UBS Uses AI Avatars to Meet Rising Client Demand for Video Content

Swiss banking giant UBS is leveraging artificial intelligence (AI) to meet its clients' growing demand for video content. The innovative approach involves generating digital avatars of analysts that can explain complex research findings in a more accessible and engaging format. This initiative began in January 2023, with about 36 analysts, representing around 5% of UBS's total analyst workforce, volunteering to participate. These avatars cover a range of sectors, including technology, consumer goods, and energy. The process involves using tools from OpenAI and Synthesia to generate scripts in just seconds. These scripts are then edited by UBS staff to ensure accuracy and relevance. Scott Solomon, head of global research technology at UBS, explained that the bank has been creating video content for analysts for about a decade, but capacity constraints limited the number of videos produced to around 1,000 per year. Analysts typically wrote two notes per week but only went to the video studio once a quarter. The new AI tools are revolutionizing this process by enabling analysts to produce video content more frequently and efficiently. Solomon compares the AI avatars to other essential tools provided to analysts, such as Excel, authoring platforms, and customer relationship management (CRM) systems. He sees the avatars as an integral part of the analyst toolkit, enhancing their ability to communicate with clients. By the end of the year, UBS aims to streamline the process even further, making it possible to automatically generate a video when an analyst publishes a note, without the need for additional editing. However, even with full automation, analysts will still review the videos to ensure they align with their research. The ultimate goal is to integrate the avatar capability directly into the authoring platform, allowing analysts to produce and send video content seamlessly alongside their written reports. While UBS does not aim for an astronomical number of videos—such as 50,000 per year—the bank recognizes the potential to significantly increase the volume of video content it produces, thereby enhancing the client experience. UBS is not alone in its pursuit of AI-driven solutions to improve client engagement and operational efficiency. Bank of America has developed "Banker Assist," a system that aggregates information to provide tailored insights for each client. Similarly, Goldman Sachs introduced the "GS AI Assistant," which functions like an in-house version of ChatGPT, aiding staff in various tasks. These initiatives highlight the broader trend of financial institutions adopting AI to stay competitive and meet evolving client preferences. The use of AI avatars represents a significant advancement in how banks engage with clients, providing a more personalized and dynamic way to convey complex financial information. Industry insiders commend UBS's innovative approach, noting that it could set a new standard for financial communication. The technology not only saves time and resources but also enhances the accessibility and understanding of research reports, which are crucial for informed investment decisions. Moreover, UBS's commitment to ensuring that AI-generated content remains accurate and relevant through human oversight underscores the bank's dedication to maintaining high standards of service. As the financial sector increasingly integrates AI, companies like UBS are positioned to lead in delivering cutting-edge solutions that bridge the gap between advanced technology and practical client needs.