AI that will stop you nodding along with your advisor

Swiss banking giant UBS is developing facial recognition software that will track whether clients know what they are talking about

AI that will stop you nodding along with your advisor

The tool, dubbed Emotionadvisor, will be used with the bank’s wealthy private banking clients during face to face interactions, in a bid to make sure the complex financial products that are being proposed are fully understood by clients.

 Emotionadvisor captures human emotions from facial expressions and eye movements by tracking hundreds of muscle movements using a webcam. This will flag up a message if the client is completely lost or is not fully on board with a suggestion.

 The artificial intelligence (AI) tool is being developed in conjunction with nViso, a Lausanne based software company, at UBS’ innovation hub in Zurich. The bank has also set up innovation hubs in London and Singapore. Other AI based projects include an Amazon Echo service which will allow clients to receive financial advice in their homes.

 

Know your customer!

 Banks are under constant pressure to perform proper due diligence on their clients. The facial recognition software, although perhaps erring on the side of creepy, could prevent misselling lawsuits and improve transparency in the industry.

 However, the issue arises as to how much of a responsibility it is for banks to provide their customers with financial education. This is especially challenging with the typical UBS private banking client, who will have in excess of $2m to invest. This means that some of the financial products could be highly complex, even for the most well informed clients.