AI Will Not Substitute Financial Advisors UBS CEO Says

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LONDON - One of many world's largest wealth managers does not think artificial intelligence can substitute the role of financial advisors. Hamers stated, including that AI might be used to make sense of the analysis and different data that advisors do not have time for. Ralph Hamers, the CEO of UBS, said Wednesday that technologies like AI were better suited to dealing with day-to-day features like opening an account or executing trades than advising purchasers. Europe's banking trade has seen radical change during the last decade, with new entrants like Monzo, Revolut and N26 emerging to take on incumbents with slick, digital-only services. Some are partnering with tech corporations like Microsoft, Amazon and Google, in addition to fintech upstarts, to hasten the process. Hamers instructed CNBC's Geoff Cutmore on the virtual CNBC Evolve World Summit. Covid-19 has further accelerated digital transformation in the banking sector, with many lenders racing to move away from their aging IT techniques to cloud-based know-how.

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