Banks are increasingly leveraging AI to enhance efficiency for their analysts and better serve client needs.
Bank of America employs “Banker Assist” to compile information, delivering tailored insights for each client. On the other hand, Goldman Sachs has introduced the “GS AI Assistant,” an in-house ChatGPT-like tool designed to assist staff with various tasks.
Swiss bank UBS is pushing boundaries further by creating AI avatars of analysts who present their research to clients. The bank began this initiative in January, with 36 analysts, approximately 5% of its workforce, volunteering to participate, covering sectors such as technology, consumer goods, and energy.
Using tools from OpenAI and Synthesia, UBS rapidly produces scripts that are refined by staff. Scott Solomon, head of global research technology at UBS, highlighted that while the team has made videos for a decade, previous capacity limits restricted them to about 1,000 videos annually.
Analysts typically produced two notes weekly but could only visit the video studio quarterly. The new technology enables more frequent video content creation, catering to clients’ growing demand for visual information.
Solomon likened the avatars to essential tools in an analyst’s toolkit, alongside Excel and CRM systems. He envisions a future where video content is automatically generated alongside published notes, aiming for this integration by year-end. Even in an automated process, analysts will review videos based on their notes before release to clients.
Ultimately, Solomon aims for avatars to become integral to the onboarding process, ensuring that each published note is accompanied by a video, enhancing communication with clients.