One of the world’s largest wealth managers, Ralph Hamers, doesn’t think that Artificial Intelligence will replace the role of financial advisors.
The CEO of UBS, Ralph Hamers, on Wednesday said that technologies such as AI are better suited to handling everyday functions such as executing trades or opening an account than advising clients.
Hamers said, “There is no added value for client advisors to be engaged in a process like that, They’re advisors. They should advise.”
“Our financial advisors actually should be supported by the technology,” Hamers mentioned. He added that AI could be used for making sense of the research-based data and other data for which advisors don’t have time.
“That is what artificial intelligence can do because even our client advisors can’t read all the research that is there,” he said. Hamers also expressed that its client advisors can’t comprehend all the product options that are out there.
Digital transformation is accelerated due to pandemic in the banking sector, with many lenders preferring cloud-based technology. Some leaders are partnering with technology companies like Google, Microsoft, and Amazon, as well as with fintech upstarts, to fasten the process.
Hamers said that UBS is looking to adopt a Netflix Experience where clients will have access to a dashboard of various research as well as products to choose from.
“That’s where things are going, and that’s where UBS is making the next step, in terms of dealing with technology to deliver a much better service for our clients,” he added.