There is a common misconception in some circles that banks and other large financial institutions are not innovating at the speed of their smaller, leaner fintech counterparts. Behind the scenes, however, companies like UBS are making major advances in customer and employee experience using cutting-edge technologies, while maintaining the highest levels of security and compliance. So what are some of the most exciting technologies at play in this industry?
Biometric authentication is not only highly secure, it provides one of the smoothest authentication experiences for customers and employees, not to mention the inherent personalization that comes with using your face, voice or of your fingerprints. UBS is going even further by testing biometric access to buildings at some of its sites.
As tools and capabilities continue to mature, you can expect to see more conversational AI transactions unfold. Not only can this deliver faster resolution from customers, but if the tools are used correctly, businesses can learn a lot from the types of queries customers are making and use them to deliver more of what they want.
The urgent need to tackle the climate crisis means that major global companies will need to take the lead in advancing more carbon-efficient computing. As the need to ingest and process data increases exponentially, practices such as clean coding and green architecture must become the norm. Whether through partnering with cloud service providers or designing infrastructure in a more energy-efficient way, this is an area that should be widely adopted.
Financial institutions are making big bets and investing even more in technology and while many of these capabilities are behind the scenes, it is both customers and employees who will benefit in the long run.
Paul McEwen is Global Head of Technology Services at UBS and David Yeger is Head of Automation Services at UBS