UBS Joins AI Fray with Amazon Partnership

"The holy grail of a chatbot or virtual assistant is to help you adjust your behavior, telling you when to save more or spend in order to reach certain goals," said Lex Sokolin, global director of fintech research for Autonomous Research. Could UBS clients soon be serviced by voice-controlled AI? Maybe not yet, but a new pilot program between the bank and Amazon's Alexa service is testing the frontiers of both science fiction and wealth management. UBS' partnership with Amazon will enable clients and non-clients of the bank to get answers to financial and economic questions, ranging from what is inflation to how the U.S. economy is faring. It's the latest example of how wealth management firms are experimenting with new technologies such as data analytics and artificial intelligence to expand or reinvent the business.