UBS Turns to Artificial Intelligence to Advise Clients

Sqreem Technologies Pte. Ltd. beat some 80 teams competing in the Innovation Challenge, a contest organized by Switzerland’s biggest bank that offered S$40,000 ($30,000) and a potential contract to the winner. Their task: Extract the information most relevant to an individual client from an explosion of data and deliver this tailored content to clients’ mobile phones, iPads and other digital devices.

“Banking is one of the most rudimentary industries when it comes to digitalization,” Dirk Klee, chief operating officer for UBS wealth management and responsible for digital initiatives, said in an interview. “EBay, Amazon – everything is getting more and more digital. The question is how we translate this into a similar experience for our clients.”

Big global banks like UBS are turning to technology to mine data for insight on its customers that could help lenders stay competitive in the digital era. The introduction of mobile payment systems offered by Internet giants like Google Inc. (GOOG) and Apple Inc. has alerted traditional banks to the potential threat from tech companies with vast databases and the knowhow to exploit them.


Here’s What You Can Earn Working At Apple (AAPL), you already know what you pay for their products and services

Here’s What You Can Earn Working At Apple (AAPL), you already know what you pay for their products and services

A list of some of the top-paid jobs at Apple, based on data gathered from Glassdoor

22. Mac Genius Salary: $44,070
21. Lead Mac Genius Salary: $55,626
20. Assistant Apple Store manager Salary: $56,046
19. Account executive Salary: $82,479
18. Store Manager Salary: $85,357
17. Business analyst Salary: $92,169
16. Financial analyst Salary: $94,799
15. Software quality assurance engineer Salary: $99,650
14. Systems engineer Salary: $104,231
13. Project manager Salary: $107,631
12. Firmware engineer Salary: $113,155
11. Test engineer Salary: $113,916
10. Senior systems engineer Salary: $117,237
9. Hardware engineer Salary: $118,739
8. Software engineer Salary: $119,336
7. Database administrator Salary: $122,669
6. Product design engineer Salary: $125,983
5. Mechanical engineer Salary: $127,464
4. Product manager Salary: $131,108
3. Senior software engineer Salary: $140,832
2. Senior hardware engineer Salary: $150,105
1. Industrial designer Salary: $174,140