the private banking industry. What are some of the AI use cases in your bank over the past year? How has AI been helping the bank to improve operational efficiency? What are some of the pain points banks need to overcome in AI implementation?

2025 is where our AI vision will really begin to take flight at UBS. Our ambition is to be a leader in AI and digital transformation across the wealth management industry – and this year is pivotal and foundational in taking us to that position.

We have rolled out our purpose-built AI assistant, Red, to the majority of staff in UBS Global Wealth Management. This tool, which combines the breadth and depth of knowledge across our complex internal systems as well as our industry leading CIO research, uses generative AI capabilities to facilitate daily tasks like email drafting, text translation, idea generation and much more. AI is also making waves in a number of areas of our wealth management business, including intelligent simplification of complex know your customer (KYC) processes, providing client insights to our advisors during key interaction moments, and revolutionising how we handle regulatory compliance and risk controls within our investment suitability framework.

We have already seen exceptional take-up across our organisation for generative AI assistants like Red as well as Microsoft Co-pilot. These productivity efficiencies free up more time for client advisors to deliver an even more personalised experience.

Pain points exist in both hardware and software. On the hardware side, it’s about developing and implementing the right technology at speed, and getting it to work hand-in-hand with our control functions (e.g. risk, legal and compliance). On the software side, we must make sure that our employees are upskilled and ready to adopt the AI-enabled future that we’re building for them.

With more discussions surrounding data utilisation, banks have developed a profound appreciation for the worth of the data they possess. How do you identify, correct, and maintain data within the bank, and how are you leveraging data to enhance revenues and simultaneously enhance the quality of customer services and offerings?

We recognise data as a pivotal asset and have embraced the philosophy of running data as a product. For example, by making UBS Global Wealth Management data accessible in a productised form designed for broader use, we’ve accelerated the delivery of AI solutions and reduced costs. We’ve established dedicated resources within our COO function to build and maintain these data products, ensuring they are robust and reliable. To identify, correct, and maintain data quality, we’re scaling our efforts by applying state-of-the-art, AI-based tooling and pooling specialised resources. Furthermore, we are building a new enterprise data mesh in the cloud, tailored to meet the specific requirements of our wealth management clients in high-compliance areas and enable us to incorporate data assets from across the enterprise within the suite of new AI solutions. This solid IT foundation enables us to leverage data more effectively, enhance revenues through data-driven insights, and elevate the quality of our customer services and offerings.

Technology companies eyeing the financial services sector have the potential to disrupt the industry. Are tech and fintech companies potential competitors or partners? How are partnerships between banks and tech companies reshaping the industry?

The fintech landscape is vast and fast moving. We believe in accelerating innovation by partnering with and investing in fintechs to shape the future of banking for our clients. Connecting to fintechs and tech start-ups through our innovation labs, digital factories, future of finance initiatives as well as project collaborations has always been key to UBS remaining at the forefront of the digital movement to drive client experiences and operational excellence. Through the UBS Next programme, we have made strategic venture investments in fintech and enterprise technology companies globally and in APAC, creating partnerships and synergistic opportunities for UBS through strategic alignment.