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UBS’s robust digital transformation strategy, backed by an annual ICT spending of $4 billion in 2022, has been pivotal in enhancing its operational efficiency and product offerings. The focus on emerging technologies like AI, big data, cloud, blockchain, and cybersecurity has significantly strengthened its position in wealth management, banking, asset management, and investment banking solutions. But the acquisition of Credit Suisse brought new challenges and opportunities, necessitating a seamless integration of digital infrastructures and strategies.
Recognizing the need for a robust leadership at the helm of digital strategies, I pushed for the recruitment of a Group Chief Digital and Information Officer. This critical position was vital for aligning the digital transformation initiatives of both entities, ensuring a cohesive and effective approach. I created a program that decisively focused on unlocking value from AI, upskilling existing talent and hiring whole new engineer teams with machine learning backgrounds, focusing on creating synergies with areas like cybersecurity, and cloud services. My efforts were directed towards quick wins, but also building a resilient digital ecosystem that could support the ambitious long-term goals of the post-merger entity.
The transformation led to a 21% higher operational efficiency through innovative service models, and a heightened focus on client-centric digital solutions. Rather than develop AI silos populated by independent ML PhDs — a strategy that discourages cooperation — the organization shifted focus to a broad upskilling of its staff to meet the demands of the AI age. The result was a more responsive, scalable, and seamless digital platform. An agile approach allowed the structure to evolve, becoming less formal and helping cross-functional collaboration. This helped UBS stay ahead in the competitive financial services sector irrespective of the challenges presented by the merger.