The AI Book

CHAPTER 55The Data Promise

By Kasia Miaskiewicz¹, Fabian Tschirky², James Aylen³, Dr Martin Hartenstein⁴ and Jonas Isliker⁵

¹Head Data Foundation, UBS Global Wealth Management

²Project Officer Omnichannel Management, UBS Global Wealth Management

³Head of UBS Evolve, The Center for Design Thinking and Innovation

⁴Head Front Support Model WMP and Head Change-the-Bank Portfolio Execution Operating Head Booking Center Switzerland, UBS Global Wealth Management

⁵Head Data Foundation, UBS Global Wealth Management

The financial services sector has been and continues to be built on the basis of trust. Traditionally, the term was interpreted in the context of a bank’s role in society: safeguarding financial resources, offering trusted advice and providing access to capital. Industry regulations and the bank’s internal controls are considered guardians of this trust.

Banks are now increasingly measured on a new set of digital trust, transparency and ethics metrics, often centred on client’s data – the new currency underlying the digital economy. Conventions on AI ethics, cyber security and privacy/data-sharing practices are example metrics against which banks are being benchmarked with cross-industry competitors like Google, Facebook and Apple. The positive efforts to establish data and AI standards, such as the OpenAI initiative, are making headway; however, it is often the negative events that spur heated debates and attract client attention. Notable examples include the 2017 Equifax ...