UBS turns to artificial intelligence to advise wealthy clients

Zurich

UBS Group AG, facing the threat of competition from Google Inc and Amazon.com Inc, has turned to a Singapore-based technology company that uses artificial intelligence for help delivering personalised advice to the bank's wealthy clients.

Sqreem Technologies Pte Ltd beat some 80 teams competing in the Innovation Challenge, a contest organised by Switzerland's biggest bank that offered S$40,000 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.