Shares in financial giant UBS (UBS) were stronger today as it said it had developed a new team of AI analysts to cut costs.
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Video in Vogue
According to a report in the Financial Times, Zurich-based UBS is using OpenAI and Nvidia (NVDA) backed AI firm Synthesia models to create AI generated scripts and avatars of its analysts following increased demand from clients for research in video format.
Instead of asking its analysts to commit more time to working on video, UBS has instead decided to utilize AI.
“It’s not a parlor trick,” Scott Solomon, head of global research technology at UBS’s investment bank told the newspaper. “It helps you scale your video capabilities and ultimately saves analysts time to do their research and meet with clients.”
Och, Pardon Me?
The service was rolled out in January with the process requiring analysts to go into a studio, where Synthesia captures their voice and likeness. To create the video they then use an AI language model to analyse their reports and generate a script.
They must approve the content before it is rolled out to clients.
UBS hopes to create 5,000 of these AI avatar videos every year after some early challenges and bugs are ironed out. These include problems with certain accents being understood by the technology – (just ask any Scottish person who has to shout at an Amazon (AMZN) Alexa umpteen times a day to set an alarm.)
Investors as well as customers it seems are getting more used to AI. It looks like they have little choice.
AI in the world of banking is estimated to grow at a CAGR of 17.96%, hitting $75.357 billion by 2030, from $32.9 billion in 2025.
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