In future, the customer advisers at UBS in the U.S. will be able to rely upon the help of a robot. The bank is convinced that the service to its clients will improve as a consequence.
UBS has agreed to a cooperation with SigFig, a California-based provider of robotic advice, the Swiss bank said in a statement today. UBS Wealth Management Americas (WMA) and SigFig together will develop technologies for use by client advisers and their customers.
UBS WMA said it made an equity investment in SigFig without specifying how much money was involved.
New Tools
SigFig will create and customize digital tools and services for UBS WMA's 7,000 advisers that will complement their expertise and enhance their clients’ digital experience, UBS said.
Additionally, UBS and SigFig will create a research and innovation laboratory, where the companies will collaborate on wealth management technology tools.
Venture Capital-Financed
SigFig was founded in 2007 is managed by its founder and CEO Mike Sha. Its digital wealth management platform is already in use at a number of financial-services institutes. The companies is being financed by Bain Capital Ventures, Union Square Ventures, DCM and Nyca Partners.
Big banks and investment companies such as Morgan Stanley, Bank of America or Blackrock have enhanced their client advisers' expertise with the help of so-called robo-advisers. Smaller players, for instance banks such as Bank Linth or LLB have not been slow to do the same.
The trend to a hybrid form of asset management – with a combination of human advisers and technological support – is helping these companies to reduce their costs.
