Robots are moving on to the trading floors of investment banks. UBS this week showcased how two artificial intelligence systems can help traders perform better at the Swiss bank’s futuristic new City office.
Many of the world’s biggest banks have for years been automating manual, repetitive tasks done by support staff to save money. But now they are putting the latest forms of artificial intelligence to work at the heart of operations among their star traders, allocating funds and analysing data to develop strategies.
“There has been a lot of talk about automation of the back office,” Beatriz Martín Jiménez, chief operating officer of UBS’s investment bank, told the Financial Times. “But we decided to start a conversation with the front-office guys on whether there were processes we could use a robot to do and we found a number of them.”