Vontobel Expands Use Of AI

Tom Burroughes Group Editor 26 July 2023

Vontobel Expands Use Of AI

The role of a wealth manager and private banker is changing – artificial intelligence is a part of that and will continue to affect the job in the years to come.

Vontobel, the Swiss firm which recently announced that its CEO is standing down to pursue a political career, said yesterday it is cranking up its use of AI.

The firm said it is strengthening its cooperation with Microsoft to deploy Azure Open AI Service at enterprise level, supporting its employees in their daily work through using artificial intelligence.

From the autumn, Vontobel expects to put Azure Open AI Service to work. It will help boost productivity in areas such as programming, and support manual evaluation of free text or analysing data.

Additionally, Vontobel said it will examine other areas where Azure Open AI Service could be used to support its staff’s works.

“Our focus is on increasing productivity, and we also plan to develop examples of how it can be applied to further enhance the hybrid client experience. The collaboration with Microsoft will allow us to further expand our leading position in the field of AI and will position Vontobel as an employer of choice for top talent,” François Rüf, head digital investing, Vontobel, said. 

How to use AI fluently is also likely to become a more important characteristic of working in wealth management and private banking. The CFA Institute, a global organisation accrediting financial professionals in the sector, has introduced AI into its curriculum. This news service has looked at how the wealth manager’s role is changing, partly because of technology. It has also commented about whether the term "AI" is being used accurately. 

One of the most prominent wealth management houses using AI today is Morgan Stanley. One of its arguably best-known developments is Next Best Action, an AI engine for messaging clients and prospects. In May, Morgan Stanley Wealth Management said it was going to build a “bespoke solution” with OpenAI, the artificial intelligence research and deployment lab. The firm will use OpenAI to assess, process and synthesise content to bring together MSWM’s insights into companies, sectors, asset classes, capital markets, and regions around the world.

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