These AI tools include ones used for software development, which are employed by 18,000 of UBS’s software developers, and the bank’s STAAT tool for financial advisor teams, which has generated more than 30 million insights that in advising clients, according to the release.
UBS has 608 live AI use cases in production, which is 81% more than the bank had a year ago, and it has more than 1,090 applications in development, per the release.
“We remain focused on investing in technology, including AI, as well as our capabilities and talent, to position UBS for the future as we enhance our client experience, further strengthen our infrastructure and increase efficiency,” UBS said in the release.
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The PYMNTS Intelligence report “Financial Services Pulls Ahead in the Enterprise AI Race” found that financial services and insurance firms focus on the back office when deploying AI.
The most adopted AI tasks in the financial services and insurance sector are revenue recognition and accounting close, at 65%; credit risk assessment and scoring, 60%; and sales forecasting and pipeline automation, 60%, according to the report.
“The industry’s most adopted use cases cluster in structured, auditable back-office functions: the internal operations that keep a business running but that customers never directly see,” the report said.
The report also found that 85% of financial services firms are increasing their AI budgets over the next 12 months.
PYMNTS reported Oct. 23 that Pennsylvania-based Customers Bank found that a pilot of its AI-powered process closed select commercial loans in seven days, compared to the typical wait of 30 to 60 days.
The bank’s parent company, Customers Bancorp, is scaling the process and doubled its deployed AI agents during the most recent quarter.
Regions Financial Corp., parent company of Regions Bank, reported during an Oct. 16 earnings call that it expects the cost of cybersecurity, which includes frontier AI, to increase its adjusted noninterest expense by between 1.5% and 3.5% for full-year 2026.
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