The power of AI and its impact on the Investment industry has been much talked about. It seems, though, that the pace of change is going to take us all by surprise. The recent tie-up between Amazon and UBS Wealth Management is one example of how our clients are seeking to speak directly to their customers in a manner which is fast, convenient and direct. This fits with how our hiring is evolving - client demand for professionals with tech savvy attitudes to distribution disruption is leading us to vastly different pools of talent.
Amazon’s Alexa just got a new job. In addition to her other 15,000 skills like playing music and telling knock-knock jokes, she can now also answer economic questions for clients of the Swiss global financial services company, UBS Group AG. According to the Wall Street Journal (WSJ), a new partnership between UBS Wealth Management and Amazon allows some of UBS’s European wealth-management clients to ask Alexa certain financial and economic questions. Alexa will then answer their queries with the information provided by UBS’s chief investment office without even having to pick up the phone or visit a website. And this is likely just Alexa’s first step into offering business services. Soon she will probably be booking appointments, analyzing markets, maybe even buying and selling stocks.